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Latest Results from /regulation

/regulation

New York AG sues Citi over lax security and failure to reimburse fraud victims

New York's Attorney General is suing Citibank for failing to protect customers from fraud and scams.

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HSBC fined £57.4 million for "serious failings" in depositor protection

HSBC has been hit with a £57.4 million fine by the Prudential Regulatory Authority for failing to accurately log accounts eligible for compensation under the Financial Services Compensation Scheme.

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CFTC cautions against AI: 'be wary of the hype'

The Commodity Futures Trading Commission (CFTC) has issued a customer advisory warning to the public to keep an eye out for artificial intelligence (AI) scams.

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Artwork money laundering runs rife warns NCA in amber alert

The UK’s National Crime Agency (NCA) has issued an amber alert to prevent further money laundering in the art storage sector.

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BIS and Bank of England seek advisors for financial crime project

The London innovation hub of the Bank for International Settlements is inviting applications for an expert advisory group on a Bank of England-led project on financial crime fighting.

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CFPB takes on non-sufficient fund fees

America's Consumer Financial Protection Bureau (CFPB) has proposed a rule that would stop banks charging non-sufficient fund fees for transactions that are declined in real time.

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Scams to drive complaints to UK's Financial Ombudsman Service

The UK's Financial Ombudsman Service is expecting more than 181,000 consumer complaints in the next year, driven in part by an increase in financial fraud and scams.

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BaFin increases focus on IT outsourcing risks

Cybersecurity and the outsourcing of IT services are among the greatest risks to the financial sector, warns a new report from German regulator BaFin.

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Bank failure to manage climate risks poses threat of extinction

The European Central Bank has waned of the grave transition risks for banks that fail to prepare for a low carbon economy.

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Apple offers to open up NFC payments access to settle EU antitrust probe

Apple has moved to head off European Commission antitrust charges by offering third-party providers access to the NFC chip technology that enables iPhone users to make contactless payments.

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Wise accuses high street banks of hidden exchange rate fees

For GBP to EUR, Wise reports that HSBC has the highest fee for exchange rates (3.7%), followed by Lloyds at 3.6%, Barclays at 2.75%, and NatWest, TSB and Santander all at 2.5%.

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Davos 2024: AI most relevant for fintech development until 2029

Bryan Zhang, executive director and co-founder of the Cambridge Centre for Alternative Finance at The University of Cambridge Judge Business School presented research on the future of global fintech, conducted in conjunction with the World Economic Forum.