Fintech startups are typically free to enjoy rapid growth without the burden of strict regulatory oversight. But as scrutiny over the industry grows, so does the urgency for fintechs to get their compliance house in order.
Technology
Posted inEurope
Societe Generale CEO to assume oversight of risk and compliance
The CEO of Société Générale will assume direct supervision of the risk and compliance control functions at the French multinational investment bank following the completion of remediation programs in line with two U.S. deferred prosecution agreements.
Posted inEurope
Clearview AI facing $22.6M fine over U.K. privacy violations
The U.K. Information Commissioner’s Office has warned Clearview AI it could face a £17 million (U.S. $22.6 million) fine over its use of people’s data to power its facial recognition software.
Posted inEurope
GDPR ‘the start of a culture of data protection’
Belgian Data Protection Authority head David Stevens and Member of European Parliament Axel Voss discussed ways the General Data Protection Regulation could be improved for the future during a keynote at CW’s virtual Europe event.
Posted inRisk Management
SEC investor advocate: ‘Gamification’ exposes holes in Reg BI
SEC Investor Advocate Rick Fleming said online platforms designed to make stock trading more easily accessible and exciting “expose what may be a significant flaw in Reg BI” regarding unsolicited transactions.
Posted inRisk Management
KPIs and collaboration: How Vivint, Agilent handle data collection
Compliance leaders from Vivint and Agilent Technologies shared how they are successfully integrating data intelligence into their organization’s operations at a recent Diligent virtual summit.
Posted inRegulatory Enforcement
OCC raps MUFG Union Bank for risk management deficiencies
MUFG Union Bank, which has entered into agreement to be acquired by U.S. Bank, received a cease-and-desist order from the OCC for “unsafe or unsound practices regarding technology and operational risk management.”
Posted inRisk Management
With approach to Coinbase, SEC shows its hand on cryptocurrency
By reacting to Coinbase’s now-scrapped Lend program proposal with a Wells Notice, the SEC sent a message that cryptocurrency companies should not expect the agency to bend to their will.
Posted inRisk Management
SEC to market: Tell us about risks, rewards of digital engagement practices
The SEC launched its first foray against risks posed by stock trading platforms like Robinhood with a request for information about how digital engagement practices affect the investment strategies of retail investors.
Posted inEurope
Weathering the storm: Why FinTech compliance failures persist
Experts weigh in with their thoughts on why FinTechs and cryptocurrency firms continue to have a bad reputation in terms of compliance.
