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Apple Responds to International Hack Attack

28 May 2014
Written by World Watch

ZDNet reported that mobile device manufacturer Apple Inc (Apple) has advised users affected by a pattern of hacking incidents spanning Australia, Canada, New Zealand and the United States to change their Apple account passwords and contact Apple for further advice as required. According to The Sydney Morning Herald (SMH), users say that their devices have been locked and are displaying messages stating that require the user to pay a sum of $50 to an online payment processing account in order to have it unlocked.

Published in Information Security

Online music streaming service Spotify has published a notice (27 May 2014) advising users of an information security breach that compromised the non-financial data of one of its users. Spotify states that it "will be asking certain Spotify users to re-enter their username and password to log in over the coming days" as a general precaution, and as a further precaution will guide users on the Android operating system to upgrade their Spotify software.

The International Monetary Fund (IMF) has made available Economic Inclusion and Financial Integrity (27 May 2014), an address by IMF managing director Christine Lagarde to the Conference on Inclusive Capitalism (further information) that was recently held in London.

Published in Financial Integrity

Central Bank Revokes Licence of Moscow-based Bank

21 May 2014
Written by World Watch

The Central Bank of Russia (CBR) has announced that it has revoked the banking licence of Moscow-based credit institution Navigator Bank for failing to comply with Russian federal banking laws and CBR regulations.

Published in Anti-Money Laundering

The United States Senate Homeland Security and Governmental Affairs Committee's Permanent Subcommittee on Investigations (PSI) has released its majority and minority staff report (15 May 2014) in conjunction with its hearing titled Online Advertising and Hidden Hazards to Consumer Security and Data Privacy.

The United States (US) National Highway Traffic Safety Administration (NHTSA) has announced that General Motors (GM) has agreed to pay a record penalty of US$35 million and meet "unprecedented oversight requirements" to resolve NHTSA's investigation into GM's "failure to report a safety defect ... to the federal government in a timely manner".

Published in Consumer Protection

Proposals to Enhance Accountants' Code of Ethics

21 May 2014
Written by World Watch

The International Federation of Accountants (IFAC), on behalf of the International Ethics Standards Board for Accountants (IESBA), has released Exposure Draft - Proposed Changes to Certain Provisions of the Code Addressing Non-Assurance Services for Audit Clients (May 2014) for public comment.

The Spanish government has announced its intention to collect data on the country's 34 million bank accounts as part of its efforts to combat money laundering and terrorist financing. The measure will reportedly require banks to provide the Secretary of State for the Economy with details of all the personal and business accounts that they hold, which will then be stored in a data archive.

Published in Anti-Money Laundering

The United States (US) Department of Justice (DoJ), the US Attorney's Office for the Southern District of New York (USAO SDNY) and the Internal Revenue Service (IRS) have jointly announced that Switzerland-based asset management group Swisspartners has agreed to pay US$4.4 million and enter into a non-prosecution agreement with the USAO SDNY to resolve criminal charges of "assisting US taxpayer-clients in opening and maintaining undeclared foreign bank accounts".

Published in Financial Integrity

The Federal Court of Australia (FCA) has handed down its decision in Australian Competition and Consumer Commission v NSK Australia Pty Ltd [2014] FCA 453 (13 May 2014). According to the Australian Competition and Consumer Commission (ACCC), ball bearings manufacturer NSK Australia has been fined A$3 million "for its involvement in cartel conduct in relation to the price of bearings in Australia".

Published in Competition

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