A fragmented patchwork of data privacy rules threatens to upend the promise of new developments in financial technology across Asia, a leading trade body has warned.
Asifma, the financial industry’s regional trade association, highlights the challenges faced by firms in grappling with a multitude of regulatory mandates and suggests that policymakers focus on broad principles rather than precise rules.
EY and Apiax join forces to transform the way the financial industry handles regulatory compliance. Through their cooperation, the two companies offer financial institutions efficient ways to stay compliant with complex financial regulations digitally.
EverCompliant, the payments industry leader in online Anti-Money Laundering specializing in business cyber intelligence, announced today the launch of eKYC Discovery, a tool that addresses potential gaps in the Bank Secrecy Act and Anti-Money Laundering-mandated Know Your Customer (KYC) processes that could leave financial institutions exposed to criminal activity.
A North Korean hacking group has used the Swift network to try to steal more than $1.1 billion dollars from at least 16 financial institutions around the world since 2014, according to security specialist FireEye, which warns that he crooks are still operating.
The federal depository institutions regulators and the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) today issued a statement to address instances in which certain banks and credit unions may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations more efficiently and effectively.
(Bloomberg) -- Facebook Inc. has become the first big test case for the European Union’s beefed up privacy rules as Ireland’s data watchdog opened a probe into a security breach announced last week that affected as many as 50 million accounts.
Facebook ’s massive data breach, could cost as much as $1.63 billion in fines from regulators in Europe, where privacy laws are more stringent.
The UK's banking watchdog has slapped the banking arm of UK supermarket chain Tesco with a £16.4 million fine for its failure to prevent a cyber attack that affected thousands of customers in 2016.