The Netherlands Authority for the Financial Markets has warned that artificial intelligence is being adopted rapidly across the Dutch asset management sector, but many firms are still falling short on governance, policy, and internal controls.
There has long been an unspoken tension at the heart of anti-money laundering compliance. Banks file more reports, build more controls, document more processes, and yet the question lingers. Is any of it actually stopping bad actors? The Financial Crimes Enforcement Network (FinCEN) took a direct swing at that question, proposing a rule that would fundamentally reshape how financial institutions are expected to approach AML and counter-terrorist financing programs under the Bank Secrecy Act.
Meta has paused its work with data vendor Mercor after a security breach that may have exposed sensitive elements of how leading AI models are trained. The decision, first reported by WIRED, is open-ended. For now, the work simply stops.
Italy’s competition authority has handed Revolut more than €11 million in fines, concluding that the fintech group misled customers about its investment offering and used heavy-handed practices when restricting access to bank accounts.
New Zealand’s Co-operative Bank has been fined approximately $1.5 million (NZD $2.482 million) after the High Court found it charged customers unreasonable fees across a range of lending products over several years.
Australia’s financial intelligence agency, AUSTRAC, has ordered payment platform MHITS to appoint an external auditor to review its anti-money laundering and counter-terrorism financing (AML/CTF) controls, in a move that shows growing unease with how parts of the payments sector are managing financial crime risk.
Japan’s Financial Services Agency has published a research report examining how financial institutions can strengthen the management of third-party cybersecurity risks, commissioning Deloitte Tohmatsu Cyber to conduct the study.