TRUST: A solution to crypto’s Travel Rule dilemma
Jennifer Lee, head of compliance at Anchorage Digital, highlights the launch of the Travel Rule Universal Solution Technology as “the clearest sign yet that digital asset players, as an industry, not as individual companies, truly care about compliance.”
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ArticleBiden executive order seeks to study crypto, evaluate Fed-backed digital currency
President Joe Biden has ordered federal regulators to study the risks and potential benefits of digital assets and their underlying technology while encouraging the Federal Reserve to continue evaluating the creation of a federally backed digital currency.
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ArticleFinCEN report: Ransomware SARs surge past 2020 totals
A Financial Crimes Enforcement Network report on financial trends in Bank Secrecy Act data found a greater number of SARs related to ransomware filed between January and June 2021 than during all of 2020.
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FinCEN adds first chief digital currency advisor
The Financial Crimes Enforcement Network named Michele Korver its first-ever chief digital currency advisor.
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ArticleRapid regulatory change requires investment in compliance processes in financial services firms
Geopolitical instability and a general focus on increasing growth and productivity by governments worldwide are causing a slew of regulatory changes in the financial services sector. But most firms are failing to identify potential compliance changes early enough to make meaningful decisions.
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ArticleCompliance should protect firms from AI-washing investigations and insurance claims
Insurance firms are warning that AI-washing could trigger a slew of cases against directors, and are adjusting their directors’ and officers’ liability premiums accordingly. With regulators cracking down on AI-washing, compliance could be a crucial line of defense and save companies on their insurance costs.
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News BriefAI hallucinations in Deloitte Australia report highlight important role for compliance
“Hallucinatory” citations and errors in an AI-assisted report produced by Deloitte for the Australian government should be a wake-up call for compliance officers about the risks of placing too much trust in AI.