Federal regulators have slammed Citigroup for failing to correct deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls, hitting the bank with a $400 million fine and cease and desist order.
Source: Verizon
Global organizations continue to put their customers’ cardholder data at risk due to a lack of long term payment security strategy and execution, flags the newly released Verizon Business 2020 Payment Security Report (2020 PSR).
Companies traumatised by ransomware could face fines of up to $20 million if they pony up to extortionists already listed on financial crime sanctions lists, the US Treasury Department has warned.
Source: US Justice Deparment
JPMorgan Chase & Co. (JPMorgan), a New York, New York-based global banking and financial services firm, has entered into a resolution with the Department of Justice to resolve criminal charges related to two distinct schemes to defraud: the first involving tens of thousands of episodes of unlawful trading in the markets for precious metals futures contracts, and the second involving thousands of episodes of unlawful trading in the markets for U.S. Treasury futures contracts and in the secondary (cash) market for U.S. Treasury notes and bonds.
Source: Acams
Divided opinion on the perceived risk of cryptocurrency including the links between cryptocurrency and illicit purposes were among the key findings of a global survey -- the second commissioned by RUSI and ACAMS in partnership with YouGov – and based on 566 unique responses from across the global financial and cryptocurrency industries, including cryptocurrency exchanges, financial regulators and financial intelligence units.
Citibank has been fined $4.5 million by the Commodity Future Trading Commission (CFTC) for a design flaw which led to the deletion of millions of audio files, including recordings which had been subpoenaed.
The Bank of England (BoE) has conceded that it could have moved more quickly to identify a security breach that allowed hedge funds to gain unauthorised access to press briefings and hear about sensitive market information ahead of their rivals.
The European Union has taken a major step forward in its bid to regulate the crypto assets world after its executive branch issued its most extensive proposals to date for supervising the growing sector.
