Mastercard has reached a settlement in a groundbreaking lawsuit initiated by consumer advocate Walter Merricks on behalf of approximately 46 million UK adults.

Ilya Lichtenstein has been sentenced for his role in a massive money laundering conspiracy stemming from the 2016 hack of the cryptocurrency exchange Bitfinex. Court documents revealed that Lichtenstein infiltrated Bitfinex’s network and executed over 2,000 transactions, transferring 119,754 bitcoin—worth $70 million at the time—into a wallet under his control. The stolen cryptocurrency’s value has since skyrocketed to an estimated $10.5 billion.

The Consumer Financial Protection Bureau (CFPB) has taken action against Navy Federal Credit Union, banning the institution from charging illegal surprise fees and mandating refunds exceeding $80 million to affected customers. In addition, Navy Federal must pay a $15 million civil penalty to the CFPB's victims relief fund.

As Europe advances toward enhanced open finance with the proposed Financial Data Access (FIDA) legislation, concerns are mounting among financial industry stakeholders.

Citigroup is under investigation by U.S. government agencies, including the Department of Justice, the FBI, and the IRS, for its connections to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov, according to Barron’s.

In response to recent proposals by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve, the Bank Policy Institute and Clearing House Association are advocating for direct regulatory oversight of fintechs.

Regnology, a leading software provider with a focus on regulatory reporting solutions, announced today the acquisition of VERMEG‘s regulatory reporting division – AGILE – which was previously part of the Lombard Risk portfolio.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued an alert to assist financial institutions in identifying fraud schemes involving deepfake media created with generative artificial intelligence (GenAI). The alert outlines fraud typologies, provides red flag indicators to detect and report suspicious activities, and emphasizes reporting requirements under the Bank Secrecy Act.

Australia's Securities and Investment Commission (Asic) is calling on financial services and credit licensees to strengthen their governance practices to keep pace with the rapid adoption of artificial intelligence.

The Consumer Financial Protection Bureau (CFPB) has highlighted the growing influence of platforms like Apple Pay and PayPal in the payments industry as Big Tech continues to blur the lines between traditional banking and commercial activities.

Financial regulators are taking action as financial firms increasingly depend on a small number of technology providers, which could pose significant risks to the UK financial system. While third-party tech services can boost sector competitiveness, disruptions such as cyber-attacks or power outages could affect multiple firms and consumers, threatening overall stability.

JP Morgan Chase & Co. has agreed to pay $151 million in penalties without admitting or denying any wrongdoing. The company's affiliates were accused of misleading brokerage customers who invested in its 'conduit' private fund products, exposing them to market risks, and failing to disclose financial incentives tied to the Portfolio Management Program and Clone Mutual Funds.