Results 1-10 of 67
13 September 2019
A deliberate design feature of Bitcoin is that it enables users to buy or sell anything without revealing their identity. Yet, paradoxically, all Bitcoin transactions are stored publicly and permanently on blockchain. Now, as seen in recent cases, enterprising...
FTC's $5 Billion Penalty Against Facebook: Momentum Builds For Increased U.S. Regulatory Focus On Data Privacy
14 August 2019
Recently, the Federal Trade Commission (FTC) announced a record-breaking $5 billion penalty against Facebook for a series of data privacy violations culminating in last year's Cambridge Analytica scandal. The fine is far larger than any that has ever been imposed...
FinCEN and the Federal Banking Agencies Reinforce Emphasis on AML Compliance and an Informed Risk Management Approach to BSA/AML Supervision
24 July 2019
On July 22, 2019, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the U.S. Department of the Treasury’s Financial...
17 July 2019
The ICO has proposed unprecedented fines against British Airways and Marriott International – how should businesses respond? The UK privacy regulator, the Information Commissioner's Office (ICO), has issued notices of intention to impose fines...
5 July 2019
As cyber attacks increase around the globe, regulators are responding with new cyber and data laws. New audit powers and mandatory reporting requirements are putting businesses in the spotlight, and a serious attack could mean significant reputational and financial...
27 June 2019
Facebook has announced that it is to launch Libra, a global digital currency, backed by some of the biggest names in financial services and tech including Visa, Mastercard, Uber and Spotify. The aim is to provide instant international money transfers by blockchain...
10 May 2019
On May 2, 2019, a federal district court judge found that a bank and its external counsel had become a de facto arm of the government through efforts to cooperate with the government and minimize the bank's exposure to criminal and regulatory penalties. The...
7 May 2019
Last month, the US Securities & Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) released a risk alert highlighting the most common privacy-related issues that OCIE staff have observed in recent examinations of investment advisers...
Federal Trade Commission Proposes New Amendments to Safeguards and Privacy Rules Amidst Calls for Federal Legislation and Internal Dissent
2 April 2019
Last month, the Federal Trade Commission issued notices requesting comments on proposed amendments to its Financial Privacy and Safeguards Rules, regulations promulgated under the Gramm-Leach-Bliley Act that aim to protect the privacy and security of customer...
19 March 2019
Blockchain is the technology that underpins digital currencies such as Bitcoin – but it has far wider applications and is being used in a growing number of areas. Blockchain has the potential drastically to alter the global financial system. Trade finance...