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Marlin Invests Majority Stake in Napier AI: A Game-Changer for AI Innovation
Napier AI, a London-based provider of AI-driven financial crime compliance software, is transforming anti-money laundering (AML) efforts for financial institutions since its 2015 founding. Trusted by over 100 clients, including HSBC and State Street, its platform excels in monitoring and regulatory reporting. Recently, Napier AI secured £45 million in funding from Crestline Investors and completed a majority investment with Marlin Equity Partners, aimed at enhancing research and global expansion. CEO Greg Watson highlighted the importance of AI in combating financial crime, positioning Napier AI as a vital player in the compliance landscape amid rising financial crime threats.
Bitcoin ATM Operator Sentenced to Four Years in Prison for Cryptocurrency Crimes
Olumide Osunkoya has become the first person in the UK sentenced for operating unregistered crypto ATMs, raising compliance concerns in the cryptocurrency market and prompting scrutiny from the FCA. His company, GidiPlus Ltd, managed ATMs at 28 locations despite failing to register with the FCA and attempted to evade detection by using an assumed identity for a smaller network. Osunkoya faced multiple charges, including forgery and possessing criminal property, earning significant profits through high transaction markups. The FCA’s crackdown has led to a decrease in UK crypto ATMs, emphasizing the need for compliance in the evolving market.
EU AI Act: New Unacceptable Risk Provisions Now in Effect for AI Regulations
The EU AI Act will significantly alter the artificial intelligence landscape in Europe starting February 2, 2025, banning AI systems classified as posing ‘unacceptable risk’ and imposing fines up to EUR 35 million for non-compliance. Key provisions include training requirements for organizations and prohibitions on harmful AI practices, such as deceptive techniques and real-time biometric identification. The Act applies globally, affecting all organizations using AI in the EU, including those based outside Europe. Companies have about 18 months to prepare for compliance by cataloging AI systems and collaborating with third parties to meet the regulations.
Major Banks Fined: Citi, HSBC, Morgan Stanley, and RBC Penalized for UK Bond Pricing Disclosure Violations
The Competition and Markets Authority (CMA) has fined several major banks for breaching competition regulations by colluding on UK government bond pricing in May 2023. The banks involved, including Citi, HSBC, Morgan Stanley, and RBC, exchanged sensitive pricing information via private Bloomberg chatrooms. Deutsche Bank received immunity for disclosing the anti-competitive behavior. Fines imposed include £17.16 million for Citi, £23.4 million for HSBC, £29.7 million for Morgan Stanley, and £34.2 million for RBC. CMA’s Juliette Enser emphasized the importance of maintaining a competitive financial sector for the UK economy’s growth and investor confidence.
Taurus Unveils Innovative Private Token Standard Revolutionizing Banking
The Aztec Foundation and Taurus have developed a new standard that aims to transform how banks issue tokenised financial instruments on public and permissionless blockchains. This initiative improves digital asset trading while ensuring compliance with securities regulations and maintaining user privacy. Taurus has partnered with major investment banks like State Street and Deutsche Bank to create the necessary infrastructure. JP Aumasson of Taurus emphasized the potential of tokenisation for investment, while Arnaud Schenk of the Aztec Foundation noted that privacy is essential for the large-scale adoption of blockchain technology in finance. This development represents a significant milestone in aligning blockchain with regulatory frameworks.