The trade association CryptoUK has expressed concern to the UK government about recent actions by banks to restrict cryptocurrency purchases.

A group of Senate Democrats, led by Elizabeth Warren, have urged financial regulators to take action against fraud related to Zelle, a peer-to-peer payments service owned by seven of the largest banks in the US through Early Warning Services.

The United States and United Kingdom have made a significant move in the fight against cybercrime by imposing sanctions on seven members of the notorious Russian hacking group Trickbot. With a history dating back to 2016, Trickbot began its operations as a trojan virus aimed at stealing financial data and has since transformed into a sophisticated malware suite used for various malicious purposes, including ransomware attacks.

The Financial Conduct Authority (FCA) has issued a warning to nearly 300 payment firms, stating that they must take prompt action to address "unacceptable" risks to consumers and the financial system or face closure.

Source: Wolters Kluwer

Wolters Kluwer, the Dutch technology company, will bring together four of its global enterprise software businesses to form a new division, Corporate Performance & ESG.

The financial world is currently facing major disruption with the increasing presence of Big Tech firms such as Amazon, Apple and Google in the industry. As these companies push further into financial services with their data-driven business models, there is growing concern that the current regulatory approach is not equipped to handle the related policy challenges.

The California Department of Financial Protection and Innovation has taken control of Silicon Valley Bank, with the FDIC appointed as receiver due to concerns of "inadequate liquidity and insolvency.

The Securities and Exchange Commission (SEC) is the primary regulatory body responsible for overseeing and regulating the securities industry in the United States. As technology continues to advance, so too do the risks and threats associated with cybersecurity. In response to these evolving risks, the SEC is expected to finalize new cybersecurity oversight regulations later this year.

Source: SteelEye

The number of fines issued by global financial services regulators reached staggering levels in 2022, according to SteelEye’s inaugural Fine Tracker.

A bipartisan bill, backed by the White House and introduced by a dozen U.S. senators on Tuesday, is proposing that the federal government initiate a process to systematically block foreign technology from reaching the domestic market when the technology poses a national security threat. The Restricting the Emergence of Security Threats that Risk Information Communications Technology (RESTRICT) Act could result in restrictions for the social media platform TikTok, which is owned by Chinese company ByteDance, according to its supporters.

The Financial Stability Board (FSB) has intensified its scrutiny of Decentralised Finance (DeFi), expressing apprehension over the potential spill-over risks it poses to traditional finance. DeFi refers to a set of services in crypto-asset markets that aim to replicate some functions of the conventional financial system without the intervention of intermediaries.

Coinbase will pay a $50 million penalty and invest another $50 million in its compliance programme to settle a New York State regulatory investigation into its anti-money laundering practices.