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Governance

The US Depository Trust and Clearing Corporation is floating the idea of forming an industry consortium to develop a coordinated strategy for addressing security risks in the implementation of distributed ledger technology in financial services.

The US Department of Justice has charged four members of the Chinese military over the massive 2017 cyber-attack on credit reporting agency Equifax.

The US Government's increasingly belligerent confrontation with Iran has prompted New York's Department of Financial Services to urge banks to heighten cybersecurity precautions.
The Iranian government has vowed to retaliate against the United States for the death of Qassem Soleimani, the Middle East country's most prominent military commander.

The Dubai Financial Services Authority (DFSA) and the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg, entered into an agreement to cooperate in the development of FinTech.

Financial services firms have been hit with a total of $36 billion in fines since the financial crisis for non-compliance with anti-money laundering, know your customer and sanctions regulations around the world.

A European Commission (EC) Expert Group has called on regulators to respond to the changing nature of fintech by adapting the rule book and legal frameworks to encourage innovation and dampen emerging risks.

The PRA has imposed a combined financial penalty on Citigroup Global Markets Limited (CGML), Citibank N.A. London branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) (together, Citi) of £43.9 million for failings in relation to their internal controls and governance arrangements underpinning compliance with PRA regulatory reporting requirements.

Australian fintechs have called on the Government and regulatory bodies to bring in new laws to crack down on incumbent banks, who are accused of engaging in anti-competitive practices to inhibit competition in financial services provision.

Global banking regulators say the arrival of Big Tech firms like Google, Amazon and Apple in financial services poses a host of stability risks that may require sweeping new laws to level the playing field with smaller tech firms and banks.

Westpac could face unprecedented civil penalties, having been accused of contravening AML/CTF laws on over 23 million occasions by Australia’s anti money-laundering and terrorism financing regulator, Austrac.

The Dubai Financial Services Authority (DFSA) launched the first financial regulator-led Cyber Threat Intelligence Platform (Platform) in the region in collaboration with the Dubai Electronic Security Center (DESC), the National Computer Emergency Response Team for the UAE (aeCERT), the Computer Incident Response Center Luxembourg (CIRCL) and the Open Source Threat Intelligence and Sharing Platform Project (MISP).

UK regulators have put together a set of requirements designed to strengthen the operational resilience of financial services players.
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have published a shared policy summary and co-ordinated consultation papers designed to help prevent the kind of prolonged technology problems seen recently at TSB and others.

The policy proposals makes it clear that companies and Financial Market Infrastructures (FMIs) "are expected to take ownership of their operational resilience and that they will need to prioritise plans and investment choices based on their impacts on the public interest".

Co-founded by Jo Ann Barefoot, former deputy comptroller of the currency and David Ehrich of fintech credit card startup, Petal, The Alliance for Innovative Regulation (AIR) has been launched to help regulatory agencies deal with the technological challenges posed by fintech innovation.

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