Cryptocurrency exchange operator indicted over massive bitcoin laundering scam
A US jury has indicted a Russian man arrested earlier this week in Greece accused of helping to launder more than $4 billion in bitcoin, including some obtained from the infamous Mt. Gox hack. In a coordinated move, the bitcoin exchange he operated has been slapped with a $110 million fine by American authorities for AML law violations.
Swiss Federal Council puts new fintech rules into force
During its meeting on 5 July 2017, the Federal Council adopted an amendment of the Banking Ordinance. It will enter into force on 1 August 2017. The revision should ensure that barriers to market entry for fintech firms are reduced and that the competitiveness of the Swiss financial centre is enhanced.
International RegTech Association formed
Incorporated in Switzerland on May 16, 2017, the non-profit International RegTech Association (IRTA) is a united community of individuals and organizations, with a shared vision to innovate, advance, and influence the future of Regulatory Technology (RegTech).
4th EU AML Directive will make curbing crime easier, but cost banks millions
As the 4th EU AML Directive comes into force today, a pair of studies suggests that while most UK FS industry financial crime professionals think the new rules will make it easier to prevent money laundering, they are likely to cost banks millions in inefficient KYC checks.
EU banks could face fines totaling €4.7 billion in the first three years under GDPR
European financial institutions could face fines totalling €4.7 billion in the first three years under the new General Data Protection Regulation (GDPR), according to a study by Consult Hyperion.
The report, commissioned by security outfit AllClear ID, estimates that financial institutions may experience 384 data breaches during the timeframe, with fines as high as €260m per breach.
Wall Street Says Bank Regulatory Plans Are Better Than Expected
(Bloomberg) -- The U.S. Treasury Department’s banking regulatory proposals could be even better for finance firms than they initially hoped.
Tyrie calls for single point of responsibility for financial cyber crime
Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, has written to Rt Hon. Philip Hammond MP, Chancellor of the Exchequer, about cybersecurity in the financial services sector. Commenting on the correspondence, Mr Tyrie said: “The lines of responsibility and accountability for reducing cyber threats remain opaque.
Russian hacker pleads guilty over $500m Citadel malware
A Russian hacker accused of helping to develop and maintain the notorious Citadel malware toolkit, which was used to steal more than $500 million from bank accounts, faces up to 10 years in a US prison after pleading guilty to computer fraud.
Having been extradited from Norway in December, this week Mark Vartanyan (who went by the online handle 'Kolypto') pleaded guilty in an Atlanta court. He will be sentenced in June.
