United States
AI
Elon Musk filed a court injunction to block OpenAI’s transition to a for-profit company claiming that: “Whatever leeway OpenAI might have been due under antitrust law as a purported charity it chose to forego when it subordinated itself to Microsoft for profit.”
Cybersecurity
AWS launched a Security Incident Response. The web giant claims that the service is designed to help security teams combat account takeovers, breaches, ransomware attacks, and other corporate intrusions and also to speed up the time it takes to recover from a successful cyber-attack.
Cybersecurity and Infrastructure Security Agency official Jeff Greene urged American citizens to use encryption when communicating over telecom networks – China’s penetration of these continues to be a serious national security concern.
Regulation
Trump nominates crypto-friendly former SEC commissioner Paul Atkins as SEC Chair. Bitcoin topped $100,000 as investors anticipate deregulation.
McKinsey will pay $123m over accusations that it bribed South African officials at state-controlled utilities companies. A senior McKinsey partner has pleaded guilty to conspiracy to violate the FCPA for his role in the scheme, and the firm has taken subsequent measures to bolster its anti-corruption program.
A judge refuses to let Boeing plead guilty over its role in several plane crashes, citing the impropriety of the DOJ’s requirement that an independent monitor be selected pursuant to DEI considerations.
Australia
Australia’s Government announced the second tranche of the Delivering Better Financial Outcomes package intended to ensure access to quality and affordable financial advice. The measures introduce a new class of financial adviser.
Canada
FINTRAC signed a memorandum of understanding with US banking agencies to shore up its AML controls.
China
The US introduced further export controls on tools and other components required for the manufacture of advanced AI chips (subscription) “in an effort to curtail China’s ability to create an advanced semiconductor industry and to slow its development of artificial intelligence with military applications.”
EU
A former EU Commissioner, Justice Didier Reynders, is under investigation by Belgian authorities for alleged money laundering (subscription).
Japan
In an astonishing case, a wealth manager at Japanese Bank Nomura was charged with attempting to murder and rob customers. The CEO apologized and opted for a voluntary pay cut.
Switzerland
Trafigura is on trial for alleged bribery in order to secure commercial opportunities (subscription) in emerging and developing market countries. One of its top executives is a co-accused in the case.
Singapore
JPMorgan Chase was fined by the Monetary Authority of Singapore for failing to prevent and detect misbehavior by its client relationship managers. The employees provided incomplete disclosures to clients charging them above the rates agreed on in connection with OTC bond transactions.
UK
A vast crypto money laundering scheme was uncovered and shut down by the UK’s National Crime Agency. The scheme involved criminals and intelligence agents and had successfully laundered billions of dollars.
