The creators of a top “altcoin” are building privacy features for JPMorgan’s blockchain platform. Source: Worlds collide: JPM works with team behind anonymous crypto Zcash | American Banker This is a well written and well-cited article. If you study the article and make use of all the hyperlinks, you will have learned a lot.
The New York Department of Financial Services yesterday announced it had updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the ever-growing threat of cyber-attacks,” said an agency press release. According to the American Banker, the updated proposal eased the timeline for reporting and testing cybersecurity incidents, and gives “regulated entities more…
The American Banker’s Penny Crosman discusses the use of artificial intelligence (AI) by the Nasdaq exchange to “help it detect market abuse.” The exchange sees 14 million trades per day, an impossible number to review for humans alone. AI provides “the best detection mechanism possible,” said Nasdaq’s head of risk and surveillance.
Insurance broker Marsh announced it has launched a new product aimed at covering the costs of chief compliance officers who come under investigation by regulators. Source: Marsh Launches Insurance Aimed at Chief Compliance Officers – Risk & Compliance Journal. – WSJ
Banks need more specific guidance that clarifies requirements around vendor contracts, risk assessments, data management and other issues. Source: Regulatory Ambiguity Is Slowing Bank Adoption of Cloud Services | Bank Think
We need more due process protections to assure the accuracy of the algorithms that have become ubiquitous in our lives. Source: Make Algorithms Accountable – The New York Times Thank you to Northrop Grumman Corporate Privacy Executive, John Kropf, for drawing my attention to this article.
On Friday, The OCC updated the Corporate and Risk Governance Handbook. This is important reading for not only anyone in financial services, but anyone doing business with financial services firms, as well as FinTech companies because regulators will expect to see similar practices where and when applicable. Review the press release summarizing updates here. Review…
While it is clear that the regulators still expect Russian personal data to be stored in Russia, companies may have more of a grace period to cure instances of noncompliance than originally expected, so long as they are making a good faith effort to comply. That said, the relatively low rate of violations may reflect…
PayPal has been forced to suspend its operations in Turkey after its payment license application was denied by the country’s financial regulator. PayPal said that all payment services in the country will be suspended on June 6 due to a new rule requiring that IT systems of companies operating in Turkey be localized in the…
A committee with ties to the country’s military and security agencies is requiring foreign tech giants like Apple to answer questions about encryption and data storage. Source: China Quietly Targets U.S. Tech Companies in Security Reviews – The New York Times
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