A report released by FinCEN (the US Financial Crimes Enforcement Network) this week has revealed a significant uptick in the number of ransomware attacks reported by financial institutions in the second half of 2021, most of which are believed to be coming from Russia.
In a bid to help financial institutions keep up with developments in payments system fraud, the EBA has made the latest version of its fraud taxonomy publicly available.
People in Lebanon are “robbing” banks to withdraw their own money in a spate of heists carried out by angry and desperate Lebanese citizens in recent weeks.
The Consumer Duty is a regulatory reform implemented by the UK’s Financial Conduct Authority. Finalised in July 2022, the guidance is designed to ensure firms deliver good outcomes for their retail customers and act in their best interests at all times.
The new Economic Crime and Corporate Transparency Bill will focus on tightening rules around registering a company in the UK, with the hope of reducing fraud and money laundering via the use of shell companies.
Some of the world’s largest banks are facing a combined US$1bn in fines for allowing employees to converse with other employees and clients using WhatsApp and similar unauthorised messaging apps.
Some of the world’s largest banks are facing a combined US$1bn in fines for allowing employees to converse with other employees and clients using WhatsApp and similar unauthorised messaging apps.
Banks in Europe are preparing for planned blackouts and energy rationing as Russia cuts off mainline gas supplies to the region.
Fintechs and large technology companies should receive greater focus from regulators and are at risk of triggering the next financial crisis, according to Michael Hsu, Acting Comptroller of the Currency in the US.
The UK Government released latest performance data for its Covid Bounce Back loan scheme earlier this week, revealing £1.1bn worth of fraud.
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