June 18, 2024
Businesses Confront AI Hallucination and Reliability Issues for LLMs 

In the new world of artificial intelligence (AI)-powered automation, businesses face a vexing problem: AI systems that confidently generate plausible but inaccurate information, a phenomenon known as “hallucinations.” As companies...

June 18, 2024
Swiss Regulator Says HSBC Violated Money Laundering Regulations

Swiss financial market supervisory authority FINMA has ruled that HSBC Private Bank (Suisse) SA violated money laundering regulations. This ruling followed enforcement proceedings opened by FINMA in December 2021 and...

June 17, 2024
Evolve Was Served a Cease-and-Desist Order — Now What?

The Federal Reserve Board issued a “cease and desist” order against Evolve Bancorp and its subsidiary, Evolve Bank & Trust, that may have a chilling effect on bank-FinTech partnerships. In addition...

June 13, 2024
AI Innovations Transform B2B Risk Management, Compliance Into Growth Engines

As the business landscape grows more digitally connected, real-time compliance is growing more important. Citi announced Wednesday (June 12) that Emirates NBD became the first bank to use its 24/7...

June 05, 2024
Analysts Say Fines Could Rise as TD Bank Faces Additional...

Toronto-Dominion Bank (TD Bank) reportedly could be facing fines of up to $4 billion in relation to money-laundering probes in the United States. This estimate by analysts at Jefferies Financial Group is...

June 05, 2024
UK Neobank Starling Will Not Reapply for EU Banking License

United Kingdom neobank Starling reportedly does not plan to reapply for a European Union banking license. Instead, the company will try to expand internationally via its software business, incoming CEO...

June 04, 2024
Capturing Crypto’s Product-Market Fit Within Cross-Border Payments

In a landscape defined by unprecedented digitization and global connectivity, cross-border payments remain a paradox. That’s because, despite the size of the total addressable market — which is projected to...

June 04, 2024
Monzo: UK Bank Watchdog Ends Money Laundering Probe

The U.K.’s financial watchdog has apparently dropped a probe into Monzo’s anti-money laundering system. That’s according to an item buried deep in the neobank’s annual report issued Monday (June 3), which notes that the Financial...

June 04, 2024
Bribery Probe Adds to TD Bank’s Legal Headaches

Toronto-Dominion (TD) Bank’s legal problems are growing with reported bribery allegations against a Florida banker. That ex-employee, Gerry Aquino Vargas, is accused of taking multiple $200 bribes to help customers...