Far Eastern International Bank said hackers compromised its network and transferred nearly US$60 million overseas Hackers managed to steal $60m from the Far Eastern International Bank in Taiwan by infiltrating its computers last week. However, most of the money has been recovered, and two arrests have been made. Far Eastern on Friday said it reported […]
On 23 March 2017, the European Commission launched a public consultation entitled “FinTech: a more competitive and innovative European financial sector”. The consultation closed on 22 June 2017. The purpose of the consultation was to seek input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. 226 firms responded […]
Published on: Aug 4th, 2014 Cordium, a leading global provider of compliance consulting, accounting, tax and software to the financial services industry, has entered into a partnership with IP Sentinel, the specialist provider of IT solutions, cybersecurity, monitoring and audit services to regulated entities. Cordium and IP Sentinel have entered into this partnership due to […]
The Panama Papers—a collection of documents leaked from off-shore law firm Mossack Fonseca in 2014—included documents that appeared to indicate that Pakistani Prime Minister Nawaz Sharif had been embezzling quite a sizable amount of cash. The Pakistani Supreme Court set up an investigation to work out where the money came from. Sharif produced documents from […]
The Securities and Exchange Commission today announced insider trading charges against a research scientist who allegedly searched the internet for “how sec detect unusual trade” before making a trade that the agency flagged as suspicious through data analysis. Source: SEC.gov | SEC Files Insider Trading Charges Against Research Scientist Aiming to Avoid SEC Detection
“Regulated firms continue to face challenges from the pace of technological change […] This places strains upon existing, legacy IT environments which were designed to meet very different needs.” “We work with firms so that IT failures do not have a negative impact on customers or the integrity of the market. Where significant failures occur, […]
“Specialist supervisionTo ensure that we continue to properly regulate markets and the firms within them we have specialist teams who focus on supervising specific activities and issues. These are Client Assets and Resolution (CARD), Prudential, Technology and Resilience, Conduct Specialists and Financial Crime. Within CARD, our visit and deskbased review schedule enables continued oversight of […]
Looking at the FCA final policy statement on MiFID II it seems that the call recording requirements have some definite winners and losers. At the peak of the winners are Private Equity companies who pretty much don’t have to call record anything . “This means that for non-MiFID firms also subject to the regime, where they […]
“So far, we have evaluated the cyber resilience arrangements in place at 11 high frequency traders and 36 general insurers and intermediaries. We plan to cover firms across the spectrum of financial services in 2017/18. “FCA Annual Report 2017
In a FOI release the FCA stated: “As at 20 December 2016, in the last 12 months we had received 78 cyber-attack reports which were on financial advice firms, of which 3 were ransomware attacks. You should be aware that the FCA has no direct involvement in the network defence activities undertaken within these firms, […]