Ripple and Ondo Finance have partnered to bring Ondo Short-Term U.S. Government Treasuries (OUSG) to the XRP Ledger (XRPL), backed by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

A joint report by Nasdaq and Boston Consulting Group (BCG) reveals that financial institutions could achieve between $25 billion and $50 billion in annual savings by streamlining their Risk and Compliance functions.

The Office of the Comptroller of the Currency (OCC) has issued a cease-and-desist order against Bank of America, N.A., citing significant deficiencies in the bank’s Bank Secrecy Act (BSA) and sanctions compliance programs. The enforcement action highlights violations and unsafe practices, including delays in filing suspicious activity reports and unresolved issues in the bank’s Customer Due Diligence processes.

 The recent re-election of Donald Trump to the U.S. presidency has sparked numerous discussions about the direction of government policy and its impact across various sectors.

The Bank for International Settlements (BIS), in collaboration with central banks from Australia, Korea, Malaysia, and Singapore, has successfully demonstrated how regulatory compliance can be embedded into cross-border financial transactions.

One of the central challenges in cross-border payments is navigating the complex and varied policy and regulatory frameworks imposed by different jurisdictions. These differences increase the regulatory compliance burden across the payment chain, slow down transaction times, and create uncertainties for stakeholders. In response, central banks are taking proactive steps to address these issues through Project Mandala, a proof-of-concept initiative led by the BIS Innovation Hub.

Source: Global Relay

Global Relay, the leading provider of communications compliance solutions for regulated industries, announces its integration between OpenAI’s ChatGPT Enterprise Compliance API and Global Relay’s financial compliance platform.