The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) “are ready to usher in a new era of innovation by recalibrating our posture toward regulatory cooperation,” according to a recent joint statement. They intend to hold joint events and combine forces on key issues. “By harmonizing our regulatory frameworks, leveraging exemptive… Read More >>
Cloud Migration & Blockchain Outpace Cybersecurity Efforts
Cybersecurity efforts at many financial services firms are falling behind new IT systems such as cloud migration tools and blockchain systems, and the situation is likely to get worse, according to survey from the Synopsys Cybersecurity Research Center (CyRC) that was conducted by the Ponemon Institute. “The consensus among respondents to the survey is that… Read More >>
FINRA, SEC Slam ICBCFS Over Allegedly Inadequate AML
The Financial Industry Regulatory Authority (FINRA) reports that it has censured and fined Industrial and Commercial Bank of China Financial Services (ICBCFS) $5.3 million for systemic anti-money laundering compliance failures, including its failure to have a “reasonable” AML program in place to monitor and detect suspicious transactions, as well as other violations, including financial, record-keeping… Read More >>
