After an Office of the Comptroller of the Currency report found the nine largest national banks maintained debanking policies, the Consumer Financial Protection Bureau is taking action against them in one of its few moves under the current Trump administration.
CW Staff
Posted inRegulatory Enforcement
Priceline’s online ads reportedly subject to an up to $500M fine from the FTC
The FTC is taking action against Bookings Holding, Priceline’s owner, over misleading third-party online hotel ads. The fine could be $500 million, Reuters reported on Wednesday.
Posted inAML
Vietnam’s AML rules require banks to trace owners beyond its borders
Vietnam has introduced temporary measures to strengthen its anti-money laundering framework. It requires financial institutions to collect and clarify how they identify beneficial owners.
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ECI Compliance Week Monthly Membership Spotlight: Effective AI Governance
AI has produced no shortage of demos, claims, and new terminology. But after the initial wave of experimentation, TPRM teams need a more useful conversation: What is actually working?
Posted inAsia
China’s draft Anti-Cross-Border Corruption Law adds compliance burden on foreign companies
China’s draft Anti-Cross-Border Corruption Law seeks to prevent and punish cross-border corruption, cracking down on corruption conducted across borders, both domestic companies bribing foreign officials and foreign companies bribing officials in China.
Posted inBest Practices
How modern investigations actually solve data leaks: Attribution, whistleblowing, and the limits of AI
When confidential information appears in the media, reaches a competitor, or surfaces anonymously online, many organizations assume the source will never be identified. Yet while today’s workplace is more complex than ever, it is also more heavily documented.
Posted inBanking
CFTC proposes reviving 2012 exemption for pool operators, advisors
The CFTC has proposed a rule that would codify informal registration exemptions that commodity pool operators and commodity trading advisors have been enjoying by virtue of a no-action letter issued in December.
Posted inCompliance Week
Learning from loss: Compliance lessons from the July Fourth flood
From the outside, compliance is often seen as laws, policies, prohibitions, and mandates—what has to be done or mustn’t be done. But every rule, policy, procedure, and decision has a human impact.
Posted inBest Practices
Preparing for prediction markets regulations is a safe bet
Prediction market contracts initially gained popularity as a way for people to engage in sports betting, but have evolved to mimic financial derivative products with little institutional oversight.
Posted inBest Practices
Why compliance, not technology, will decide the future of digital sovereign finance
A citizen in the Marshall Islands receives universal basic income directly to a mobile wallet via USDM1, a sovereign digital bond backed by U.S. Treasury bills. The pilot shows that digital public finance’s success hinges less on technology than on compliance.