Cyber crime
Financial Stability Benchmarks 2024 – model banks analysis
Further breakdowns of the data highlight patterns in governance, regulatory reform and cyber risk
Ransomware payments can be necessary, say panellists
Paying off hackers may be only way to safeguard financial stability, despite risks
Swift tests AI-driven fraud detection
Pilot projects aim to detect fraudulent activity and improve information sharing
Fed releases guidance on third-party services
Fed board warns of possible operational, compliance, financial and strategic risks
Binance founder sentenced to four months in prison
Nigerian court adjourns separate money laundering case against the crypto exchange
US requests three-year prison sentence for Binance founder
World’s largest crypto exchange agreed to pay $4.3 billion for violating money laundering laws
MAS partners with Mastercard to tackle cyber risks
Singaporean central bank and payments firm will share information and conduct joint training
IMF officials warn cyber risks are growing
Systemic and third-party cyber risks pose threats to central banks and firms
Digital money could boost Pacific island economies – IMF research
Loss of correspondent banking relationships may be offset by digital money infrastructure
IMF hit by cyber attack
Fund says attack did not target top leader and it has “re-secured” 11 compromised email accounts
RBNZ to impose cyber reporting rules on financial institutions
From April 8, New Zealand’s banks will need to disclose major cyber incidents within 72 hours
Riksbank HR system restored 17 days after ransomware attack
Other incidents using Akira software reported across the world since 2023
EquiLend cyber hack exposes trade reporting dependence
Ransomware attack at securities lending platform disrupts regulatory compliance
Swedish central bank affected by ransomware attack
Riksbank’s HR and payroll reportedly still impeded after hackers targeted third-party cloud provider
Cyber security remains critical concern for risk managers
High income central banks put greater emphasis on market and credit risks
BoJ’s CBDC designed to hold ‘minimum’ amount of user data
Offline solutions deemed to pose too great a risk of double spending and counterfeiting
Crypto, trade and environmental crime among AML/CFT risks – IMF
Staff propose increasing country assessments to twice per year
ECB prioritises IT outsourcing and cyber resilience supervision
Institutions lost $161 million due to poor-quality outsourced services in 2022
Supervisors face reputational risk from fraud, Basel Committee says
Surveys shows some forms of digital fraud are rising, but data gaps are “significant”, paper warns
Sam Bankman-Fried takes the stand in wire fraud trial
FTX head says he doesn’t know how $9 billion in funds disappeared
US Treasury division proposes crypto mixer regulation
Proposals target terrorism financing after Office of Foreign Assets Control sanctions Hamas