Axiom Bank is facing legal action due to alleged violations of the Bank Secrecy Act (BSA) and insufficient anti-money laundering (AML) controls, alongside concerns over inadequate risk management practices. The regulatory filing points to suspicious activities that went unchecked due to weak internal controls, exposing the bank to potential involvement in illegal financial activities.

The Council of Europe has introduced a groundbreaking AI Framework Convention, signed by the UK, US, EU, and several other nations, to establish a legal foundation for the ethical development and deployment of artificial intelligence.

Citi has been fined $135.6 million by US regulators for insufficient progress in addressing risk management and data governance issues. The Office of the Comptroller of the Currency (OCC) fined Citi $75 million and amended its previous cease and desist order, while the Federal Reserve Board added a $60.6 million fine for violations of a 2020 enforcement action.

Between 2014 and 2023, TD Bank faced serious allegations of having "long-term, pervasive, and systemic deficiencies" in its U.S. anti-money laundering (AML) policies, according to court documents. Despite multiple warnings from regulators and its internal audit group, the bank failed to take appropriate remedial action.

In response to the fallout from the Synapse Financial Technologies bankruptcy, federal regulators, including the FDIC, Office of the Comptroller of the Currency, and Federal Reserve, have issued joint guidance aimed at reinforcing reconciliation responsibilities for banks in fintech partnerships.

Officials from the Biden administration tempered expectations about the recent discussions in a call with reporters, clarifying that the focus wasn't on fostering technical collaboration between the two global powerhouses in AI or emerging technologies.

In late July, the FDIC, along with the Office of the Comptroller of the Currency and the Federal Reserve, raised concerns about banks' account reconciliation practices. They issued specific guidance requiring all banks under their jurisdiction to monitor and regularly reconcile any accounts they manage, regardless of the source or type of relationship. This action came after persistent issues with partner bank account reconciliation, which left thousands of clients unable to access hundreds of millions in third-party account balances following the bankruptcy of a fintech intermediary in April.

FTX and Alameda Research, now bankrupt, must pay $8.7 billion in restitution and $4 billion in disgorgement following the sentencing of FTX founder Sam Bankman-Fried to 25 years in prison and another executive, Ryan Salame, to seven and a half years.

The EU Parliament passed laws to strengthen AML and terrorist financing measures, impacting cryptocurrency. Enhanced due diligence and identity checks are required, with obligated entities reporting suspicious activities to FIUs.

Wells Fargo's shares declined on Thursday after the bank reached a formal agreement with the Office of the Comptroller of the Currency (OCC) to address deficiencies in its financial crime risk management and anti-money laundering (AML) controls.

A new bill introduced in Congress seeks to strengthen cybersecurity in the healthcare sector by mandating collaboration between the Cybersecurity and Infrastructure Security Agency (CISA) and the Department of Health and Human Services (HHS).

The European Parliament passed a new law to enhance corporate responsibility across global supply chains. The Corporate Sustainability Due Diligence Directive (CSDDD) mandates large EU companies to prevent environmental and human rights abuses.