Unknown Threat? Despite being aware of the issue, businesses continue to ignore real-world threats

Due to enduring political, social, and economic challenges, such as Supreme Court rulings on gun crime, diversification, equity, and inclusion, the war in Ukraine, return-to-office (RTO) orders, and the ongoing Covid-19 crisis, U.S. firms are now confronting a greater number of dangers. Physical security, cybersecurity, IT, human resources, and legal and compliance executives believe inContinue reading “Unknown Threat? Despite being aware of the issue, businesses continue to ignore real-world threats”

How the SEC Hampered Efforts by Bank Authorities to Oversee Cryptocurrency Custody

Banks have been waiting for their regulators’ anticipated instructions on how to retain electronic assets on behalf of their clients for months, but the discussion has suddenly become much trickier. Many SEC registrants that hold cryptocurrency assets for their clients are required to report that risk as a liability on their financial statements according toContinue reading “How the SEC Hampered Efforts by Bank Authorities to Oversee Cryptocurrency Custody”

Recent SEC Charges Indicate CCOs Are the Target

The SEC’s prosecution of chief compliance officers is still a contentious and sensitive issue. Questions about the function of CCOs and the criteria the SEC employs in disciplining them may become even more complicated considering a recent announcement of an imposed settlement with a financial advisory firm and its CCO. Two partners at Eversheds SutherlandContinue reading “Recent SEC Charges Indicate CCOs Are the Target”

Payment Messaging Improvement Provides Advantages

Banks and their clients will profit greatly from the migration to the ISO 20022 message standard and its fuller, greater data structures to allow high-value payments. However, getting there will be difficult for banks this year and in the years to come. The biggest American banks with a wide geographic presence have been planning toContinue reading “Payment Messaging Improvement Provides Advantages”

Experts Debate the Following Steps for Security, Privacy, and Trust

Principal analyst, Enzo Iannopollo, at Forrester said that the “relationship between privacy, trust, and security is quite interrelated.” According to studies, people believe that building confidence in businesses is most dependent on the safety of their personal information. But “companies still have work to do in this area,” said Iannopollo. Data published by Iannopollo saysContinue reading “Experts Debate the Following Steps for Security, Privacy, and Trust”

Will the Worries of Regulators Put a Stop to Lenders’ Use of AI?

There are two ways to interpret this. Banks and fintechs might determine that the hazard of deploying more sophisticated decision-making models is not warranted regulatory attention. Alternately, they can view the cautionary statements as proof that authorities are establishing specific guidelines for what is acceptable and what is not because they recognize that the utilizationContinue reading “Will the Worries of Regulators Put a Stop to Lenders’ Use of AI?”

Bank Regulators Say That While AI Is New, It Is Not Immune to Old Rules

Senior bank regulators stated that financial institutions’ utilization of artificial intelligence ought to have risk controls in place to manage potential disadvantages, suggesting that old regulations may be imposed on the new technology. Officials from the Federal Reserve Board of Governors and Office of the Comptroller of the Currency cautioned that besides machine learning guidanceContinue reading “Bank Regulators Say That While AI Is New, It Is Not Immune to Old Rules”

Officials From the Federal Government & The City of New York Are Seeking Public Input on Cryptocurrency Regulation

The private sector’s engagement in the digital assets industry is critical, according to government aides from the US Treasury Department, Commerce Department, and New York State Department of Financial Services, not only for technological innovation but also to guarantee it is not used for illicit reasons. Officials from the reporting three agencies spoke at aContinue reading “Officials From the Federal Government & The City of New York Are Seeking Public Input on Cryptocurrency Regulation”