The European Central Bank (ECB) is cautioning banks about the need to enhance their management of outsourcing risks, particularly concerning the processing of personal data.

JPMorgan Chase & Co. anticipates shelling out more than $350 million to resolve allegations from regulators concerning its failure to input trading information into market-surveillance systems. The largest bank in the United States disclosed this on Friday in its annual filing, stating that it is nearing agreements with two US regulatory bodies and is in advanced discussions with a third.

The United States has placed sanctions on multiple companies and individuals involved in smuggling technology to the Central Bank of Iran (CBI), which has been designated by the US for its role in providing financial support to the Islamic Revolutionary Guard Corps-Qods Force and Hizballah.

Source: iDenfy

iDenfy, a Lithuania-based RegTech company best known for its identity verification solutions, has announced a new partnership with BlueMonks, a Dutch anti-financial crime boutique specializing in end-to-end compliance solutions.

Bank of America is alerting its customers about a data breach that occurred due to a security lapse at Infosys McCamish Systems, a company that provides services for deferred compensation plans at the bank.

In 2023, Americans Fell Victim to $10 Billion in Fraud, with Investment Schemes Leading the Losses. Federal Trade Commission data reveals that fraud costs Americans over $10 billion in 2023, with investment scams responsible for nearly half of these losses.

According to a survey conducted by NTT Data, Generative AI is playing a crucial role in driving the transition of banking applications to the cloud, as reported by nearly two-thirds of industry professionals.