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By Jaclyn Jaeger2020-12-22T21:14:00+00:00
Financial institutions have been hit with $10.4 billion in global fines and penalties related to anti-money laundering (AML), know your customer (KYC), data privacy, and MiFID (Markets in Financial Instruments Directive) regulations in 2020, bringing the total to $46.4 billion for those types of breaches since 2008.
That’s according to analysis conducted by Fenergo, a provider of client onboarding lifecycle management software for the financial services industry. The report, covering up to its release date Dec. 9, says there has been 198 fines against financial institutions for AML, KYC, data privacy, and MiFID deficiencies, representing a 141 percent increase since 2019.
December 19, 2020 01:06:57 pm
The US Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation Friday proposed a new computer-security incident notification requirement for banking organizations and their bank service providers.
The proposed rule would require a banking organization to provide its primary federal regulator a prompt notification of any “computer-security incident” no later than 36 hours after it believes the incident occurred. A computer-security incident has been defined as:
An occurrence that results in actual or potential harm to the confidentiality, integrity, or availability of an information system or the information that the system processes, stores, or transmits; or constitutes a violation or imminent threat of violation of security policies, security procedures, or acceptable use policies.
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US regulator casts doubt on key SA-CCR netting benefit
OCC rejects suggestion banks can net certain cleared client exposures; Fed stays silent
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The US Office of the Comptroller of the Currency appears set to dash hopes that incoming capital accounting rules will allow for more efficient netting of certain cleared client trades – a further blow to banks, who fear the new framework will result in a rise in counterparty credit risk capital.
Banks had called for clarity on a key provision in the US version of the standardised approach to counterparty credit risk (SA-CCR), which allows transactions that are settled-to-market (STM) to be