Transaction Monitoring

The Philippines has launched its inaugural Sustainable Finance Framework in order to support its sustainability commitments.

During a year of heightened financial crime, the Financial Conduct Authority (FCA) handed out £568m in fines during 2021.

The Hong Kong Monetary Authority (HKMA) has called for the regulation of fiat-currency backed stablecoins similar to that of banks.

South Korea’s Financial Services Commission (FSC) has announced a raft of measures aimed at revitalising the Korea New Exchange (KONEX) stock market.

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.

With the rise of cryptocurrencies showing no signs of slowing down, the growth of central bank digital currencies (CBDC) appears to be another trend on the ascendancy. Will 2022 prove to be a red-letter year for CBDC adoption?

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.

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.