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Regulatory Update

15th May 2019

Citing Rise in Serious Crime, UK Agency Seeks 50 Percent Budget Increase

Facing unprecedented pressure to clamp down on criminal groups, UK law enforcement officials are in need of an additional £2.7 billion in funding over the next three years, the head of the National Crime Agency (NCA) said Monday. The agency is seeking a 54-percent increase in its annual budget, which… Read More

10th May 2019

Binance hackers shift stolen bitcoin, identity still unclear: researchers

Hackers who stole bitcoin worth over $40 million from the major Binance cryptocurrency exchange have moved the tainted coins to a number of digital wallets, researchers said on Thursday, potentially throwing up clues to those behind the heist. Binance, one of the world’s biggest exchanges, said on Wednesday that hackers… Read More

9th May 2019

FCA Turning to ‘Machine Learning’ Techniques to Identify Misconduct

The UK’s Financial Conduct Authority (FCA) is increasingly turning to machine-learning technology to identify companies and individuals that launder money and pose other risks to the financial sector, an official said Wednesday. As part of that effort, the FCA is backing the development of technical solutions, particularly in relation to… Read More

9th May 2019

U.S. indicts operators of ‘dark web’ drug referral service

U.S. prosecutors have filed money laundering charges against two Israelis who allegedly made millions of dollars operating a website connecting customers to sellers of fentanyl, heroin, guns and other illegal goods, the Justice Department said on Wednesday. It said Tal Prihar, an Israeli living in Brazil, and Michael Phan, an… Read More

18th April 2019

Two UK Agencies Outline Plans to Fight Financial Crime in 2020

The UK in the coming year will seek to extend a senior management accountability program to new firms, toughen its oversight of professional bodies and reform how it processes suspicious activity reports, two agencies disclosed. The Financial Conduct Authority (FCA) said in a 2019/2020 business plan published Wednesday that… Read More

1st April 2019

Compliance officers wary of switch to ‘Wild West’ crypto sector

After almost three decades in senior compliance roles at large financial firms including Bank of New York Mellon’s Pershing and Goldman Sachs Group Inc, Jeff Horowitz made an unconventional career move. In July he became chief compliance officer at cryptocurrency exchange Coinbase, taking a leap into the more lightly regulated… Read More

28th March 2019

Cyber Attacks Increasingly Target Interbank Payment Platforms: Report

Cyber attackers are more frequently and more effectively targeting core banking systems, including payment messaging and transaction authorizations, according to a recent report by the Carnegie Endowment for International Peace. While targeted network intrusions against banks have become a weekly occurrence, cyber crooks have become harder to detect and investigate… Read More

15th March 2019

Canada mulls setting rules for crypto platforms

Canadian regulators are looking to create new rules for crypto trading platforms, months after the death of the founder of digital platform Quadriga CX that led to about C$180 million ($135 million) in frozen cryptocurrencies. The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization… Read More

26th February 2019

EU Sixth Anti-Money Laundering Directive (6AMLD): Countdown to Enforcement Begins

With its publication in the Official Journal of the European Union in late 2018, the Sixth EU Anti-Money Laundering Directive (6AMLD) is now on its way. Member-states have until December 2020 to transpose the directive into domestic law—an effort that would standardize criteria across the economic bloc for when predicate… Read More

15th February 2019

Cyber attack on Malta bank tried to transfer cash abroad

Bank of Valletta which accounts for almost half of Malta’s banking transactions, had to shut down all of its operations on Wednesday after hackers broke into its systems and shifted funds overseas. Prime Minister Joseph Muscat told parliament the cyber attack involved the creation of false international payments totaling 13… Read More

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