EC expert group issues call to action on fintech regulation
A European Commission (EC) Expert Group has called on regulators to respond to the changing nature of fintech by adapting the rule book and legal frameworks to encourage innovation and dampen emerging risks.
Regulators ponder new rules to temper Big Tech data advantage
Global banking regulators say the arrival of Big Tech firms like Google, Amazon and Apple in financial services poses a host of stability risks that may require sweeping new laws to level the playing field with smaller tech firms and banks.
UK regulators crack down on bank IT outages
UK regulators have put together a set of requirements designed to strengthen the operational resilience of financial services players.
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have published a shared policy summary and co-ordinated consultation papers designed to help prevent the kind of prolonged technology problems seen recently at TSB and others.
The policy proposals makes it clear that companies and Financial Market Infrastructures (FMIs) "are expected to take ownership of their operational resilience and that they will need to prioritise plans and investment choices based on their impacts on the public interest".
Regulators in Dubai and Luxembourg sign fintech pact
The Dubai Financial Services Authority (DFSA) and the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg, entered into an agreement to cooperate in the development of FinTech.
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.
