Deutsche Bank AG, its New York branch, and other U.S. affiliates have been fined $186 million by the Board of Governors of the Federal Reserve System because the German banking giant moved too slowly to resolve allegedly inadequate sanctions compliance and anti-money laundering (AML) controls, officials say. The Fed’s fine, consent order, and written agreement… Read More >>
The Bangladesh Bank Hacking Case Remains Unsolved
The SWIFT financial messaging cooperative, the Federal Reserve Bank of New York and Bangladesh Bank quietly issued a statement this week revealing that they are still trying to resolve “the cyber fraud event that occurred in February 2016.” I found the cryptic communique (apparently written by Mohua Mohosin, deputy general manager, Bangladesh Bank) as I was… Read More >>
SWIFT Confirms Ongoing Cyber-Attacks Upon Clients
SWIFT officials confirm that they have uncovered new cases of “input fraud” via hackers attempting to harm member/customers of the financial messaging and services cooperative. The cooperative has not revealed the identity of the financial services firms that were most recently harmed or the amounts of money involved. In response to questions from FTF News,… Read More >>
SWIFT Moves to Allay Fears over Cyber-Attacks
SWIFT is hoping to allay fears across its network with a new five-point program after three hacking incidents. The aim is not only to tighten its own defenses but ensure that its members are also reinforcing security within their own walls. Over the past year, the Belgium non-profit cooperative group has been indirectly involved in… Read More >>
House Committee to Probe Cyber-Attacks on U.S. Federal Reserve
A key committee of the U.S. House of Representatives will be probing approximately 50 alleged security breaches of the Federal Reserve between 2011 and last year. Lamar Smith (R-Texas), the chairman of the House Committee on Science, Space, and Technology, and Barry Loudermilk (R-Ga.), the chairman of the Oversight Subcommittee have reach out to U.S…. Read More >>
SWIFT Network Used for Second Cyber-Attack
Hackers in a second major attack have been able to use the SWIFT financial messaging system to break into a commercial bank, according to media reports and officials at the industry cooperative, which issued a message to customers, dated May 13. For this latest attack, SWIFT officials state that “the SWIFT network, core messaging services… Read More >>
A 21st Century Bank Robbery You’ve Never Heard Of
A story that has gotten little attention but is noteworthy is the $100 million apparently stolen via cyber-fraud in February from the Bangladesh central bank account in the U.S. The ongoing saga has caused the Federal Reserve Bank of New York, Bangladesh Bank and SWIFT officials to issue a statement on May 10, 2016. “Representatives… Read More >>
Deutsche Bank Is the Latest to Explore Blockchain
Deutsche Bank is actively exploring Blockchain technology and expects it to have a big impact on the financial markets in the years ahead, according to a letter sent by the bank to a European regulator. The European Securities and Markets Authority (ESMA) is currently exploring how it will regulate digital currencies, reports Coindesk, and the… Read More >>
