Bessent and Powell Warn Banks on New AI Tool’s ‘Zero-Day’ Risks
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.
Fed Gov Warns on Stablecoins’ AML Risks as Agencies Draft Rules
Federal Reserve Governor Michael Barr warned on Tuesday that stablecoins pose risks related to money laundering, financial stability, and reserve quality, as U.S. banking agencies work on regulations to implement new federal rules for the sector.
Scott Bessent Wants to Model the Fed After the Bank of England
U.S. Treasury Secretary Scott Bessent has discussed ways to tighten the Treasury’s oversight of the Federal Reserve by borrowing elements from the Bank of England model, in a move that could significantly reshape the central bank’s relationship with the government.
U.S. Regulators Propose Easing Capital Rules for Lenders
U.S. regulators on Thursday proposed easing bank capital rules, a move that would allow the country’s largest lenders to hold billions of dollars less in capital and mark a major win for the sector.
ING to Cut AML Compliance Jobs in AI Push
ING plans to cut about 1,250 jobs worldwide this year under a cost-saving program that will rely more heavily on artificial intelligence, with many of the reductions expected in anti-money-laundering operations.
Cash Is No Longer King of U.S.-Mexico Remittances
Digital money transfers have overtaken cash for the first time in the U.S.-to-Mexico remittance corridor, marking a shift in the world’s largest flow of cross-border family payments and intensifying pressure on traditional cash-based providers.
West Africa’s Growing Role in the Global Cocaine Supply Chain
West Africa has become a major and expanding logistics, warehousing, and redistribution hub in the global cocaine trade, with the market in the region larger than ever and increasingly damaging to public health, governance, and security.
Ex-Banco Master Chief Bribed Regulators, Accessed FBI Data: Report
Banco Master SA’s former chief executive Daniel Vorcaro was returned to custody for a second time in roughly three months as a widening probe into the collapsed lender added allegations of threats, intimidation, and illegal access to sensitive law-enforcement data.
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.
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.