The American Banking Association (ABA) has withdrawn its support for a key proposal from the US Treasury, designed to help prevent the use of shell companies for fraud.
This time last year, with Covid restrictions lifted in most areas and the global pandemic still visible in the metaphorical rearview mirror, firms were optimistic about the year ahead. But then Russia’s tanks crossed the border with Ukraine, and all hell subsequently broke loose. Tensions between Russia and the West have been almost at breaking point, with thousands killed, a European energy crisis and the threat of nuclear war dragging geopolitical risk into the fore.
Our latest blog takes an updated look at SPACs and their potential risks as the market comes under heavy scrutiny from US regulators
The Zelle payments scam debate: should banks be responsible for refunding victims of fraud and what are the potential implications if this is the case?
The UK’s Payment Systems Regulator (PSR) has fined Barclays for not being clear about the fees it charges retailers on card transactions.
Never has the phrase “meteoric rise” felt so appropriate. At the height of its success, FTX processed more than US$6bn in spot trade volume, with an average daily trade volume of US$2bn. It was valued at US$32bn in January 2022, making it one of the world’s most valuable crypto companies at that time.
AI regulation is still very much in the development phase, despite use of the technology being widespread. This is because of the fast-moving nature of AI and ML; the technology is evolving all the time, leaving governments and regulators to play catch up. However, several jurisdictions are making moves to address gaps in regulation for the use of AI in the financial sector.
German financial regulator, BaFin, has published a statement threatening to take action if Deutsche Bank does not work faster to address failings in its AML measures.
A recent review by the UK’s Financial Conduct Authority (FCA) has highlighted weaknesses in the way challenger banks assess risk.
As the conflict in Ukraine rages on, governments in the West have been creating a set of unparalleled financial sanctions in what has been dubbed
RiskBusiness is an international Governance, Risk, Audit and Compliance (GRAC) solution provider, with more than 200 financial services firms currently using our SaaS (Software-as-a-Service) solutions globally.