Senators Call on Regulators to Address Zelle Fraud
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.
Wolters Kluwer creates new Corporate Performance and ESG division to meet bank demand
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.
SEC Expected to Finalize New Cybersecurity Oversight Regulations Later This Year
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.
Decentralised Finance: A Growing Concern for Financial Stability Board
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.
Sanctions Imposed on Seven Members of Russian Hacking Collective Trickbot by US and UK
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.
Financial Regulation Must Respond to Big Tech's Incursions in Financial Services
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.
FCA tripled the number of fines in 2022, while SEC doled out a record $6.4 billion in penalties
Source: SteelEye
The number of fines issued by global financial services regulators reached staggering levels in 2022, according to SteelEye’s inaugural Fine Tracker.
New York regulator hits Coinbase with $50m fine
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.
