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.
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.
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.
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.
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.
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.
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.
