Bank regulatory bodies need to co-ordinate their strategies for dealing with emerging financial technology at a global level, says a new report from International Organization of Securities Commissions (Iosco).
A Brooklyn man has pleaded guilty to running an unlicensed money transmission business to launder the proceeds from a malware attack that successfully pilfered $1.2 million from customer bank accounts.
Fintech firms should welcome, not fear, regulation because it is in their interest to have an "established framework" in which to operate, says the president of the Federal Reserve Bank of Philadelphia.
Overall global VC investment for financial technology (FinTech) increased by 10.9 % to $17.4 billion in 2016 with 1,436 deals in total according to statistics compiled through PitchBook by Innovate Finance, the not-for-profit membership association for global FinTech. This level of funding surpassed the 2015 total of $15.6 billion.
Several Polish banks have seen workstations infected with malware that appears to have originated from the country's financial regulator.
Research from Capgemini highlights a striking dichotomy between the views of consumers and banking insiders about levels of security in financial services.
Software AG Releases its Top Five 2017 Predictions for the Banking Industry: Seismic Shifts Expected
Software AG (Frankfurt TecDAX: SOW) today released its top five predictions for the banking industry. Laura Crozier, CFA, global industry director, Banking, of Software AG noted: “There will be some seismic shifts in the banking industry in 2017 as threats and opportunities from digital banks, fintechs and regulation continue to shake up the landscape.”
The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG (Deutsche Bank) £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015.
