Regulation

SQS results for H1 hit by banking client loss

SQS results for H1 hit by banking client loss

SQS, the Cologne and London-listed software testing service provider, revealed on September 13 that the loss of a major banking client had contributed to the a decrease in revenues for the first half of 2017. The lost contract was worth €7.0m, SQS said, leading to a like-for-like revenue decrease of 3.9% to €160.1m, compared to »

Equifax’s Historic Hack May Have Exposed Almost Half of U.S.

Equifax’s Historic Hack May Have Exposed Almost Half of U.S.

Hackers exploited a website application to access names, addresses, Social Security numbers and some driver’s license numbers of potentially 143 million consumers, Equifax said Thursday in a statement. The incident — which drove down shares in after-hours trading — is a stark reminder of the risk of consumers’ personal data being exposed online, security experts »

Singapore regulator creates data analytics group

Singapore regulator creates data analytics group

The Monetary Authority of Singapore (MAS) has created what it is calling its Data Analytics Group (DAG), which it will task with leveraging the power of data to enhance its supervision of financial institutions. MAS says it believes this will decrease the cost of compliance for financial firms through the use of analytics, and increase »

BoE governor highlights cloud as source of operational risk

The Bank of England’s governor, Mark Carney, identified Cloud services, as well as “common hosts of online banking”, as potential sources of operational risk in a speech he gave in Germany on Wednesday. Carney said that regulators have to be aware of new single point of failure risks. In the speech, the governor of the »

Three predictions for 2017 — with best wishes — from QA Financial

Three predictions for 2017 — with best wishes — from QA Financial

“Prediction is very difficult, especially if it is about the future,” said Niels Bohr, the Danish physicist. Predictions are, however, a journalistic tradition at this time of year, and it we feel it’s our duty to do our best to summarise what we believe 2017 will hold for our readers. We’ve settled on three. 1 – Automation will »

CFTC fines Société Générale $450,000 over software bug

CFTC fines Société Générale $450,000 over software bug

The US Commodity Futures Trading Commission (CFTC) has issued a $450,000 fine to French financial firm Société Générale for improper regulatory reporting caused by bug in the code of Société Générale’s FX trading platform. The  reporting error led to the French investment bank falling foul of the Commodity Exchange Act (CEA) and CFTC Regulations. The »

With Fintech, Hong Kong-Singapore Rivalry Gets a New Twist

“We are quite impressed by government agencies here,” said Cho, whose Marvelstone Group is developing a mobile payments platform and invests in other fintech firms. Singapore authorities introduced him to tax advantages and connected his firm to potential partners. Many fintech companies are making similar choices, adding a new dimension to the decades-old tussle between »

Fintech Firms Get Chance to Grow Up, as U.S. Offers Charters

Fintech Firms Get Chance to Grow Up, as U.S. Offers Charters

The Office of the Comptroller of the Currency said Friday it plans to start accepting applications from fintech companies for a special charter that would formally subject them to federal banking rules. Companies that become chartered will get the benefits of being an established company in the eyes of the government. But they will also »

MetricStream secures India op risk sale

Bajaj Finance, the Indian provider of financial services, the retail lending arm of Bajaj Finserv, has engaged MetricStream, a US developer of compliance apps, to implement an audit and operational risk management system. The company is using MetricStream’s Internal Audit Management and Operational Risk Management (ORM) apps, technologies designed to help financial firms to stay »

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