Reported by Bill Lumley Image: Getty Images Banks are meeting their anti-fraud responsibilities by investing heavily in techniques to keep up with the fast-evolving practices of online fraudsters, but they are finding it hard to keep up with the rapidly evolving challenge. This was a key finding of the authors of the 2023 Global Banking […]
Reported by LEO SCHWARTZ On Friday, Gurbir Grewal, the SEC’s director of enforcement, pushed back against criticism from industry participants that his agency is engaging in “regulation by enforcement,” arguing that crypto represents a “perfect storm of investor risk” that needs to be addressed through existing securities law. null At an event in Midtown Manhattan hosted […]
Reported by Andrew Welsch This week, the SEC said it is weighing whether to introduce new rules governing how wealth management firms use artificial intelligence when engaging with clients. The regulatory agency is scrutinizing potential conflicts of interest in the use of AI, machine learning, and similar technologies. The SEC disclosed this alongside other regulatory […]
Reported by Susan Tompor A Swiftie you know and love could be scammed soon as we edge closer to Taylor Swift’s sparkle-packed, back-to-back shows at Ford Field in Detroit. It’s a story that fans in other cities, such as Atlanta and Nashville, can remember all too well. Swift’s Eras Tour kicked off in Glendale, Arizona, in March, hits Detroit […]
Reported by Sabrina Willmer and Patricia Hurtado Summary version of report featured below Recent rulings by the US Supreme Court and a lower appellate panel have made it more difficult to bring charges related to certain types of white-collar fraud cases. These decisions have narrowed the use of federal fraud statutes, limiting the ability to […]
Reported by Peter D. Hardy The Corporate Transparency Act (“CTA”) takes effect on January 1, 2024. On that date, the Financial Crimes Enforcement Network (“FinCEN”) needs to have implemented a working data base to accept millions of reports of beneficial ownership information (“BOI”) by newly-formed companies required to report BOI under the CTA, as well […]
Reported by Ryan Browne and MacKenzie Sigalos Major banks and fintech companies claim to be piling into generative artificial intelligence as the hype surrounding the buzzy technology shows no signs of fizzling out — but there are lingering fears about potential pitfalls and risks. At the Money 20/20 fintech conference in Amsterdam, Netherlands, executives at […]
Reported by Rachel Shin Bitcoin is an ineffective cult that not even “bad guys” want to join anymore, said the author of The Black Swan, a bestselling book on the extreme impact of outlier events. Cryptocurrency falls short on its claim to streamline payments, and doesn’t even facilitate illegal transactions well, Nassim Taleb told Bloomberg on Thursday. “It’s not […]
Reported by Buck Wargo New proposed regulations by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury might put more pressure on U.S. commercial real estate professionals, including fund managers, to address money laundering in the industry. Starting in December 2021, FinCEN solicited input from industry professionals on how best to address the […]
Reported by Jacqueline Chervak, Edward Imperatore, and Brian Kidd On May 24, 2023, Edward A. Imperatore, a partner in Morrison Foerster’s Investigations + White-Collar Defense group and former Assistant U.S. Attorney for the Southern District of New York, moderated a panel, entitled “Market Abuse and Trading Related Prosecutions – Recent Developments and What Comes Next,” […]
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