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Testing Times: The CBEST Scheme and Simulated Cyber Attack Scenarios

CBEST is the Bank of England’s intelligence-led cyber adversary simulation framework, used for testing systemically critical financial organisations through simulated cyber attack scenarios based on real-world threats and risks. As Owen Wright explains, a CBEST exercise lasts...
Posted On 08 Jan 2020
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Tasking to improve fraud response issued by National Crime Agency

The National Crime Agency’s (NCA) director general Lynne Owens has issued a tasking to improve the response to fraud. The tasking, which is made under the Crime and Courts Act 2013, follows a discussion with chief constables and other partners at the National Strategic...
Posted On 23 Dec 2019
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Bank of England, PRA and FCA look to bolster operational resilience in finance sector

The Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published a shared policy summary and co-ordinated consultation papers on new requirements designed to strengthen operational resilience in the financial services sector....
Posted On 06 Dec 2019
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Dave Pickering appointed head of integration and transformation risk oversight at CYBG plc

CYBG plc, the UK’s sixth largest bank, has appointed Dave Pickering to its Group Risk function as its new head of integration and transformation risk oversight. Pickering will now be responsible for the risk oversight of the programme designed to successfully integrate and...
Posted On 22 Oct 2019
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‘KYC’ compliance costing banks €50 million per annum as financial sanctions soar

A typical European bank serving ten million customers could save up to €10 million annually and avoid growing fines by the regulator by implementing technology to improve the ‘Know Your Customer’ (KYC) processes. That’s according to new research from Mitek and Consult...
Posted On 03 Sep 2019
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22% of banks in UK “not taking advantage” of FCA-approved background checks

BDO has stated that banks are concerned any failures during their due diligence process may potentially expose them to huge Anti-Money Laundering (AML) fines even if the process is fully compliant. Concerns over money laundering penalties mean that 22% of banks in the UK are...
Posted On 24 Jul 2019
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Criminals to face fresh crackdown in Government’s fight against dirty money

The Economic Crime Plan draws together actions designed to overhaul the Government’s approach to tackling economic crime, with greater partnering between itself, the law enforcement community and the private sector. Criminals will have “nowhere left to hide their...
Posted On 15 Jul 2019
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Bank of Scotland fined £45 million for failing to report suspicions of fraud at HBOS

The Financial Conduct Authority (FCA) has fined Bank of Scotland £45,500,000 for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland. The FCA found that Bank of Scotland...
Posted On 28 Jun 2019
Aziz Rahman
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Unexplained Wealth Orders: Will the trickle ever become a flood?

According to Donald Toon, the National Crime Agency’s (NCA) director of economic and cyber crime, unexplained wealth orders (UWOs) are the much-needed weapon for waging war on the flow of dirty money into the UK. With Toon’s organisation having just begun its second...
Posted On 11 Jun 2019
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FCA and PRA jointly fine Raphaels Bank £1.89 million for outsourcing failures

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have jointly fined R. Raphael & Sons plc – the retail bank providing banking and related financial services – for failing to manage its outsourcing arrangements properly between...
Posted On 05 Jun 2019