Risk Management

As the shift to become more environmentally conscious and sustainable takes hold at every level of society, businesses globally are realising the importance of making a more firm and honest approach to making their organisations more sustainable.

A report by Chainalysis has found illicit addresses received $14bn in deposits during 2021, which was almost twice the amount they collected in 2020.

Deutsche Bank has been fined €8.6m by BaFin due to weaknesses relating to controls of Euribor, the Euro Interbank Offered Rate benchmark used in the financial industry.

Taiwan’s Financial Supervisory Commission (FSC) has introduced new data sharing guidelines.

As another challenging year comes to an end, the task for organisations to remain compliant in new working environments is still ongoing. Despite firm efforts by many to avoid penalties, some institutions were unable to duck fines last year. Here are the top five compliance failure fines from the year of 2021.

Climate risk stress tests by the Hong Kong Monetary Authority (HKMA) have found climate risks could cause significant adverse impacts on the banking sector under extreme scenarios.

Santander is attempting to regain £130m after the bank sent out payments by accident to 75,000 accounts on Christmas Day.

Australia’s Council of Financial Regulators (CFR) has revealed its support for a government plan to create a new regulatory framework for cryptoassets.

The Prudential Regulation Authority (PRA) has slapped Metro Bank with a fine of £5,376,000 for deficiencies related to the governance and controls of its regulatory reporting.

A recent blogpost by PassFort has summarised what is driving the increased adoption of RegTech solutions and what trends the industry may see in 2022.