HSBC fined £63.9m for AML failings
HSBC is the second bank this week to be handed down a fine by the FCA for failings in its anti-money-laundering (AML) processes, being hit with a £63,946,800 penalty.
AML penalties hit $2.2 billion in 2020 as regulators crack down on financial crimes
Fines for anti-money laundering (AML) failings by regulated institutions were five times higher in 2020 than 2019, totalling $2.2 billion.
Bank of Ireland fined €24.5 million over IT resiliency issues
Ireland's central bank has fined Bank of ireland €24.5 million over IT deficieincies that the lender took over a decade to fix.
US regulators promise crypto oversight clarity
American banking regulators have put together a roadmap that will see them offer clarity over the next year on a host of areas relating to crypto assets.
US banks ordered to report cyber incidents within 36 hours
US regulators have approved a new rule that requires banks to report any "significant" computer security incident within 36 hours of discovering it.
FATF publishes guidance for regulation of cryptocurrency industry
Source: FATF
The virtual asset sector is fast-moving and technologically dynamic, which means continued monitoring and engagement between the public and private sectors is necessary.
'The master of kickbacks': Credit Suisse hit with $475 million fine by global regulators
Credit Suisse has been hit with a £147 million penalty by the Financial Conduct Authority, as part of a $475 million global resolution agreement, for serious financial crime due diligence failings related to loans worth over $1.3 billion, which the bank arranged for the Republic of Mozambique.
FCA issues new guidance on hybrid working
Source: FCA
Due to the coronavirus (Covid-19) pandemic, firms are already familiar with working in a remote environment and adapting their systems and controls.
