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Guard Your Sheep, The Dyre Wolf is Coming

IBM announced this week that it had uncovered a highly-sophisticated scheme to steal funds from medium to large U.S.-based companies. The scheme dubbed “The Dyre Wolf” only targets companies, unlike past schemes which also...more

Cyber Extortion: What to Do When Your Data is Being Held for Ransom

Imagine you are the IT systems administrator of a large corporation. Coffee in hand, you sit down one morning and log in. You receive a message that there has been an intrusion into the corporate database, a large amount of...more

New York Proposes Tough New Anti-Money Laundering and Cybersecurity Measures on Financial Services Companies

Action Item: Benjamin Lawsky, the Superintendent of Financial Services for New York State, one of the country’s most aggressive regulators, is seeking to increase regulatory pressures on the financial services industry,...more

FinCrimes Update - January 2015, Volumn 2, Issue 1

In This Issue: - BSA/AML & OFAC | FCPA & Anti-Corruption | Criminal Enforcement ...more

FinCrimes Update - December 2014, Volumn 1, Issue 10

In this Issue: BSA/AML & OFAC | Virtual Currency & Payment Systems | FCPA & Anti-Corruption | Criminal Enforcement...more

Secret Service Raises Warning About Backoff POS Malware

The Secret Service, which investigates financial crimes, issued a security Alert on July 31, 2014, warning of malware named “Backoff” that was being used to steal payment card data from point-of-sale (POS) systems. The Alert...more

Cybersecurity: How well are Latin American banks protected against cyber attacks?

Inter-American Dialogue's Latin America Advisor asked Marcela Cristina Blanco, associate attorney in Diaz Reus’ Bogota, Colombia office: How Well Do Latin American Banks Protect Against Cyber Attacks?...more

The Confidential Relationships (Preservation) Law: Confidentiality Legislation in the Cayman Islands

In this guide Harneys considers the scope of the Cayman Islands’ Confidential Relationships (Preservation) Law and the sanctions that apply to contraventions of it. The Cayman Islands government considers the...more

Cybercrime Loses Its Right to Silence

In 2012, the director gen¬eral of MI5 revealed that a London-listed company had lost £800 million as a result of a state-backed cyber at¬tack. The company in question has not been publicly identified and no disclosures were...more

Stop the Abuse—Elder Fraud Prevention and Privacy Laws

Several financial regulators, including the SEC, the CFTC, the FTC and the CFPB recently issued joint guidance clarifying that advisers and brokers, among others, may alert the authorities about suspected elder abuse without...more

DOJ Announces Five Indictments In Largest Known Data Breach Case

On July 25, the DOJ announced the indictment of five individuals accused of conspiring in a worldwide hacking and data breach scheme that targeted major corporate networks, stole more than 160 million credit card numbers and...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - July 12, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 14, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more

FCPA Enforcement As A Security Issue And Implications For The Compliance Practitioner

One of the things that has long puzzled me is what led to the significant rise in the enforcement of the Foreign Corrupt Practices Act (FCPA) beginning in the 2003-2004 time frame? ...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 10, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

OCC Seeks Reconsideration Of Order Requiring Disclosure Of Non-Public Documents Related To Bank’s AML/CTF Compliance

On April 24, the U.S. District Court for the Southern District of New York stayed an order that would have required a bank to disclose non-public supervisory information subject to the bank examination privilege. Wultz v....more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 26, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE - PRIVACY/DATA SECURITY -...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 12, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more

FinCEN Issues Virtual Currency Guidance

The Financial Crimes Enforcement Network (FinCEN) has issued formal guidance to clarify the anti-money laundering obligations of administrators and exchangers of convertible virtual currency. “Virtual” currency, unlike...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 1, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more

Bank Agrees to Reimburse Company for Funds Taken Through Online Bank Account Theft

We reported in July on a First Circuit Court of Appeals decision finding that a bank failed to implement commercially reasonable security methods to prevent unauthorized transfers by a criminal that gained the online banking...more

Federal Lawsuit Outlines Online Banking Procedures By Dan Mitchell

Originally published in MainBiz on November 26, 2012. Last July, the federal First Circuit Court of Appeals issued a first-of-its kind decision regarding the obligations of banks and their commercial customers in...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - October 26, 2012

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - INSURANCE - PRIVACY/DATA SECURITY - CRIMINAL...more

Hack Attack: US Financial Institutions in the Cross-Hairs

Last week the FBI released a fraud alert warning financial institutions that cyber criminals have been using tactics such as spam and phishing emails to obtain employee log-in credentials. After obtaining the credentials the...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - September 21, 2012

Topics In This Issue: - MORTGAGES - BANKING - CONSUMER FINANCE - CREDIT CARDS - E-COMMERCE - PRIVACY/DATA SECURITY - CRIMINAL ENFORCEMENT - Excerpt From FEDERAL ISSUES: CFPB...more

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