Wildfires and New York - Climate change is happening everywhere, to all of us, all the time

In just a few hours the weather went from overcast to smoggy and oppressive. The air felt heavy; a few deep breaths left a slight sting in the throat. Welcome to the affect of climate change in New York.

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ComplianceOnline Banking Summit 2016 - New York 27/28 October

Banking and financial services play a vital role in today’s globalized economy. The banking industry is the most heavily regulated and the regulators are demanding a far greater level of insight and awareness about the risks banks manage, and the effectiveness of the controls they have in place to reduce or mitigate these risks. This banking summit will discuss numerous banking regulations and will feature key topics including risk innovation, modelling and simulation.

The banking industry is more often the target for cybercrimes including financial fraud, identity theft, data manipulation, and persistent hacking attacks on payment systems and other critical information systems and communication channels. This BFSI summit brings together banking security professionals, regulators, banking specialists, risk managers, asset managers and supervisors to debate the threats to data security to the global financial services industry.

The panel discussions, debates, workshops and exhibitions will also throw light on the direction the industry will take in the future – making it all the more important for today’s banking professionals to actively take part in this Summit.

For more DETAILS and REGISTRATIONS CLICK HERE>>

British trader arrested and charged with helping cause 2010 'Flash Crash'

A United Kingdom trader has been arrested and will remain in custody, pending extradition to the U.S. to face criminal and civil charges that include wire fraud, commodities fraud, attempted manipulation and spoofing.

From USA Today –

“Alleged market manipulation by a London-based high-frequency trader helped cause the 2010 "Flash Crash" that roiled financial exchanges and severely tested investors' confidence, U.S. authorities said Tuesday.

Navinder Singh Sarao, 37, and his company, Nav Sarao Futures Limited PLC, used computer software to manipulate Standard & Poor's futures contracts through a practice known as "spoofing," according to the Commodity Futures Trading Commission and the Department of Justice.”

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New York Attorney General Looks to Strengthen Data Security Laws

From American Banker –
“New York Attorney General Eric Schneiderman is proposing legislation to strengthen data security laws to protect consumers from having their personal data stolen.

There currently is no law in New York that requires businesses to institute data security measures to protect consumer information. If a data breach occurs, companies only have to notify affected individuals if their "private information" was compromised.”

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The legal mastermind behind New York's record bank fines

From Reuters

“Billions of dollars have flowed to New York state coffers thanks to headline-grabbing settlements with global banks announced by Governor Andrew Cuomo and Benjamin Lawsky, New York's first superintendent of financial services.

But little attention has been focused on Daniel Alter, the 49-year-old legal mastermind behind many of the deals.

Sources close to the settlements describe Alter, general counsel at New York's Department of Financial Services (DFS), as instrumental to crafting strategies that leverage the three-year-old agency's unique powers to extract large and sometimes painful penalties from major banks.”

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New York's Bitcoin Guidance Overburdens Merchants

From Payment Source

“New York’s Department of Financial Services (NY DFS) has recently issued guidance on its BitLicense proposal, which would create a transitional license for Bitcoin.

The BitLicense is an attempt by NY DFS to regulate the developing Bitcoin industry and is closely watched as a potential model for regulations in other states. Most agree that a level of regulation plays an important role in consumer protection.

On the surface, the NY DFS seems to be on the right track towards Bitcoin regulation. However, a closer look at the NY DFS BitLicense proposal reveals some pretty significant issues. In particular, the BitLicense requires merchant payment processors to collect the names and addresses of each party to a Bitcoin transaction.”

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Standard Chartered NY forced to suspend clearing following AML concerns

From Banking Technology

‘Standard Chartered Bank’s New York business has been fined $300 million and ordered to suspend US dollar clearing services to retail clients of the bank in Hong Kong, following an investigation by the New York State Department which determined its transaction monitoring system does not meet anti-money laundering requirements agreed in 2012.

In 2012, Standard Chartered was accused of breaching US sanctions against Iran by processing transactions to the country. Although a settlement resolved these issues at the time, Standard Chartered is now being accused of breaching that settlement, which required the bank to improve its AML processes.’

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