US court approves CFTC settlement against Binance and $2.7 billion penalty
Source: CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Northern District of Illinois has approved the previously announced settlement and entered a consent order of permanent injunction, civil monetary penalty, and equitable relief against Changpeng Zhao and his companies Binance Holdings Limited, Binance Holdings (IE) Limited, and Binance (Services) Holdings Limited (together, Binance).
US Bank hit with multi-million dollar fines over prepaid card program for the unemployed
Source: OCC
The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank, National Association, Cincinnati, Ohio, for violations of law relating to the bank’s administration of a prepaid card program to distribute public unemployment insurance benefit payments.
RBC fined $7.5 million over AML violations
Source: Fintrac
FINTRAC announced today that it has imposed an administrative monetary penalty on the Royal Bank of Canada (RBC).
Binance CEO Pleads Guilty and Pays $4.3 Billion to Settle US AML Charges
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.
EU Banks and Basel: Assessing Operational Resilience Challenges
Banks within the European Union are currently falling short of meeting the operational resilience and risk guidelines set forth by the Basel Committee in 2021.
MAS Unveils Comprehensive AI Framework for Finance
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.
Taiwan Takes First Steps in Crypto Regulation with Initial Bill Approval
In a move aimed at addressing offshore market concerns and bolstering regulation within the crypto asset industry, Taiwan's parliament has approved the first reading of a proposed cryptocurrency bill.
President Biden's Executive Order Sets the Stage for AI Regulation and Innovation
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.
