Governance
UK Government Weighs Folding Payment Systems Regulator into FCA
The UK Government is reportedly considering dissolving the Payment Systems Regulator (PSR) and integrating it into the Financial Conduct Authority (FCA) as part of its broader economic growth agenda. The PSR, while fully independent, already shares some operational services with the FCA.
SEC Launches Cyber and Emerging Technologies Unit to Combat Fraud and Protect Investors
The U.S. Securities and Exchange Commission (SEC) has established the Cyber and Emerging Technologies Unit (CETU) to address cyber-related misconduct and protect retail investors from technology-driven fraud.
Block Hit with $80 Million Fine and Consumer Redress Orders
In a major enforcement action, 48 state financial regulators have fined Block $80 million for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Block, the parent company of Cash App, agreed to pay the penalty, hire an independent consultant to evaluate its BSA/AML program, and address any deficiencies identified within 12 months. The investigation revealed compliance lapses that could enable illegal activities, including money laundering and terrorism financing.
CFPB Approves FDX as First Standard Setter for Open Banking
The Consumer Financial Protection Bureau (CFPB) has approved Financial Data Exchange (FDX) as the first official standard-setting body under its new open banking framework.
Dimon Urges Washington to Reassess Banking Regulations
JP Morgan Chase CEO Jamie Dimon, in a meeting with Republican lawmakers and top bank CEOs, called for a review of financial regulations. He warned that strict rules, particularly anti-money laundering laws, are forcing banks to cut off customers to avoid penalties.
New ICT Risk Framework: DORA Takes Effect
Today marks the official enforcement of the Digital Operational Resilience Act (DORA), introducing a standardized framework to strengthen Information and Communication Technology (ICT) risk management across financial services.
DoJ Finalizes Rule to Restrict Personal Data Transfers to Countries of Concern
The U.S. Department of Justice (DoJ) has implemented a final rule enforcing Executive Order 14117, aimed at curbing the mass transfer of Americans’ personal data to countries of concern, including China, Cuba, Iran, North Korea, Russia, and Venezuela.
CFPB Fines Wise for Misleading Fee Disclosures
London-based Wise misled U.S. customers with inaccurate fee advertisements and failed to properly disclose exchange rates, according to the Consumer Financial Protection Bureau (CFPB).
Robinhood to Pay $45 Million to Settle SEC Regulatory Violations
Robinhood has agreed to pay $45 million to resolve multiple charges brought by the U.S. Securities and Exchange Commission (SEC) involving its brokerage operations.
FCA Advances Plans for a Regulated Crypto Market
The UK's Financial Conduct Authority (FCA) has outlined its latest steps to enhance the integrity of the country’s crypto market through a new Discussion Paper focusing on admissions, disclosures, and market abuse prevention.
Trump Initiates National Crypto Stockpile, Halts Digital Dollar Development
President Donald Trump has issued an executive order establishing a working group on digital assets to craft a federal regulatory framework for cryptocurrencies and explore the creation of a national digital asset stockpile.
EBA Issues Final Guidelines on ESG Risk Management
The European Banking Authority (EBA) has released comprehensive guidelines to help financial institutions manage Environmental, Social, and Governance (ESG) risks.
Klarna Fined $50 Million for AML Compliance Failures
Sweden's Financial Supervisory Authority (FI) has imposed a $50 million fine on Klarna for deficiencies in its anti-money laundering (AML) compliance.