Singapore recently published its updated Money Laundering (ML) National Risk Assessment (NRA). This comprehensive assessment, a collaborative effort involving supervisory and law enforcement agencies, the Suspicious Transaction Reporting Office (STRO), private sector entities, and international counterparts, synthesizes the current ML risks facing the nation.
The Federal Financial Supervisory Authority (BaFin) of Germany has imposed a significant fine on Citigroup Global Markets Europe AG for breaching regulations related to algorithmic trading. On May 24, 2024, BaFin announced an administrative fine of €12,975,000 against the investment firm.
The European Union Agency for Cybersecurity (ENISA) has concluded its 7th edition of Cyber Europe, one of the largest cybersecurity exercises in Europe, held in June 2024. This year's exercise focused on testing the resilience of the EU energy sector against sophisticated cyber threats, underscoring the critical nature of energy infrastructure in an increasingly ICT-dependent society and showcasing the crucial role of the European cyber crisis liaison organization network (EU-CyCLONe).
HSBC, in collaboration with Procurement Leaders, a World50 Group Community, has released a pivotal report titled "Building Resilient Supply Chains Amid an Uncertain Geopolitical Landscape." The study offers crucial insights for businesses navigating the increasingly complex world of global trade, where geopolitical uncertainties are reshaping traditional supply chain models.
The Securities and Exchange Commission (SEC) has announced that R.R. Donnelley & Sons Company (RRD), a global provider of business communication and marketing services, has agreed to pay over $2.1 million to settle charges related to cybersecurity control failures. The case, however, has ignited a debate about the SEC's interpretation and application of internal accounting controls regulations.
The Swiss Financial Market Supervisory Authority (FINMA) has cracked down on HSBC Private Bank (Suisse) SA for serious violations of anti-money laundering laws involving two politically exposed persons (PEPs).
The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), France's financial regulators, have published their 4th annual report assessing climate commitments made by banks, insurers and asset managers in the Paris financial center.