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The Bangladesh Bank Hack and Compliance Programmes
E-Finance & Payments Law & Policy
May 2016
Unknown hackers robbed more than $100 million from Bangladesh’s central bank in February 2016, and the losses would have been even worse if other banks hadn't blocked 31 of the attempted wire transfers because they suspected money laundering. In this article, former SRZ attorney Michael L. Yaeger and associate Melissa G.R. Goldstein and former SRZ attorney Kimberly G. Monty detail how this the attack took place and discuss the cybersecurity lessons to be learned, which include the ways that an AML compliance program might be used to support cybersecurity.
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The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]