Federal Financial Institutions Examinations Council

Challenges and Opportunities in Regulating the Banking Industry

Regulation in the financial sector is critical to preventing crimes that include fraud, money laundering tax evasion, human trafficking, aiding drug trafficking, and even financing terrorism. Despite the importance of regulation and banking institutions’ compliance with such regulations, many laws regarding money laundering are outdated and prevent efficient prevention of such crimes. Additionally, enforcement against large financial institutions is a difficult matter because of the harm that penalizing them could have on the economy.

Cybersecurity Biggest Risk to Financial System, Regulators Plan to Provide More Oversight

Kaitlin Lavin Executive Editor Loyola University Chicago School of Law, JD 2017   Financial institutions can expect increased oversight and new regulations due to recent cyberattacks and data breaches in banks. Several banks have already reported data breaches this year, and many banks have been rattled by the cyberattacks on SWIFT—the  messaging network connecting the …
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