Block Inc. has been fined by the New York Department of Financial Services (NYDFS) for significant shortcomings in its anti-money laundering (AML) and compliance practices, particularly within its Cash App platform.

In a sharp pivot from the previous administration’s approach, Deputy Attorney General Todd Blanche has announced the immediate disbandment of the Justice Department’s digital assets enforcement team.

The Office of the Comptroller of the Currency (OCC) has alerted Congress to a "major incident" involving a cyberattack that compromised sensitive internal communications.

Source: Temenos

Temenos (SIX: TEMN), a global leader in banking technology, today shared insights from a worldwide survey conducted by Hanover Research, which gathered perspectives from 420 business and technology leaders in financial services on the transformative impact of Generative AI (GenAI) in banking.

North Korean IT workers are intensifying their fraudulent employment schemes, extending their reach beyond the United States to target organizations worldwide, with a particular focus on Europe. According to Google’s Threat Intelligence Group (GTIG), these workers are not only seeking jobs under false pretenses but are also escalating their tactics by extorting money from companies that discover and terminate them.

Source: FS-ISAC

To help financial firms prevent fraud attempts on their companies and customers, FS-ISAC, the member-driven, not-for-profit organisation that advances cybersecurity and resilience in the global financial system, has published Leveling Up: A Cyber Fraud Prevention Framework for Financial Services.

A new report from Nasdaq Verafin, Financial Crime Insights: Europe, highlights the staggering scale of financial crime across the continent. Drawing from the 2024 Global Financial Crime Report and industry surveys, the study reveals that an estimated $750 billion in illicit funds flowed through Europe’s financial system—2.3% of the region’s GDP.