Royal Bank of Scotland fined for 2012 IT system failure
Royal Bank of Scotland has been fined £56 million for IT failures in 2012 that led to a complete breakdown in its payment processes.
Regulation & Compliance
Regulatory changes are fragmenting OTC derivatives processing, say specialists
Over-the-counter derivatives are getting harder to manage thanks to changes in regulations and market practices, according to Message Automation Limited.
UK fund management needs urgent reform, panel tells FCA
Money managers may be forced to come up with a single annual fee that gives customers a clear indication of the actual costs involved - and exposes the additional costs charged by investment managers.
Israeli bank faces cyber crime threat
In what could be one of the biggest cases of cyber extortion in Israel, eight former Bank Leumi employees threatened to sell information about two million of the bank’s credit card accounts unless they were paid a ransom.
Five banks to claw back bonuses
For the first time in history, five of the six banks involved in the forex scandal will demand the return of millions of pounds’ worth of trader bonuses.
Shell companies have made US the top destination for hiding “dirty money”, say CEOs
Anonymous shell companies allow corrupt officials to siphon off government revenue and corrupt businesses to hide from the justice system, says the billionaire businessman Mo Ibrahim.
Out-of-control money laundering is making IS rich
Islamic State is now the richest terrorist group in history – and that’s because its finances “combine old-fashioned looting and pillaging with high-tech illicit funding,” says Freddie MacMahon.
FATCA costs spiral beyond expectations
Only a third of financial institutions now believe that their FATCA compliance efforts will now be completed within budget, according to a new survey by Thomson Reuters.
British banks under fire for under-reporting fraud
British banks could be reluctant to report the true extent of cybercrime for fear of spooking customers, a Treasury Select Committee heard.
IT failures land RBS with record fine
A computer system meltdown in 2012 will cost the Royal Bank of Scotland tens of millions of pounds in fines, it has been revealed.
