The UK's Prudential Regulation Authority (PRA) is looking at ways to access more data from Amazon Web Services, Microsoft Azure and Google Cloud amid concern about how important the three have become to the financial services sector, according to the Financial Times.

Fines for anti-money laundering (AML) failings by regulated institutions were five times higher in 2020 than 2019, totalling $2.2 billion.

Source: FATF

The virtual asset sector is fast-moving and technologically dynamic, which means continued monitoring and engagement between the public and private sectors is necessary.

Source: Bank of England

The Prudential Regulation Authority (PRA) has imposed a financial penalty on Metro Bank plc (Metro Bank) of £5,376,000 for failing to act with due skill, care and diligence in relation to the regulatory reporting of its capital position and for failings in its regulatory reporting governance, controls and investment with respect to its Common Reporting (COREP) returns sent to the PRA between 13 May 2016 to 23 January 2019.

Ireland's central bank has fined Bank of ireland €24.5 million over IT deficieincies that the lender took over a decade to fix.

Credit Suisse has been hit with a £147 million penalty by the Financial Conduct Authority, as part of a $475 million global resolution agreement, for serious financial crime due diligence failings related to loans worth over $1.3 billion, which the bank arranged for the Republic of Mozambique.

JPMorgan Chase has received a $125 million penalty from the Securities and Exchange Commission (SEC), for allowing Wall Street employees to use apps including WhatsApp to get around US federal record-keeping laws.

American banking regulators have put together a roadmap that will see them offer clarity over the next year on a host of areas relating to crypto assets.

Source: FCA

Due to the coronavirus (Covid-19) pandemic, firms are already familiar with working in a remote environment and adapting their systems and controls.

HSBC is the second bank this week to be handed down a fine by the FCA for failings in its anti-money-laundering (AML) processes, being hit with a £63,946,800 penalty.

US regulators have approved a new rule that requires banks to report any "significant" computer security incident within 36 hours of discovering it.

Source: Fintech Australia

FinTech Australia has released a new tool for early-stage fintechs and global fintechs expanding into Australia, offering clear guidance on financial services licensing in Australia and which government bodies are responsible for managing them.