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Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. Former federal prosecutor Neama Rahmani agrees, adding that Zhao's personal wealth won't be affected by his sentence. That's a different siutation from Sam Bankman-Fried, the controversial ex-CEO and founder of crypto exchange FTX. Bankman-Fried received a 25-year prison term for crimes connected to the operation of his crypto exchange. "Negative long-term impact on Binance will diminish the value of CZ's investment in the crypto exchange," said Yadav.

Persons: Changpeng Zhao, Reuters Changpeng Zhao, Zhao, Gabriel Abed, Richard Jones, Tre Lovell, Neama Rahmani, David Ryder, Binance, Braden Perry, Sam Bankman, Joshua de Vos, de Vos, Fried, Yesha Yadav, That's, Forbes, he's, Lucas Kiely, Kiely —, —, Yadav, it's Organizations: Staff, Reuters, CNBC, U.S, U.S . Department of Justice, District, Toyota, Bloomberg, Getty, Bank, Commodity Futures Trading Commission, Vanderbilt University, Department, Securities and Exchange Commission, SEC Locations: Paris, France, Seattle, Zhao, Binance, Los Angeles, Seattle , Washington, Dubai, U.S, bitcoin, Iran

☆ UK property prices: Brits face biggest obstacles in 70 years to buying a first home
▼ + stars: | 2024-04-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“During some periods both the cost of buying (down payments) and the cost of owning (mortgage repayments) have been high. Mortgage rates biteThe average mortgage repayment has rocketed since late 2021 as the Bank of England, along with other major central banks, began jacking up official interest rates to bring down inflation. (The interest rate on some government bonds is used to set mortgage rates). On Monday, the average rate on a two-year fixed-rate mortgage stood at 5.82%, according to data from product comparison website Moneyfacts. “An election is due within the next year and a new government, committed to helping prospective first-time buyers, might start by acknowledging the challenges younger generations face not just in housing but more generally,” the BSA said.

Persons: Liz Truss, “ Organizations: London CNN, Building Societies Association, BSA, Office, National Statistics, Bank of England, UK Finance Locations: United Kingdom, London, England, Wales

☆ Binance has matured past cultural issues, CEO says, after $4.3 billion U.S. DOJ settlement
▼ + stars: | 2024-04-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Binance CEO Richard Teng at the Paris Blockchain Week summit in Paris, France, on Tuesday, April 9, 2024. Binance's new CEO Richard Teng said the company has moved past cultural issues after the company was hit with a $4.3 billion fine to settle charges from the U.S. Justice Department. "But we have moved past that, as the company moved into regulatory maturity, [and] we are moving toward sustainability." In November, Binance agreed to pay a $4.3 billion settlement to the U.S. government, including a forfeiture of $2.5 billion and a fine of $1.8 billion. Former Binance CEO Changpeng Zhao was charged with violating the Bank Secrecy Act and agreed to step down.

Persons: Richard Teng, Binance, Teng, CNBC's Arjun Kharpal, Changpeng Zhao, Zhao Organizations: Paris, U.S . Justice Department, DOJ, ., U.S, BSA, Justice Department Locations: Paris, France, Binance, U.S

While a number of AI systems have been found to discriminate, tipping the scales in favor of certain races, genders or incomes, there’s scant government oversight. Those bills, along with the over 400 AI-related bills being debated this year, were largely aimed at regulating smaller slices of AI. The use of AI to make consequential decisions — what the bills call “automated decision tools” — is pervasive but largely hidden. The AI was trained to assess new resumes by learning from past resumes — largely male applicants. Requirements to routinely test an AI system aren’t in most of the legislative proposals, nearly all of which still have a long road ahead.

Persons: ChatGPT, ”, Suresh Venkatasubramanian, Taylor Swift, —, Christine Webber, Mary Louis, Louis, California’s, Craig Albright, ” Albright, it’s, Rebecca Bauer, Kahan, what’s, Trân Organizations: DENVER, Congress, Brown University, The Software Alliance, Fortune, Commission, Pew Research, Amazon, BSA, Microsoft, Associated Press Locations: statehouses, chatbots, California, Connecticut, guardrails, Massachusetts, Washington, Colorado, Rhode Island , Illinois , Connecticut, Virginia, Vermont, That’s, Sacramento , California

☆ Treasury proposes rule to extend anti-money laundering regs to investment advisers
▼ + stars: | 2024-02-13 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

The Treasury Department's corruption watchdog on Tuesday issued new proposed regulations that would extend major pieces of the anti-money laundering (AML) rules that apply to banks to some investment advisers. The new rules would apply to investment advisers who are registered with or report to the Securities Exchange Commission, leaving out what FinCEN estimates to be at least 17,000 state-registered investment advisers. The proposed regulations stop short of requiring investment advisers to adopt formal customer identification programs, like banks do. Investment advisers manage tens of trillions of dollars, but until now, they have been largely exempt from the AML regulations arising from the 1970 Bank Secrecy Act and subsequent legislation. In 2003 and 2015, FinCEN proposed similar rules that would have expanded BSA provisions to cover investment advisers.. to combat money laundering and terrorist financing.

Persons: Janet Yellen, FinCEN, Andrea Gacki Organizations: Financial, Treasury, Securities Exchange Commission, Investment Locations: Vienna , Virginia, FinCEN, China, Russia

☆ Congress to hold new AI hearings as it works to craft safeguards
▼ + stars: | 2023-09-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Sept 8 (Reuters) - Congress next week will hold three hearings on artificial intelligence, including one with Microsoft (MSFT.O) President Brad Smith and Nvidia (NVDA.O) chief scientist William Daly as Congress works on legislation to mitigate the dangers of the emerging technology. A Senate Judiciary subcommittee is holding a hearing on Tuesday titled “Oversight of AI: Legislating on Artificial Intelligence." A House Oversight subcommittee will hold a hearing on Thursday that will look at potential risks in federal agency adoption of AI along with the adequacy of safeguards to protect individual privacy and ensure fair treatment. Witnesses include White House Office of Science and Technology Policy Director Arati Prabhaker along with the Pentagon's chief digital and artificial intelligence officer Craig Martell and Homeland Security Department's Chief Information Officer Eric Hysen. "However, it is critical that before we let the genie out of the bottle we understand the unique risks of inappropriate use of AI by the federal government."

Persons: Brad Smith, William Daly, Richard Blumenthal, Blumenthal, Josh Hawley, Chuck Schumer, Mark Zuckerberg, Elon Musk, Arati Prabhaker, Craig Martell, Eric Hysen, Nancy Mace, Victoria Espinel, Rob Strayer, David Shepardson, Bill Berkrot Organizations: Microsoft, Nvidia, Artificial Intelligence, Republican, U.S, Meta, White, Office of Science, Technology, Homeland Security, BSA, The Software Alliance, Information Technology Industry, Thomson

☆ 'Lots of smoke. Lots of questions': Internal emails show JPMorgan Chase execs worried about the bank's ties to Jeffrey Epstein. So why did it take so long to cut him loose?
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

That, of course, is the billion-dollar question: What did JPMorgan, America's largest bank, know about Epstein's alleged sex trafficking? Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. Lots of questions," declared a senior JPMorgan compliance officer reviewing Epstein's accounts as part of that 2011 compliance review, according to court papers filed by the US Virgin Islands. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

Persons: —, Morgan Stanley, Lehman Brothers —, Jamie Dimon, Jeffrey Epstein, Leon Black, Bill Clinton, Donald Trump, Epstein, Jes Staley, Staley, Jeffrey Epstein's, Michelle Licata, Courtney Wild, Stephanie Keith, Jane Doe, JP Morgan —, Epstein —, jes staley, Patricia Wexler, Wexler, Dimon, Barry Krischer, JPMorgan, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Frank Haberstroh, Haberstroh, Les Wexner, Wexner, Tom Williams, JP Morgan, Little, Little Saint James, Epstein's, Jim Spellman, Staley didn't, Morgan, James, Emily Michot, Bill Gates, Larry Summers, Woody Allen, Stephen Cutler, Cutler, Mary Erdoes, Erdoes, Youngbee Dale, Dale, JPMorgan Chase, Michael M, NYDFS, Bernie Madoff, Cecile de Jongh, Joe Shmoe, Jacob Shamsian Organizations: JPMorgan, Highbridge Capital Management, Citigroup, Lehman Brothers, titans, Apollo, US, US Virgin Islands, Bloomberg TV, Financial, US Department of, Treasury, Getty, BSA, Polaris Market Research, United Nations University Centre, M2C Model, Palm, JPMorgan Chase, Washington D.C, Inc, Apollo Global Management, The New York Times, Little Saint, Virgin, U.S ., Miami Herald, Tribune, Service, Microsoft, Columbia University, Mountain Capital, DOJ, New, Deutsche Bank, New York Department of Financial Services, Virgin Islands, Barclays, Authority, Wall Street Journal Locations: York, Manhattan, New York, US Virgin, dimon, Palm Beach , Florida, New York City, UN, Paris, Washington, Prague, thomas, Wexner, Little Saint, I'm, Little St, U.S, U.S . Virgin Islands, Staley, Dimon's, Virgin, British

☆ JPMorgan Chase's drawn-out breakup with Jeffrey Epstein
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

Several months later, in October 2006, JPMorgan categorized Epstein as a "high-risk" client, according to a transcript of Dimon's deposition in May. Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. A 'faithless servant'One person who might know much more about the tangled relationship between Epstein and JPMorgan is Jes Staley. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

☆ Monitoring Financial Institution Compliance
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +41 min

Compliance MonitorshipsA compliance monitor (also called an independent examiner or independent compliance consultant) is an impartial party appointed by the government to detect the root causes of the institution’s compliance failures. The purpose of a compliance monitor is not to address a particular compliance failure or punish the institution. Responded to compliance issues, in a timely manner and in a way that demonstrates that the institution takes compliance issues seriously. Compliance Department EmployeesThe monitor must evaluate the adequacy of compliance department employees, including the number of compliance employees, their experience, and their expertise. Assess the Compliance SystemsThe monitor typically engages compliance technology experts, who have specific knowledge of coding and compliance technology software, to test and evaluate the institution’s compliance systems.

☆ Microsoft-backed tech group pushes for A.I. regulation: Here's what it's suggesting
▼ + stars: | 2023-04-24 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

BSA, a tech advocacy group backed in part by Microsoft , is advocating for rules governing the use of artificial intelligence in national privacy legislation, according to a document released on Monday. Microsoft is one of the leaders in AI due to its recent investment in OpenAI, the creator of the generative AI chatbot ChatGPT. The group is advocating for four key protections:Congress should make clear requirements for when companies must evaluate the designs or impact of AI. "If it is, we should have a national agenda for digital transformation," he said, which would include rules around AI, national privacy standards and robust cybersecurity policy. Though the bill still faces a steep road ahead to becoming law, BSA said it already has the right framework for the sort of national AI guardrails the government should put in place.

☆ A Silicon Valley Bank employee attempted to serenade Elon Musk with an Alanis Morissette parody, pleading for the billionaire to buy the failed bank
▼ + stars: | 2023-03-15 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +2 min

Many SVB employees cheered on a post calling for Elon Musk to buy the bank with a parody of an Alanis Morissette song. In a post to LinkedIn, 11-year SVB employee Mona Maitra called on Musk to buy the bank using a parody music video of Alanis Morissette's "Ironic" filmed in a Tesla. commented someone also identified as a Silicon Valley Bank employee. The lighthearted post comes after the highly public collapse of Silicon Valley Bank Friday, which brought lengthy and wide reaching debate over how to handle the bank's failure. "No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."

☆ Privacy and crypto will likely lead tech policy under split Congress as hope for passing ambitious antitrust reforms dwindles
▼ + stars: | 2022-12-27 | by ( Lauren Feiner | ) www.cnbc.com time to read: +9 min

After what started as a hopeful year for tech policy, the 117th Congress is about to close out its term with many key efforts tabled. That's the case with privacy legislation, where a bill proposed this year gained bipartisan support, passing out of a House committee with a near-unanimous vote. The pair blamed the bills' failure to advance on intense lobbying efforts by the tech industry against them. One prominent bipartisan bill in the Senate would put the CFTC in charge. "But the importance of tech policy issues will still be strong."

☆ Treasury fines crypto company $29.3 million for violating multiple U.S. sanctions, Bank Secrecy Act
▼ + stars: | 2022-10-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. The Treasury Department fined a Washington-based cryptocurrency trading platform $29.3 million for violating multiple sanctions, including those prohibiting U.S. companies from doing business with individuals operating in Iran, Sudan, Syria, Cuba and the Crimea region of Ukraine, the agency announced Tuesday. The Treasury's Financial Crimes Enforcement Network division, or FinCen, imposed a total civil penalty of $29.3 million, which covers additional violations under the Bank Secrecy Act. FinCEN also discovered that the company did not maintain an effective anti-money laundering program from February 2014 through December 2018. A sanctions compliance program was not adopted until December 2015, though Bittrex began offering virtual currency services in early 2014.

☆ Расследование ZDG: Додон знал о схемах и лицах, причастных к хищениям на госпредприятии «Железная Дорога Молдовы» с 2019 года, но не вмешивался
▼ + stars: | 2021-05-18 | by ( ) nokta.md time to read: +8 min

Власти во главе с бывшим президентом Игорем Додоном знали о схемах и лицах, причастных к хищениям на госпредприятии «Железная Дорога Молдовы» (ЖДМ)с 2019 года, но не вмешивались. леев ЖДМ перед «Левдра» было передано компании «Transalliance Group», компании, аффилированной с Топала, Мироном Гагаузом, бывшим главой ЖДМ, а также Вячеславом Байда, известным как один из руководителей бизнеса Плахотнюка. В начале 2017 года часть денег, то есть 20 млн леев, была возвращена на счет Translogist Sistem как «платежи» в соответствии с «транспортными контрактами». Среди судоходных компаний — компания «Трансканкор», связанная с бывшим директором ЖДМ Юрие Топалэ, которая в ходе реализации схемы активизировала свою хозяйственную деятельность. В то же время бывший директор ЖДМ Юрие Топалэ заявляет, что «на железной дороге не было схем, схемы были вне железной дороги».

Persons: Translogist, Ziarul, Игорь Додон, Кик, Юрие Топала, Григоре Кондураке, Топала, Мирон Гагауз, Вячеслав Байда, Плахотнюк, Виктор Гаммер, Ирина Объелянская, Владимир Плахотнюк, Юрие Топалэ, Дорела Бэлана, Байда, Марчелиан Пырлог, Пырлог, Эдуард Купряков, Додон, Топалэ Organizations: BSA, Global Logistics, Global Trade, Железная Дорога Молдовы» (ЖДМ), Служба информации и безопасности (СИБ), Национальный антикоррупционный центр, Антикоррупционная прокуратура, Парламент, ЖДМ, ГП «Молдавская железная дорога, СИБ, Левдра, лукойлмолдов, Левдры, ДПМ, Метвил, ЖДМ «Новастандарт», Техномет Груп, Трансканкор, Парламентская Комиссия по расследованию ситуации, Комиссия Locations: Молдова, Джурджулешть, Великобритания, РФ

☆ SCHEME/ Calea Furată a Moldovei: Cine și cum a adus CFM-ul în prag de faliment
▼ + stars: | 2021-05-18 | by ( Daniela Calmis | ) www.zdg.md time to read: +29 min

Ulterior, raportul a ajuns și pe masa unor deputați din Parlament, iar mai târziu a intrat și în posesia ZdG. ZdG a analizat documentul și a verificat faptele expuse. SIS a constatat că, în anii 2018-2019, Iurie Topală și Grigore Condurache au semnat mai multe contracte „abuzive” cu firmele gestionate de familia Guțu. Pentru a limita numărul de companii de expediție și a favoriza anumiți operatori, coordonatorii schemei au operat inițial modificări la „Regulamentul de transportare a mărfurilor pe cale feroviară”. Deși numele lui apare în raportul SIS, Topală a negat că ar avea vreo companie afiliată și susține că informațiile din raport sunt „falsuri și minciuni”.

Persons: Igor Dodon, Alexandr, Ion Chicu, ., ZdG, Iurie, Grigore Condurache, Condurache, Iurie Topală, Dorel Bălan, Veaceslav Baida, Vladimir Plahotniuc, Plahotniuc, Baida, Vladimir Plahotniuc ., Irina Guțu, CFM, Miron, Victor Gammer, Irina, Guțu, Ion, Serghei Sumin, Arcadie Vicol, Vicol, Mihail, Marcelian, Eduard Kupriakov, Dodon, Topală, Ion Guțu, Lucian Organizations: Securitate, Național Anticorupție, Partidului Liberal, PL, Ministerul Transporturilor, Partidului Democrat, SIS, PDM, SA, VIKING, Union, Global Trade Trans, Justiției Locations: Moldova, Procuratura Anticorupție, Anticorupție, . Moldova, Transnistria Sud, CFM, Miron Găgăuz, SA, Chișinău, US, Giurgiulești, Mărfuri Giurgiulești, PPMG, Federația Rusă, Germania, Ucraina

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