The Bank for International Settlements (BIS) has issued a stark warning to central banks worldwide: adapt your AI governance frameworks now or risk being left behind. In a landmark report released on June 25, 2024, the BIS emphasizes that traditional governance models are inadequate for the AI-driven future of finance.
The Federal Reserve Bank of Chicago has entered into a Written Agreement with Pedcor Financial, LLC, Pedcor Financial Bancorp, and Fidelity Federal Bancorp. This action comes in response to concerns about the financial soundness and risk management practices of these entities, which control United Fidelity Bank, FSB in Evansville, Indiana.
On June 25, 2024, the California Privacy Protection Agency (CPPA) and France's Commission Nationale de l'Informatique et des Libertés (CNIL) signed a landmark declaration of cooperation in Paris. This agreement aims to strengthen efforts in safeguarding personal information and advancing privacy rights across borders.
The Securities and Exchange Surveillance Commission (SESC) has recommended that administrative disciplinary action be taken against MUFG Bank, Ltd. (MUBK), Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (MUMSS), and Morgan Stanley MUFG Securities Co., Ltd. (MSMS). This decision follows a comprehensive inspection revealing serious violations under the Financial Instruments and Exchange Act (FIEA).
Synnovis, a pathology laboratory handling blood tests for multiple NHS organizations in South East London, has fallen victim to a cyber attack, triggering concerns over potential data exposure affecting NHS patients.
Sikorsky Support Services Inc. (SSSI) and Derco Aerospace Inc., subsidiaries of United Technologies Corporation at the time of the alleged misconduct, have reached a $70 million settlement with the United States Department of Justice over False Claims Act violations. The settlement resolves accusations that the companies overcharged the U.S. Navy for spare parts and materials essential for naval aircraft maintenance.
Australia's financial sector is poised for a transformative journey as it embraces the Sustainable Finance Roadmap, a pivotal strategy unveiled by Treasurer Hon Jim Chalmers MP. This roadmap not only charts a course towards a sustainable economy but also mandates stringent compliance measures and integrates Environmental, Social, and Governance (ESG) considerations into financial practices.