17th July 2019
Bulgaria’s finance minister apologized to the country on Tuesday after admitting hackers had stolen millions of taxpayers’ financial data in an attack that one researcher said may have compromised nearly every adult’s personal records. The breach of servers at the tax agency (NRA) happened at the end of June and… Read More
16th July 2019
Banks must evolve or risk being “left behind” as big tech companies shake up the financial system, according to new research from the International Monetary Fund (IMF). In a paper published Monday titled “The Rise of Digital Money,” IMF authors… Read More
15th July 2019
A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation seen by Reuters. In a sign of widening scrutiny after… Read More
27th June 2019
Commonwealth Bank of Australia (CBA) said on Thursday it will review how it handles customer data as part of an agreement with Australia’s information commissioner after the bank admitted to losing records in the past. The agreement follows incidents when the country’s top lender lost records of almost 20 million… Read More
19th June 2019
A state-backed cyber-attack could secretly corrupt the records of British financial institutions over a period of months, posing a risk that banks would probably struggle to guard against on their own, a senior Bank of England policymaker said. Banks have focused mainly on stopping service outages, but the falsification of… Read More
22nd May 2019
In early 2018, in a complex of low-rise buildings in the Australian capital, a team of government hackers was engaging in a destructive digital war game. The operatives – agents of the Australian Signals Directorate, the nation’s top-secret eavesdropping agency – had been given a challenge. With all… Read More
16th May 2019
The Trump administration hit Chinese telecoms giant Huawei with severe sanctions on Wednesday, adding another incendiary element to the U.S.-China trade dispute just as Treasury Secretary Steven Mnuchin said he would visit China soon for more talks. The Commerce Department said it was adding Huawei Technologies Co Ltd and 70… Read More
14th May 2019
The European Union’s financial privacy rules could face renewed scrutiny from regulators and lawmakers in the aftermath of a €200-billion money laundering scandal that went undetected in the bloc for years, according to Bloomberg. The disclosure that Danske Bank’s Estonian branch served as a conduit for Russian money laundering highlights “huge,”… Read More
9th May 2019
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
21st March 2019
The Financial Conduct Authority has penalised UBS £27.6 million for making over 100 million errors and failing to provide accurate information regarding the reporting of transactions. The shortcomings relate to transaction reports made from 2007, up to as recent as 2017. The bank also failed to take ‘reasonable’ care to… Read More