Global regulators have been busy updating their guidelines and proposals for the financial services industry over the past few weeks.
In the United States, the guidance on model risk management has been revised for large banks. This move is aimed at ensuring that these institutions can accurately assess and manage risks associated with complex financial models.
Across the Atlantic, the UK Treasury has proposed amendments to its crypto-assets regulation. These changes are intended to provide a clearer framework for the development of digital assets in the country.
Regulators worldwide have also been cracking down on finfluencers who engage in online financial scams. Finfluencers use social media platforms to promote investment schemes and other financial products, often with misleading or false information. This practice has become increasingly popular among younger investors and can lead to significant financial losses for those who fall victim to it.
The global effort to strengthen financial regulations is part of a broader attempt to prevent money laundering, terrorism financing, and other illicit activities.