FinCEN Levies Sec. 311 Against Switzerland’s MBaer Bank
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Thursday proposed a Section 311 “special measure” that, if finalized, would cut MBaer Merchant Bank AG off from the American financial system.
Germany to Overhaul How It Fights Criminal Syndicates and Financial Crime
Germany will overhaul its core federal security agencies and deploy artificial intelligence as part of a crackdown on organized crime, related money laundering, and other financial crimes, Reuters reported Wednesday.
OCC Proposes First Stablecoin Rules Under the GENIUS Act
The OCC proposed a regulatory framework to implement the GENIUS Act, outlining requirements for stablecoin issuers and for certain stablecoin-related custody activities.
How Claude the Chatbot Helped Steal Data from Mexico’s Government
A hacker exploited Anthropic PBC’s Claude chatbot to help breach multiple Mexican government agencies and steal a large trove of sensitive data, including tax and voter information.
FATF Warns on Global Rise in Cyber-Enabled Fraud
Cyber-enabled fraud is rapidly expanding in scale and sophistication as criminals exploit digital platforms, instant payments, and virtual assets to move illicit proceeds across borders, an intergovernmental watchdog said on Tuesday.
Fed Plan Would Codify Removal of ‘Reputation Risk’ from Exams
The Federal Reserve on Monday proposed a new rule that would prohibit its examiners penalizing institutions over the “reputation risk” they face from customers—a policy shift that aligns with ongoing litigation brought by President Donald Trump against JPMorgan Chase.
UK Issues Raft of New Sanctions on Anniversary of Russo-Ukrainian War
The UK unveiled its biggest Russia sanctions package in years on Tuesday, targeting Moscow’s shadow fleet and the key networks and infrastructure that have helped keep crude exports flowing since the start of the Russo-Ukrainian war.
DOJ Files Offer New Details on Epstein’s Relationship with BNP Paribas
Jeffrey Epstein held a retail current account and a savings account at BNP Paribas from 2008 until mid-2018, according to documents released by the U.S. Justice Department and reported by Le Monde.
Austria Bars KuCoin from Taking on New Business Amid Compliance Staff Shortages
Austria’s financial regulator has ordered KuCoin’s European arm to stop taking on new business after the crypto exchange lost key compliance staff in the months following the firm getting a green light to operate under the EU’s Markets in Crypto-Assets (MiCA) regime.
ECB Questions Banks on their AI Risk Exposure
The European Central Bank has stepped up its scrutiny of how exposed euro-area lenders are to the fast-growing artificial intelligence industry, reflecting concerns that banks may be building credit risk in hard-to-track ways and that AI could reshape parts of the financial sector.