The European Commission has bashed Mastercard with a EUR570 million fine for obstructing merchant access to low-cost cross-border payment services.
The financial penalty flows from an anti-trust investigation which kicked off in April 2013 and concluded that Mastercard's rules prevented retailers from benefiting from lower fees and restricted competition between banks cross border, in breach of EU antitrust rules.
In the past decade the financial industry has rapidly changed and evolved leading to enhanced risk management practices. Operational risk is no different, as new and emerging risks enter the market it is often the strength of people, processes and systems which can enhance effective mitigation and management, but also pose the risk.
(Bloomberg) -- The European Union’s overhaul of bank capital rules show it’s forgetting some of the lessons of the financial crisis, according to Daniele Nouy, head of the European Central Bank’s supervisory arm.
US authorities have filed charges alleging crooks hacked into a Securities and Exchange Commission database to gain access to non-public information that was then used to make millions of dollars through illicit trades.
Royal Bank of Canada has become embroiled in a privacy scandal engulfing Facebook after it emerged that the social network appeared to provide a raft of Big Tech companies with privileged access to user accounts.
US regulators have promised not to penalise banks that use artificial intelligence tools to spot gaps in existing anti-money laundering programmes, paving the way for the use of new technologies to tackle illicit financial activity.
FCG today announces the acquisition of Reg&Tech Solutions AB (Reg&Tech), a software technology provider of Big Data analytics and automation solutions to the financial services industry.
London – January 7th , 2019 - New research by independent financial regulatory think-tank JWG, in partnership with Inforalgo, the Capital Markets data automation specialist, shows that after years of ‘making do’, financial institutions are now proactively ramping up their regulatory compliance capabilities to cope with intensifying global requirements - and the significant additional demands of MiFID II.
Technology and innovation across sectors remain a primary focus as advances evolve at a rapid rate. Many institutions are looking to leverage technology for a broad range of uses, in financial institutions the primary factor remains security and risk management when implementing such changes.
Management and technology consultancy BearingPoint, which ranks among the leading providers of Regulatory and Risk Technology (RegTech/RiskTech), announced today that its RegTech product unit has formed a partnership with IBM Services for regulatory reporting.