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.

Business Email Compromise: how to protect your firm against BEC attacks
BEC attacks are on the rise and are now the most common form of cyber fraud. Also commonly referred to as CEO spoofing or Whaling, BEC is now the biggest cyber threat to business, accounting for almost 50% of all cyber attacks.
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Latest News

ASIC commences proceedings against Westpac for alleged misleading and unfair sales of consumer credit insurance

ASIC has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation, alleging it mis-sold consumer credit insurance (CCI) with credit cards, and other credit facilities, to customers who had not agreed to buy the policies.

Robinhood failed to disclose certain trade executions to public feed

Retail brokerage Robinhood Financial did not report a certain type of stock trade it executed for customers last year to a public data feed, according to regulatory data analyzed by Reuters and a source familiar with the matter.

Former Swiss bankers appeal fines for not reporting dubious deposits

Two former Société Générale bankers are challenging Swiss fines issued for failing to report suspicious deposits worth more than $700m made by a one-time ally of Russian President Vladimir Putin.

Climate activists smash windows of Barclays Bank in London

Seven people were arrested outside the London headquarters of Barclays Bank on Wednesday after climate change activists broke windows to protest the role of the financial sector in climate change, news wires reported. “You may dislike our action today but I ask you to compare a crack in a window to funding wildfires and flooded homes,” said a campaigner cited by Reuters.

New Gunvor bribery ‘skeleton’ haunts oil trader’s reform pledge

In late 2019 Gunvor Group Ltd., one of the world’s biggest oil traders, said it would make a clean break from the past by settling a long-running bribery case in Africa.

CBA to pay $7 million court penalty for overcharged interest

The Federal Court of Australia has ordered the Commonwealth Bank of Australia (CBA) to pay a $7 million penalty after the Court had previously declared that CBA made false or misleading representations and engaged in misleading and deceptive conduct.

Dawson James Securities, Inc. sanctioned by FINRA for charging customers excessive commissions

The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Dawson James Securities, Inc. (“Dawson James”) for charging customers excessive commissions. On April 6, 2021, FINRA and Dawson James entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Dawson James accepted the following sanctions:

Credit Suisse overhauls executive board as it estimates Archegos fallout at $4.7 billion

Credit Suisse on Tuesday said it was replacing senior managers, halting its share buyback programme and slashing its 2020 dividend as it grapples with the estimated 4.4 billion Swiss franc ($4.69 billion) fallout from its relationship with Archegos Capital Management LP.

Deutsche, HSBC BofA $96m bond settlements approved

Settlements worth $95.5 million resolving claims that Bank of America, Deutsche Bank AG, and HSBC Holdings conspired to rig the multi trillion-dollar market for bonds backed by foreign governments and multinational institutions were approved by a federal judge in Manhattan, reported Bloomberg Law.

Former broker stole $400,000 to pay gambling debt

Apostolos Pitsironis, a former broker at Janney Montgomery Scott in Melville, New York, was charged in federal court with defrauding his former clients of more than $400,000. According to the Department of Justice, Mr. Pitsironis used the money to pay personal expenses, including casino gambling debts and credit card bills.

Capital One notifies more clients of SSNs exposed in 2019 data breach

US bank Capital One notified additional customers that their Social Security numbers were exposed in a data breach announced in July 2019.

ASIC sues CBA for misleading conduct over monthly access

ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank of Australia (CBA), alleging that it charged monthly access fees to customers when it was not entitled to do so.

 
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