AI is reshaping Sweden’s financial industry at a breakneck pace. From streamlining operations to analyzing mountains of data, generative AI tools like ChatGPT, Copilot, and Gemini are becoming indispensable for firms looking to gain an edge. But while the technology is rapidly becoming a fixture, the frameworks to manage the risks it brings are lagging dangerously behind.
Becton, Dickinson and Company (BD), a New Jersey-based medical device manufacturer, has agreed to pay a $175 million civil penalty to the Securities and Exchange Commission (SEC). The settlement resolves allegations that BD misled investors about significant risks associated with its Alaris infusion pump, a product that once contributed about 10% of the company’s profits.
The European Securities and Markets Authority (ESMA) is making moves to fine-tune equity market transparency rules under MiFID II. On December 16, ESMA released its Final Report, laying out targeted changes that aim to simplify pre- and post-trade reporting, reduce redundant obligations, and make equity data more useful and accessible.
The Office of the Comptroller of the Currency (OCC) has issued its Semiannual Risk Perspective for Fall 2024, painting a mixed picture of the federal banking system. While banks remain fundamentally sound, the OCC is waving red flags on growing risks—from stubborn commercial real estate stress to cyber threats and increasingly sophisticated fraud schemes. In short, this isn’t the time for banks to get comfortable.
The European Banking Authority (EBA) has unveiled the results of its fourth and final round of reviews, examining how competent authorities across 30 EU/EEA member states are tackling the ever-present risks of money laundering and terrorist financing (ML/TF) in the banking sector. With this report, the EBA has completed its comprehensive assessment of the authorities responsible for AML/CFT supervision, offering a detailed snapshot of the progress made—and the work that remains.
Turkey has just handed Google a significant blow in the form of a 2.6 billion Turkish Lira fine—roughly $75 million—marking yet another chapter in the ongoing global scrutiny of Google’s dominance in the ad tech industry. The decision from Turkey's Competition Authority (TCA) underscores mounting regulatory pressure on the tech giant’s practices in the online advertising space.
In a world where banks depend on third-party vendors for critical services, a new report from SecurityScorecard paints a concerning picture of the vulnerabilities lurking in the financial sector. According to the findings, a staggering 97% of the top 100 U.S. banks were impacted by third-party data breaches over the past year, revealing just how interconnected—and fragile—the banking supply chain has become.