REGISTER

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.

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.

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.

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".

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.

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.

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.

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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