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Midweek Roundup: U.S. Attempts to Clarify Correspondent Rules, Swift Admits New Cyberattacks, and More
printFederal banking regulators and the U.S. Treasury Department said in a statement and a blog post Tuesday that American banks generally aren't required to conduct due diligence on customers of their foreign correspondent clients, and only five percent of anti-money laundering (AML) compliance violations result in an enforcement action. More The Society for Worldwide Interbank Financial Telecommunication, or Swift, wrote in a private letter to clients that more financial institutions have fallen victim to cyberattacks tied to its payment messaging service since June, when the consortium disclosed additional details of the Bangladesh Bank heist conducted earlier this year, Reuters reported....
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