The Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds will provide investors with the same access to bitcoin, bought for cash on the spot market, as they currently have to other investments—for better or worse.
Risk Management
Posted inAccounting & Auditing
Mixed reactions to new U.K. pensions code of practice
Lawyers and accountants in the United Kingdom have welcomed the publication of The Pensions Regulator’s new pensions code of practice but warned it might not improve the management of those that are not already well run.
Posted inRegulatory Enforcement
OFAC official urges company transparency on ransomware events
Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign Assets Control has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.
Posted inRisk Management
VF discloses data breach impacted 35.5M customers
Apparel company VF Corp., the owner of brands including The North Face, Vans, and Timberland, disclosed its estimation approximately 35.5 million customers had their personal data stolen as part of a cybersecurity incident it uncovered in December.
Posted inRegulatory Enforcement
Robinhood Financial to pay $7.5M in Mass. settlement
Online stock trading platform and broker-dealer Robinhood Financial agreed to pay a $7.5 million fine as part of a settlement with the Commonwealth of Massachusetts addressing claims related to “gamification” of its platform and cybersecurity issues that lent to a 2021 data breach.
Posted inEurope
EU nearing tighter AML rules for crypto, luxury traders
The European Union moved closer to finalizing rules that would expand current anti-money laundering and customer due diligence obligations to new sectors, in addition to granting greater powers to national financial intelligence units.
Posted inAccounting & Auditing
U.K. push for more listings to lower bar on governance?
Moves by the U.K.’s financial regulatory body to encourage companies to list in London might fail to deliver or send mixed messages about the value placed on corporate governance, according to experts.
Posted inRisk Management
Study: AML pros say tech, not hiring, will keep them ahead of financial crime
A survey of financial crime professionals found that while three of every four companies added more anti-money laundering employees in 2023, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.
Posted inEthics & Culture
NYDFS proposes AI use guidance for insurers
The New York State Department of Financial Services issued for public comment guidance for insurers operating in the state regarding their use of artificial intelligence systems and other predictive technologies.
Posted inRegulatory Enforcement
Genesis Global Trading fined $8M by NYDFS over AML, cyber lapses
Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.
