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Compliance News, EU/Europe, Financial Services
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Banking, Compliance News, EU/Europe
OFAC
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning Yin Kecheng, a Shanghai-based cyber actor who was involved with the recent Department of the Treasury network compromise. Additionally, OFAC is sanctioning Sichuan Juxinhe Network Technology Co., LTD., a Sichuan-based cybersecurity company with direct involvement in the Salt Typhoon cyber group, which recently compromised the network infrastructure of multiple major U.S. telecommunication and internet service provider companies. People’s Republic of China-linked (PRC) malicious cyber actors continue to target U.S. government systems, including the recent targeting of Treasury’s information technology (IT) systems, as well as sensitive U.S. critical infrastructure.
SEC
Bank of England
The Prudential Regulation Authority (PRA), in consultation with HM Treasury, has decided to delay the implementation of Basel 3.1 in the UK by one year until 1 January 2027. This allows more time for greater clarity to emerge about plans for its implementation in the United States. Basel 3.1 is the final set of international banking reforms designed in response to the 2008 global financial crisis. It is designed to improve banks’ own measurement of risk, standardising approaches between firms to make their capital ratios more consistent and comparable.