Latest Reporting/compliance News: Finextra Research

Crypto-crime revenue drops by 65% - report

Revenue derived from cryptocurrency-related crime is down by 65% in the first half of 2022 compared to the corresponding period in 2021.

22 August 2022

News/regulation

FCA fines Citi £12.5m for trading oversight failings

The UK's Financial Conduct Authority (FCA) has levied a £12.5m fine against Citigroup Global Markets over past failures to police its trading activity

22 August 2022

News/regulation

Banks to pay $1bn over traders' use of WhatsApp

A handful of Wall Street banks are preparing to pay up to $200m each to settle a case with the Securities and Exchanges Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the use of WhatsApp messages.

22 August 2022

News/regulation

FCA warns against unlawful BNPL promotion

The Financial Conduct Authority (FCA) has warned firms against promoting unapproved BNPL products.

19 August 2022

News/regulation

ECB to rope in crypto with licensing framework

The European Central Bank (ECB) has announced its intent to harmonise how banks offer crypto assets through a crypto regulatory framework to be implemented across the Union.

18 August 2022

News/crime

German watchdog urges Allianz to improve internal controls

Germany’s financial regulator BaFin has call on Allianz to improve its internal controls following a fraud scandal in their US fund unit.

12 August 2022

News/regulation

UN urges curbs on crypto uptake in developing countries

The United Nation’s Conference on Trade and Development, UNCTAD, has released three policy briefs on the dangers of cryptocurrency in light of the rising use of digital assets in developing countries.

12 August 2022

News/regulation

Kenya beefs up consumer data protection

The Kenyan Office of the Data Protection Commissioner (ODPC) has imposed harsher regulation on protecting consumer data, targeting fintechs and startups in the region.

05 August 2022

News/regulation

Goldman Sachs’s credit card division under investigation by CFPB

Goldman Sachs’ credit cards unit undergoing investigation by the Consumer Financial Protection Bureau (CFPB).

05 August 2022

News/crypto

EBA warns talent shortage will hamstring crypto regulation

European regulators are facing challenges in finding talent to help regulate crypto, a chair of the European Banking Authority has warned, underscoring concerns around the capacity of authorities to supervise the industry.

01 August 2022

News/regulation

FCA zeroes-in on misleading investment adverts

The Financial Conduct Authority (FCA) has strengthened regulation around high-risk investment adverts targeting consumers.

01 August 2022

News/crypto

Zipmex becomes latest crypto market victim, files for bankruptcy protection in Singapore

Cryptocurrency exchange Zipmex has filed for bankruptcy protection in Singapore despite resuming withdrawals after a brief suspension earlier this month.

29 July 2022

News/regulation

FCA overhauls consumer protection with new Consumer Duty

The Financial Conduct Authority (FCA) has confirmed it will roll-out the Consumer Duty, requiring banks and other financial institutions to drastically improve their consumer protection efforts over the next 12 months.

27 July 2022

News/regulation

UK regulators propose supervision measures for critical third parties

A discussion paper from the Bank of England (BofE), Financial Conduct Authority (FCA), and Prudential Regulation Authority (PRA) proposes new standards for monitoring services provided by critical third parties (CTP) to strengthen operational resilience in the UK.

22 July 2022

News/regulation

UK proposes new AI rulebook

The UK government has published its plans to regulate the use of artificial intelligence (AI) which would see it depart from the EU's strategy to establish a centralised body to oversee the use of technology.

20 July 2022

News/security

Firms failing to monitor social messaging

Financial services firms are falling short in their efforts to monitor employees' use of social media messaging despite ear-marking communications surveillance as an investment priority, according to recent research.

19 July 2022

News/regulation

FCA continues ‘heavy’ tech investment for decision making

In a speech delivered this week by Nikhil Rathi, chief executive of the UK’s Financial Conduct Authority (FCA), to the Peterson Institute of International Economics, Rathi explained that the regulator has “invested heavily in data and technology” to take a more proactive stance and, crucially, spot harm and intervene more quickly and more broadly.

15 July 2022

News/crime

Bank of America fined $225 million for unlawfully freezing accounts during Covid-19 pandemic

The Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC) have fined the Bank of America (BofA) for their deficient disbursement of state unemployment benefits during the Covid-19 pandemic.

15 July 2022

News/regulation

CFPB strengthens data privacy and cybersecurity with new rules

The Consumer Financial Protection Bureau (CFPB) has rolled out new regulations on cyber security and data privacy under the Fair Credit Reporting Act.

08 July 2022

News/regulation

Landmark Digital Services Package passed by European Parliament

The European Parliament has approved the Digital Services Package, comprising the Digital Services Act (DSA) and Digital Marketing Act (DMA), originally put forward by the European Commission in December 2020.

06 July 2022