Governance
Trump Initiates National Crypto Stockpile, Halts Digital Dollar Development
President Donald Trump has issued an executive order establishing a working group on digital assets to craft a federal regulatory framework for cryptocurrencies and explore the creation of a national digital asset stockpile.
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.
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.
Assessing the Impact of Financial Data Access Regulation
As the European Council moves forward with the Financial Data Access (FIDA) legislation, which seeks to enhance open finance by enabling financial institutions to share customer data, industry stakeholders are urging caution.
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.
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.
Mastercard Settles Landmark UK Consumer Lawsuit
Mastercard has reached a settlement in a groundbreaking lawsuit initiated by consumer advocate Walter Merricks on behalf of approximately 46 million UK adults.
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.
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.
EU Financial Data Access Regulation Sparks Calls for Caution
As Europe advances toward enhanced open finance with the proposed Financial Data Access (FIDA) legislation, concerns are mounting among financial industry stakeholders.
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.
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.
Regnology acquires Vermeg's RegTech division
Regnology, a leading software provider with a focus on regulatory reporting solutions, announced today the acquisition of VERMEG‘s regulatory reporting division – AGILE – which was previously part of the Lombard Risk portfolio.