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Financial Conduct Authority data breach referred to Information Commissioner

The Financial Conduct Authority (FCA) was recently made aware that, in response to a Freedom of Information Act request published on its website in November last year, certain underlying confidential information may have been accessible. The response related to the number and...
Posted On 26 Feb 2020
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Institute of Risk Management: Risk Predictions for 2020 (Part 3)

Global conflict, bush fires, flooding and political unrest. These are just some of the key issues unearthed as a result of the Institute of Risk Management (IRM) asking its senior members what their risk predictions are for 2020. In Part 3 of Risk Xtra’s comprehensive round-up,...
Posted On 24 Feb 2020
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FCA, ICO and FSCS warn insolvency practitioners and authorised firms on data use

The Financial Conduct Authority (FCA), the Information Commissioner’s Office (ICO) and the Financial Services Compensation Scheme (FSCS) have issued a joint statement warning insolvency practitioners and FCA-authorised firms to be responsible when dealing with personal data. The...
Posted On 17 Feb 2020
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Fraudsters targeted in Project OTELLO national law enforcement campaign

The National Economic Crime Centre (NECC) in collaboration with the City of London Police is spearheading a campaign targeting fraudsters responsible for duping members of the public and businesses out of billions of pounds. The campaign, named Project OTELLO, also involves...
Posted On 05 Feb 2020
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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