Block Hit with $80 Million Fine and Consumer Redress Orders
In a major enforcement action, 48 state financial regulators have fined Block $80 million for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Block, the parent company of Cash App, agreed to pay the penalty, hire an independent consultant to evaluate its BSA/AML program, and address any deficiencies identified within 12 months. The investigation revealed compliance lapses that could enable illegal activities, including money laundering and terrorism financing.
New ICT Risk Framework: DORA Takes Effect
Today marks the official enforcement of the Digital Operational Resilience Act (DORA), introducing a standardized framework to strengthen Information and Communication Technology (ICT) risk management across financial services.
Robinhood to Pay $45 Million to Settle SEC Regulatory Violations
Robinhood has agreed to pay $45 million to resolve multiple charges brought by the U.S. Securities and Exchange Commission (SEC) involving its brokerage operations.
EBA Issues Final Guidelines on ESG Risk Management
The European Banking Authority (EBA) has released comprehensive guidelines to help financial institutions manage Environmental, Social, and Governance (ESG) risks.
CFPB Approves FDX as First Standard Setter for Open Banking
The Consumer Financial Protection Bureau (CFPB) has approved Financial Data Exchange (FDX) as the first official standard-setting body under its new open banking framework.
DoJ Finalizes Rule to Restrict Personal Data Transfers to Countries of Concern
The U.S. Department of Justice (DoJ) has implemented a final rule enforcing Executive Order 14117, aimed at curbing the mass transfer of Americans’ personal data to countries of concern, including China, Cuba, Iran, North Korea, Russia, and Venezuela.
FCA Advances Plans for a Regulated Crypto Market
The UK's Financial Conduct Authority (FCA) has outlined its latest steps to enhance the integrity of the country’s crypto market through a new Discussion Paper focusing on admissions, disclosures, and market abuse prevention.
Klarna Fined $50 Million for AML Compliance Failures
Sweden's Financial Supervisory Authority (FI) has imposed a $50 million fine on Klarna for deficiencies in its anti-money laundering (AML) compliance.
