‘Unregulated’ Crypto sector crash may have recession-level impacts, suggests Bank of England Deputy Chief

Regulatory Watch News

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  PSR seeks views on its proposed approach to supervision

  Payment Systems Regulator

  April 24, 2024

  The Payment Systems Regulator (PSR) has published a call for views on its proposed approach to supervision, having established a Supervision and Compliance Monitoring division last year. The division was created to drive compliance with the PSR’s requirements, something that has become increasingly important as the regulator uses its powers to boost competition, increase choice and tackle payment fraud. The division will improve outcomes for everybody that uses payment systems by deterring and challenging poor practise within firms.

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  G7 Cyber Expert Group conducts cross-border coordination exercise in the financial sector

  European Central Bank

  April 24, 2024

  The G7 Cyber Expert Group completed a cross-border coordination exercise on 17 April 2024. G7 authorities routinely exercise to ensure they can effectively coordinate and communicate their response in the event of a widespread cyber incident affecting the financial system. The primary objective of the exercise was to strengthen the ability of G7 financial authorities in effectively communicating and coordinating their respective responses to facilitate crisis management in the event of a significant cross-border cyber incident affecting the financial sector.

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  Consolidated Nuclear Security Agrees to Pay $18.4 Million to Settle False Claims Act Allegations of Timecard Fraud

  US Department of Justice

  April 23, 2024

  Consolidated Nuclear Security LLC (CNS) has agreed to pay the United States $18.4 million to settle allegations that, between July 1, 2014, and June 30, 2020, CNS knowingly submitted false claims to the National Nuclear Security Administration (NNSA) for time not worked at NNSA’s Pantex Site near Amarillo, Texas. The NNSA’s Pantex Site is the nation's primary facility for the assembly, disassembly and retrofitting of nuclear weapons. CNS, a Delaware company with its principal place of business in Tennessee, held a contract to manage and operate the site.