SWIFT

News & Analysis as of

Cybersecurity Response to Recent Wholesale Payment Systems Breaches

In February 2016, hackers stole $81 million from the Bangladesh central bank by sending fraudulent messages through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system. Three months...more

International Arbitration Newsletter - July 2016

Privy Council clarifies the nature of arbitration clauses, but uncertainties about the clauses’ effect still remain. “Non-exclusive” arbitration clauses provide that disputes “may” be referred to arbitration (rather than...more

Federal Regulators Focus on Minimum Cyber Standards For Banks

A new set of federal banking regulations are on the horizon aimed at helping financial institutions put in place minimum compliance standards to prevent future cyber-attacks. Bloomberg Law has reported that the Federal...more

$90 Million Cyber Thefts From SWIFT Network Raise Security and Legal Issues

In February 2016, attackers stole $81 million from the Bangladesh central bank’s account at the New York Federal Reserve Bank by hacking into the Bangladesh bank’s computer network and sending fraudulent messages through the...more

Ukrainian bank loses $10 million in latest swift cyber-attack

An unnamed bank in Ukraine is the most recent victim in a series of cyber-attacks exploiting vulnerabilities in the international banking communications system. According to an independent IT monitoring organization, hackers...more

Bridging the Week - June 2016 #2

CFTC Hosts Regulation AT Roundtable; Chairman Implies Risk Rules Sufficient for 2016: Staff of the Commodity Futures Trading Commission sponsored a roundtable on proposed Regulation Automated Trading last Friday. The...more

The New US Sanctions Against North Korea: Dr. Evil's Got Nothing on Kim Jong-un

Although poor, out-of-touch Dr. Evil of the Austin Powers series had to resort to the threat of using a giant laser beam to decimate various cities to try to obtain his one million billion dollars in ransom, Kim Jong-un1...more

North Korea Designation Targets Chinese Banks (IRB No. 554)

On May 25, the U.S. Treasury Department issued a finding designating North Korea as a jurisdiction of “primary money laundering concern.” On the same date, Treasury, through FinCEN, issued a notice of proposed rulemaking...more

SWIFT CEO announces customer security programme

Following a series of thefts from international banks utilizing the Society for World Interbank Financial Telecommunication (SWIFT) communication system, the Chief Executive Officer of SWIFT announced a sweeping five part...more

Your daily dose of financial news The Brief – 5.2.16

Nearly a year-and-a-half after announcing their plans to join forces, Halliburton and Baker Hughes have reportedly called off their $35 billion merger. Serious DOJ reservations about the deal and a wildly changed energy...more

How Many Times Do We Have to Tell You Not to Open the Cat Video

Everyone has been in a movie theater when one of the actors approaches that door to the basement behind which strange noises are coming. They reach out to turn the knob and in unison the audience is thinking “Fool, haven’t...more

Lessons from the Bangladesh Central Bank Heist

By now, you’ve probably heard about the massive cyber attack that hit Bangladesh’s central bank last month, resulting in the loss of $81 million through fraudulent transfers to accounts in the Philippines. Although the size...more

OFAC Warns Financial and International Trade Sectors on Evasion of Crimean Sanctions

On Dec. 19, 2014, President Obama issued Executive Order 13685, “Blocking Property of Certain Persons and Prohibiting Certain Transactions With Respect to the Crimea Region of Ukraine,” to impose sanctions relating to the...more

The Nuclear Deal With Iran: The Lifting of Sanctions and Implications for Business

On July 14, 2015, after two years of sometimes intense negotiations, the United States, the United Kingdom, France, Germany, Russia, and China (known as the “P5+1” countries), along with the European Union, signed a Joint...more

CFTC Expands List of Acceptable Legal Entity Identifiers

The Commodity Futures Trading Commission issued an amended order that expands the list of acceptable legal entity identifiers (LEIs) for purposes of swap data reporting and recordkeeping obligations under Parts 45 and 46 of...more

Wire Stripping: What is Old is New Again

Recently, Standard Chartered Bank (SCB) was in the news again for stripping original wire details so that payments would go undetected by the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC)....more

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