The Risk Universe is a website and a monthly digital magazine that seeks to shed some much needed illumination onto the world of operational risk management.

Deepfakes: What the financial services sector needs to know
Cyber criminals are continuously working to find new and more successful ways of duping unsuspecting individuals into handing over their money. Recent years have seen a huge increase in the use of ‘deepfakes,’ a type of identity fraud that leverages artificial intelligence to create frighteningly convincing fake images, videos and voice recordings. In this report, produced in partnership with cyber security experts at the Optimal Risk Group, Carrie Cook takes a look at some of the key issues financial institutions should be aware of to protect themselves against deepfake fraud.
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Latest News

Credit Suisse agrees to pay $600,000 for providing deficient fixed-income blue sheet data

The Securities and Exchange Commission today announced that Credit Suisse Securities (USA) LLC has agreed to settle charges for providing the SEC incomplete and inaccurate securities trading information related to fixed-income transactions for almost four years. Credit Suisse was found liable by the SEC for similar conduct in a 2015 order.

How Turkey’s Aktif Bank helped Wirecard and the porn industry

Shady transactions for Wirecard, the porn industry and dubious customers from Afghanistan: The FinCEN files cast the Turkish Aktif Bank in a bad light and suggest evidence of money laundering.

BNY Mellon processed $137m for entities linked to OneCoin

One of America’s oldest banks wired over a hundred million dollars in funds linked to the crypto Ponzi scheme OneCoin, according to a trove of documents leaked from the U.S.’ financial crimes watchdog.

OCC announces settlements with three former senior Wells Fargo bank executives

The Office of the Comptroller of the Currency (OCC) today announced settlements with three former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for their roles in the bank’s systemic sales practices misconduct.

Macquarie, CBA face fresh money laundering scrutiny after data leak

Macquarie Group and Commonwealth Bank are facing fresh scrutiny of their oversight of anti-money laundering laws after it emerged that overseas banks had reported close to $US167 million of potential dirty money transactions flowing through the two Australian banks.

ING Bank worked for Russian money laundering network

Over the past decade, ING Bank has carried out billion-dollar transactions for companies from one of the largest Russian money laundering networks ever exposed. This puts the bank in a similar position to Deutsche Bank and Danske Bank, whose involvement in the network has previously been exposed. The German bank was fined over six hundred million dollars in 2017, and the scandal-ridden Danske Bank also had to weather the storm when its Estonian branch turned out to be connected to this network. ING’s involvement is now coming to light for the first time.

FinCEN Files: sanctioned Putin associate ‘laundered millions’ through Barclays

One of Vladimir Putin's closest friends may have used Barclays Bank in London to launder money and dodge sanctions, leaked documents suggest.

FinCEN Files point to Germany's Deutsche Bank as main offender in illegal transactions

The FinCEN Files scandal that broke Sunday has brought to light evidence that Germany's largest bank, Deutsche Bank, has knowingly facilitated suspicious transactions amounting to over $1 trillion dollars, despite pledging to do more in the face of illegal banking activities.

Swedbank is being investigated for suspected market abuse

Swedbank, one of Sweden's biggest banks, is being investigated by the local watchdog for suspected market abuse tied to its broader money-laundering scandal.

Turkey suspends UBS’s direct market access on Turkcell’s slump

Turkey’s capital markets regulator suspended UBS AG London branch’s direct market access to the country’s stock exchange, citing transactions by the firm in Turkcell shares on Tuesday afternoon.

SFC reprimands and fines The Bank of East Asia $4.2 million for regulatory breaches

The Securities and Futures Commission (SFC) has reprimanded The Bank of East Asia, Limited (BEA) and fined it $4.2 million for regulatory breaches related to its failure to segregate client securities.

Deloitte fined record £15m over Autonomy audit

Big Four accountancy firm Deloitte has been fined a record £15m by the The Financial Reporting Council (FRC) following an investigation in relation to its audit of software company Autonomy Corporation.
 
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