News In Brief - October 19, 2020
Founder and CEO of online financial services company Payment24 has been sentenced to 23 months …
SFO Head Calls Again For 'Failure To Prevent' Offence
“Failure to prevent” and “tipping off” offences for economic crimes are missing tools from the UK fraud …
U.S. Tells 'Unregulated' Crypto: You're Regulated
Businesses offering money transmitting involving virtual assets are considered to be money services businesses in the …
China To Limit CBDC Usage To Protect Private Sector - Sibos
China will impose limits on use of its forthcoming central bank digital currency (CBDC) so …
Canada Points Out CBDC Security Risks
A recent staff working paper (October 5) published by the Bank of Canada highlights risks and offers solutions …
Cyber Attacks Are Constantly Evolving - Sibos
COVID-19-accelerated remote working means no end in sight for cyber attacks in the financial sector, regulators …
U.S. Advisories Clarify Financial Institutions May Face Penalties For Facilitating Ransom Payment
Financial institutions play a critical role in the collection of ransom payments, two U.S. Treasury agencies …
EBA Rebuffs Strong Authentication Fraud Concerns
The way strong customer authentication currently operates opens opportunities for fraudsters, the industry has said, …
Western Union Fraud Victims Receive Further $147m Refund
U.S. authorities have handed out $147m to 33,000 victims of a fraudulent payment scheme related …