- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-10-04T20:05:00
A new report by the Financial Stability Oversight Council (FSOC) identified three regulatory gaps in the current oversight of cryptocurrency, stablecoins, and other digital assets and recommended steps Congress and federal regulators should take to close them.
FSOC’s Report on Digital Asset Financial Stability Risks and Regulation, released Monday, was developed in response to President Joe Biden’s Executive Order 14067, “Ensuring Responsible Development of Digital Assets.”
The FSOC report concluded crypto-asset activities “could pose risks to the stability of the U.S. financial system” if they are not “paired with appropriate regulation.”
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
A new analytic framework approved by the Financial Stability Oversight Council seeks to provide further clarity into how the U.S. financial system is monitored for potential financial stability risks.
The Treasury Department issued a report regarding the benefits and challenges associated with the use of cloud service providers by financial sector firms, finding shortcomings related to transparency, staff support, and cybersecurity incident response.
The Treasury Department is seeking public input on how to address illicit finance and national security risks posed by digital assets, part of a multipronged push by the Biden administration to hold bad actors accountable and identify potential enforcement and regulatory gaps.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
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.
