News

Risks and concerns with Generative AI: what financial institutions need to consider

Jennifer Clarke, head of content at electronic communications service provider Global Relay, discusses the new risks and challenges facing financial institutions’ use of generative AI.

11 April 2023

UK industry body calls for retaining SME support in Basel III implementation

The UK’s largest banking association has critiqued the Prudential Regulation Authority’s plans to remove support for small to medium-sized enterprises as part of its “super equivalent” plans for Basel III implementation.

06 April 2023

UK targets greenwashing with proposed ESG ratings rules

The UK government has unveiled its green finance strategy, proposing a regulatory regime for ESG rating providers following market concerns over “opaque” ratings methodologies.

06 April 2023

JPMorgan’s Dimon says regulators to blame over SVB-Signature crisis

Last month’s collapses of SVB and Signature Bank have prompted a broadside from JPMorgan Chase CEO Jamie Dimon against the current state of “enormous, mind-numbingly complex” regulation in the United States, which he said had aggravated the crisis.

05 April 2023

Wells Fargo fined for “egregious” sanctions oversight failings

Wells Fargo has been fined US$97.8 million to settle eight-year-old allegations of inadequate oversight of sanctions compliance risk at one of its subsidiaries.

05 April 2023

First full SMCR review promises only “tweaks”, not overhauls, practitioners say

Experts have said UK’s first full review of the Senior Managers and Certification Regime is “bland” and that the UK government is merely “looking for a pat on the back” for its efforts.

04 April 2023

BIS Innovation Summit: Recent turmoil doesn’t shake the path for digital assets, experts say

A senior Dutch regulator has cautioned his peers not to “get distracted” by illusions of crypto uniqueness, at a Bank for International Settlements innovation summit which also heard doubts raised about the still-yet unresolved legal categorisation of central bank digital currencies.

04 April 2023

Biden calls for rollback of Trump-era capital and liquidity requirements

The Biden administration has asked federal regulators to reverse what it calls the “weakening” of large regional bank supervision by their Trump-era predecessors, blaming the previous administration’s deregulatory agenda for last month’s bank collapses.

03 April 2023

EBA adapts AML supervision guidelines to crypto firms

The EU’s banking regulator in Europe has released plans to adapt its anti-money laundering oversight to include crypto service providers, as the single market moves to put them under the same AML rules as financial institutions.

03 April 2023

Arnold & Porter hires New York Fed deputy GC

Arnold & Porter has hired the New York Federal Reserve’s deputy general counsel James Bergin as a partner in its New York office.

31 March 2023