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U.S. officials recently warned financial institutions that unprecedented cyberattacks on a global interbank messaging platform could be repeated on a grand scale, leading to billions of dollars of losses and choking off global payments.
Cybercriminals are employing increasingly complex tactics to defraud the U.S. Treasury Department and taxpayers, a top federal investigator said Monday.
Steep fines against banks that fail to prevent money laundering are complicating efforts by investigators to suss out cybercrime, a top London police official said Wednesday.
The U.S. Treasury Department Friday revised compliance expectations and examination procedures for banking units that conduct limited operations from the United States on behalf of their foreign parent companies.
The U.S. Treasury Department can expedite civil monetary penalties against financial institutions that violate the Bank Secrecy Act and other rules tied to safety and soundness, under guidelines proposed Thursday.
Federal regulators are asking a greater number of community banks and credit unions to invest in automated transactional monitoring systems similar to those used by their larger counterparts, say consultants.
Federal financial regulators have asked more than a dozen large and midsize banks to better ensure that validations of their anti-money laundering risk models are conducted independently, say officials.
A new U.S. Treasury Department strategy to improve bank oversight will entail more closely reviewing how consistently examiners evaluate risk modeling and transaction monitoring programs, say regulators.
The theft of $45 million by cybercriminals exploiting and manipulating stolen prepaid card data highlights weaknesses in how financial institutions monitor the use of stored value products, say security experts.
If you detect even one case of cybercrime at your bank, it's likely that you've only begun to uncover a larger cyberattack, according to panelists at an anti-money laundering conference.
