GRC Report Staff

Swiss National Bank Calls for Stronger Banking Regulations in Wake of Credit Suisse Crisis

The Swiss National Bank (SNB) has released its 2024 Financial Stability Report, highlighting the need for significant regulatory reforms in the wake of the Credit Suisse crisis. The report, which comes just over a year after UBS's acquisition of Credit Suisse, outlines several key areas where the Swiss banking regulatory framework requires strengthening.

Singapore Unveils Updated Risk Assessment on Money Laundering

Singapore recently published its updated Money Laundering (ML) National Risk Assessment (NRA). This comprehensive assessment, a collaborative effort involving supervisory and law enforcement agencies, the Suspicious Transaction Reporting Office (STRO), private sector entities, and international counterparts, synthesizes the current ML risks facing the nation.

BaFin Fines Citigroup Global Markets Europe AG €12.975 Million for Algorithmic Trading Violations

The Federal Financial Supervisory Authority (BaFin) of Germany has imposed a significant fine on Citigroup Global Markets Europe AG for breaching regulations related to algorithmic trading. On May 24, 2024, BaFin announced an administrative fine of €12,975,000 against the investment firm.

Cyber Europe 2024 Tests EU Energy Sector's Cybersecurity Resilience

The European Union Agency for Cybersecurity (ENISA) has concluded its 7th edition of Cyber Europe, one of the largest cybersecurity exercises in Europe, held in June 2024. This year's exercise focused on testing the resilience of the EU energy sector against sophisticated cyber threats, underscoring the critical nature of energy infrastructure in an increasingly ICT-dependent society and showcasing the crucial role of the European cyber crisis liaison organization network (EU-CyCLONe).

New Report Outlines Strategies for Building Resilient Supply Chains in an Uncertain Geopolitical Landscape

HSBC, in collaboration with Procurement Leaders, a World50 Group Community, has released a pivotal report titled "Building Resilient Supply Chains Amid an Uncertain Geopolitical Landscape." The study offers crucial insights for businesses navigating the increasingly complex world of global trade, where geopolitical uncertainties are reshaping traditional supply chain models.

SEC Fines R.R. Donnelley & Sons Co. $2.1 Million for Cybersecurity Control Failures

The Securities and Exchange Commission (SEC) has announced that R.R. Donnelley & Sons Company (RRD), a global provider of business communication and marketing services, has agreed to pay over $2.1 million to settle charges related to cybersecurity control failures. The case, however, has ignited a debate about the SEC's interpretation and application of internal accounting controls regulations.

Swiss Regulator Cracks Down on HSBC Over Money Laundering Lapses

The Swiss Financial Market Supervisory Authority (FINMA) has cracked down on HSBC Private Bank (Suisse) SA for serious violations of anti-money laundering laws involving two politically exposed persons (PEPs).