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 report released by FinCEN (the US Financial Crimes Enforcement Network) this week has revealed a significant uptick in the number of ransomware attacks reported by financial institutions in the second half of 2021, most of which are believed to be coming from Russia.
In a bid to help financial institutions keep up with developments in payments system fraud, the EBA has made the latest version of its fraud taxonomy publicly available.
People in Lebanon are “robbing” banks to withdraw their own money in a spate of heists carried out by angry and desperate Lebanese citizens in recent weeks.
The Consumer Duty is a regulatory reform implemented by the UK’s Financial Conduct Authority. Finalised in July 2022, the guidance is designed to ensure firms deliver good outcomes for their retail customers and act in their best interests at all times.
The new Economic Crime and Corporate Transparency Bill will focus on tightening rules around registering a company in the UK, with the hope of reducing fraud and money laundering via the use of shell companies.
Some of the world’s largest banks are facing a combined US$1bn in fines for allowing employees to converse with other employees and clients using WhatsApp and similar unauthorised messaging apps.
Some of the world’s largest banks are facing a combined US$1bn in fines for allowing employees to converse with other employees and clients using WhatsApp and similar unauthorised messaging apps.
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