- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Joe Mont2019-03-25T21:46:00
Despite failures, plummeting prices, and a plethora of risks, financial institutions and central banks are cautiously looking at ways to use virtual currencies. International regulators are warning them that doing so haphazardly could be disastrous.
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Taking into account the Trump administration’s trade concerns involving cryptocurrencies, the Treasury Department has announced it will roll out new regulations later this year.
A federal court has ruled that the Commodity Futures Trading Commission has the power to prosecute fraud involving virtual currency.
FINRA wants the brokerage firms and exchanges it oversees to alert it if they engage in activities related to digital assets and cryptocurrencies.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
