Risk Management

U.S. Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell summoned Wall Street executives this week to warn that a new artificial intelligence model from Anthropic could mark the start of a more dangerous phase in cybersecurity.

UBS AG has won dismissal of money-laundering charges inherited from Credit Suisse over the long-running Mozambique tuna-bond scandal after a Swiss court found criminal liability could not be transferred after the bank’s 2023 takeover of its former rival.

The Trump administration has acknowledged a major error in figures it used to support a fraud investigation into New York’s Medicaid program, conceding that a key claim by the Centers for Medicare & Medicaid Services significantly overstated the number of recipients of personal-care services in the state.

Hong Kong has granted its first licenses for fiat-backed stablecoins to HSBC and a Standard Chartered-led joint venture, marking a significant step in the city’s effort to build a regulated market for virtual currencies used in finance and trade.

Facebook has become the dominant online platform for illegal wildlife trade, accounting for nearly 75 percent of the trafficking advertisements detected across 61 websites and apps over almost two years, according to a new report by the Global Initiative Against Transnational Organized Crime. 

A donor to Nigel Farage’s Reform UK is the registered manager and shareholder of a Dubai-based company that previously had business ties to an Iranian conglomerate later placed under U.S. sanctions.

UBS AG said it will not hand over privileged documents sought in an investigation into Credit Suisse’s handling of Nazi-linked accounts after a U.S. judge declined to give the bank assurances that doing so would not expose it to new legal claims.

Iran is seeking to collect transit tolls from oil tankers passing through the Strait of Hormuz in cryptocurrency, a move that could deepen the role of digital assets in the country’s sanctions-hit economy.

Companies importing goods from China are increasingly using accounting maneuvers, middlemen, and in some cases apparent fraud to reduce the value of shipments entering the United States and cut the tariffs they owe.

UK and U.S. officials are warning of rising cyber risks driven by Russia- and Iran-linked hacker groups, according to new reports by the Financial Times and Bloomberg.