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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.

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.

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.

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.

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

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.

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.

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