FS firms hit with $36bn in AML, KYC and sanctions fines since financial crisis
Financial services firms have been hit with a total of $36 billion in fines since the financial crisis for non-compliance with anti-money laundering, know your customer and sanctions regulations around the world.
Regulation and anti-competitive behaviour hitting Australian fintech
Australian fintechs have called on the Government and regulatory bodies to bring in new laws to crack down on incumbent banks, who are accused of engaging in anti-competitive practices to inhibit competition in financial services provision.
Dubai regulator takes the wraps off cyber threat intelligence sharing platform
The Dubai Financial Services Authority (DFSA) launched the first financial regulator-led Cyber Threat Intelligence Platform (Platform) in the region in collaboration with the Dubai Electronic Security Center (DESC), the National Computer Emergency Response Team for the UAE (aeCERT), the Computer Incident Response Center Luxembourg (CIRCL) and the Open Source Threat Intelligence and Sharing Platform Project (MISP).
US banks put on red alert as Iran crisis deepens
The US Government's increasingly belligerent confrontation with Iran has prompted New York's Department of Financial Services to urge banks to heighten cybersecurity precautions.
The Iranian government has vowed to retaliate against the United States for the death of Qassem Soleimani, the Middle East country's most prominent military commander.
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.
