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2024 Sees Unprecedented Surge in Global Regulatory Fines, Reaching $19.3 Billion
In 2024, global regulatory enforcement reached a record $19.3 billion in fines, driven by increased scrutiny of financial crime and compliance failures. Major penalties included FTX’s historic $12.7 billion for fraud and TD Bank’s $3 billion for anti-money laundering violations. The SEC fined Genesis Global Capital $21 million for registration failures, while the FCA imposed nearly £30 million on Starling Bank for financial crime issues. PwC faced fines for not reporting fraud, and the ASIC penalized Mercer Superannuation £11.3 million for greenwashing. The year highlighted the need for robust compliance programs and internal controls in corporations.
Affirm and Shopify Launch Shop Pay Installments in Canada: A Groundbreaking Global Expansion
Affirm has expanded its partnership with Shopify to launch Shop Pay Installments, a buy now, pay later (BNPL) service, in international markets. Initially available only in the U.S., the service is rolling out to select Shopify merchants in Canada, with plans for a full launch in Canada and the UK by summer, followed by Australia and parts of Western Europe. Shop Pay Installments allows consumers to split purchases into flexible payment plans with no hidden fees or late charges. The collaboration aims to enhance merchant capabilities and drive global growth, boosting conversion rates for merchants.
Zurich Insurance Partners with Zeekr Hong Kong to Revolutionize EV Insurance Solutions
Zurich Insurance is launching a tailored insurance plan for Zeekr electric vehicle (EV) owners, emphasizing sustainability and innovation. This collaboration aims to address the specific needs of eco-conscious consumers, offering unique features such as battery insurance, roadside assistance for charging issues, and customizable coverage options. Zurich, known for its global insurance products and commitment to sustainability, partners with Zeekr, a premium EV manufacturer under Geely, to enhance the driving experience for electric vehicle owners. This initiative reflects a growing trend in cross-industry partnerships focused on sustainable solutions in the FinTech and mobility sectors.
VIA Raises $28 Million to Propel Expansion of Cutting-Edge Cybersecurity Platform
VIA, a Boston-based cybersecurity firm, has raised $28 million in Series B funding to enhance its decentralized platform for data and identity protection, meeting high security standards required by the U.S. Department of Defense. The funding round was led by Bosch Ventures, with participation from BMW i Ventures, MassMutual Ventures, and others. VIA’s platform features a zero trust architecture designed to mitigate insider threats and ensure quantum-resistance, addressing evolving cyber threats. The funds will accelerate the deployment of VIA’s Web3 data protection solutions among large enterprises, revolutionizing enterprise security with advanced identity management and encryption capabilities.
UK Regulator Launches AI Tools Sandbox to Enhance Consumer Trust and Innovation
The UK Financial Conduct Authority (FCA) will launch a live testing service for artificial intelligence (AI) in September 2025, aimed at helping financial firms implement AI responsibly. This initiative, part of the FCA’s AI Lab project, will operate for 12 to 18 months, allowing firms to validate AI solutions in real-time and engage directly with the FCA. The service is designed to support innovation, enhance regulatory efficiency, and promote a tech-positive environment in the financial sector. Feedback on the proposal is invited from stakeholders until June 10, 2025, ensuring a framework that fosters innovation while protecting consumers.