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.
Source: Temenos
North American banks consider technology to be the biggest trend impacting their industry – and are focusing their investment strategy accordingly, finds an Economist Impact study, commissioned by Temenos, which surveyed bank executives in North America.
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.
Source: Wolters Kluwer
Wolters Kluwer Corporate Performance and ESG (CP & ESG) continues to integrate and extend its portfolio of financial and ESG solutions, this time by integrating ESG reporting and disclosure functionality from CCH Tagetik into its Enablon ESG Excellence solution.
On Thursday, the US division of Industrial and Commercial Bank of China (ICBC) fell victim to a ransomware assault, compelling clients to redirect certain trades. ICBC Financial Services, the US arm of the globe's largest lender, acknowledged the incident on its website, stating it had encountered a ransomware attack causing disruption to specific FS systems.
The Consumer Financial Protection Bureau (CFPB) is aiming to extend regulatory oversight to tech giants like Apple and Google, which provide digital payment apps and wallets.
Financial regulatory authorities from the United Kingdom, Singapore, Switzerland, and Japan have initiated a collaborative effort to explore potential applications of fund and asset tokenization as well as decentralized finance (DeFi).
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.
