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In a significant development, the CEO of Binance, one of the world's largest cryptocurrency exchanges, has pleaded guilty to charges related to Anti-Money Laundering (AML) violations in the United States. The plea comes with a hefty settlement of $4.3 billion, marking a substantial penalty for the alleged transgressions.

Banks within the European Union are currently falling short of meeting the operational resilience and risk guidelines set forth by the Basel Committee in 2021.

Banks will face mandatory disclosure of their crypto asset exposure as per new regulatory guidelines introduced by the Basel Committee on Banking Supervision.

On Thursday, Caroline Pham, a commissioner at the Commodity Futures Trading Commission (CFTC), advocated for the implementation of a limited pilot program aimed at regulating digital assets within the United States.

The collaboration between the Monetary Authority of Singapore (MAS), banks, and technology firms aims to develop a generative AI risk framework and explore its applications in the financial services sector. MAS initiated Project MindForge earlier this year to investigate the impact of generative AI on the financial services (FS) sector.

The Financial Conduct Authority (FCA) imposed a fine of over £11 million on Equifax for its failure to safeguard customer data in the wake of a data breach that was outsourced to its US parent company.

The Chinese-owned short-video platform has incurred a fine for its handling of children's data in Europe during the period between July 31, 2020, and December 31, 2020.

In a move aimed at addressing offshore market concerns and bolstering regulation within the crypto asset industry, Taiwan's parliament has approved the first reading of a proposed cryptocurrency bill.

Source: Wolters Kluwer

Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR), part of Wolters Kluwer’s Corporate Performance and ESG (CP & ESG) division, is set showcase its capabilities to meet Capital Requirements Regulation (CRR) III and Basel IV requirements with the launch of OneSumX for Basel.

Mustafa Suleyman, the co-founder of Google DeepMind and CEO of Inflection AI, emphasized to the Financial Times the importance of the United States leveraging its chip technology leadership to establish global AI usage standards.

The Executive Order on Artificial Intelligence (AI) by President Joe Biden, issued on October 30, recommends extensive guidelines for the management of this rapidly advancing technology. While the order lacks significant legal enforcement authority, it underscores various areas in which the President and his administration believe that US policymaking and regulatory agencies should take measures to ensure that AI technology and systems are "safe, secure, and reliable" before they are released to the public.

Source: World Federation of Exchanges

The World Federation of Exchanges (WFE), the global body for exchanges and central counterparty clearing houses (CCPs)s, today sets out six principles to promote sound marketplaces in crypto-trading in a new report.

Experian has been handed a fine of $650,000 by the Federal Trade Commission due to its engagement in sending unsolicited product and marketing messages to its customers.

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