US financial services lobby group Sifma has used its latest cyberattack simulation exercise as an opportunity to call for a roll back of "redundant" rules in order to free up resources for fighting cyber crooks.
A US jury has indicted a Russian man arrested earlier this week in Greece accused of helping to launder more than $4 billion in bitcoin, including some obtained from the infamous Mt. Gox hack. In a coordinated move, the bitcoin exchange he operated has been slapped with a $110 million fine by American authorities for AML law violations.
During its meeting on 5 July 2017, the Federal Council adopted an amendment of the Banking Ordinance. It will enter into force on 1 August 2017. The revision should ensure that barriers to market entry for fintech firms are reduced and that the competitiveness of the Swiss financial centre is enhanced.
Incorporated in Switzerland on May 16, 2017, the non-profit International RegTech Association (IRTA) is a united community of individuals and organizations, with a shared vision to innovate, advance, and influence the future of Regulatory Technology (RegTech).
Regulatory impediments and the current fragmentation of protocols from a multiplicty of providers of distributed ledger technology will prove to be a major challenge for banks to overcome before the technology can go mainstream in financial markets, says a senior Deutsche Börse executive.
A computer researcher who gained global recognition for his role in halting the Wannacry ransom attack on UK hospitals has been arrested in the US on charges that he was the chief architect of the Kronos banking trojan.
As the 4th EU AML Directive comes into force today, a pair of studies suggests that while most UK FS industry financial crime professionals think the new rules will make it easier to prevent money laundering, they are likely to cost banks millions in inefficient KYC checks.