Governance
Bank of England dishes out £44 million fine to Citigroup for regulatory reporting failures
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 faces hefty fines for breaching anti-money laundering rules
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.
UK regulator offers 18-month delay for Strong Customer Authentication rules
The UK's Financial Conduct Authority (FCA) has confirmed an 18-month delay to the introduction of Secure Customer Authentication (SCA) rules for e-commerce transactions.
Regulatory policy must evolve to deal with Big Techs in finance - BIS
The vast customer data troves of the Big Tech firms challenges traditional approaches to competition policy and the maintenance of financial stability, according to the Bank for International Settlements.
Industry heavyweights establish Alliance to modernise financial regulation
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.
US lawmakers intensify questioning over Capital One data breach
US lawmakers are stepping up their probe into the Capital One data breach, firing questions to Amazon CEO Jeff Bezos about the role of AWS cloud controls in the incident.
IMF warns of Big Tech threat to financial stability
The International Monetary Fund has warned that the arrival of Big Tech firms in financial markets could lead to systemic challenges to financial stability and efficiency.
The spectre of companies like Amazon, Apple, and Google entering the banking industry, was raised by IMF chief Christine Lagarde in an address to the G20 at a summit in Tokyo.
FS-ISAC and Europol forge cybercrime partnership
The Financial Services Information Sharing and Analysis Center (FS-ISAC), a US industry consortium, has forged a partnership with Europol’s European Cybercrime Centre (EC3) to combat cybercrime within the European financial services sector.
Capital One data breach inquiry launched by Republicans
The US House of Representatives Committee on Oversight and Reform has requested a briefing with Capital One over the data breach that left 106 million credit card holders and applicants in the US and Canada at risk of their personal information being stolen.
US Congress launches fintech and AI task forces
The US House of Representative is launching task forces looking into fintech and artificial intelligence in financial services.Set up by the House Committee on Financial Services, the fintech task force will look at domestic and international regulation of the nascent sector as well as the infrastructure and legal and regulatory framework for efficient payments.
Aussie regulator turns to tech in new strategy
Australia's capital markets regulator has vowed to expand its use of new technology and behavioural data as part of a strategic plan to strengthen its enforcement.
Marriott International facing £99 million fine under GDPR rules
Hotel chain Marriott International is facing a £99 million fine under GDPR rules for a massive data breach which exposed the personal data of approximately 339 million guests over a four-year period.
Canadian regulators ink cooperation deal with UK's FCA on sandbox initiative
The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Québec and Saskatchewan (participating jurisdictions) today announced a co-operation agreement with the United Kingdom Financial Conduct Authority (FCA).