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NEWS: DORA comes into force, EU banks warned of AML risk of new cyber resilience law

FILE PHOTO: European Union flags flutter outside the EU Commission headquarters, in Brussels, Belgium, February 1, 2023 REUTERS/Yves Herman

BY PAUL O’DONOGHUE, Senior Correspondent

LENDERS operating in the EU have been warned that they must immediately comply with the EU’s new Digital Operational Resilience Framework (DORA).

The regulation, which aims to strengthen cyber resilience in the financial sector by setting new standards for managing and reporting IT-related risks, came into force on January 17.

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