Remove Finance Remove Monetary Loss Remove Risk Management
article thumbnail

Avoiding AI Pitfalls in Financial Decision-Making

The Fintech Times

.” Risks of automation dependance Sharing a similar view, Adam Ennamli , chief risk and security officer at General Bank of Canada , added: “Failures can have existential consequences, from significant monetary losses to complete loss of market trust and regulatory penalties.

AI 64
article thumbnail

Lawrence Wong Addresses Regulatory Actions Following Terraform Labs’ Collapse

Fintech News

Deputy Prime Minister and Minister for Finance and Chairman of Monetary Authority of Singapore (MAS) Lawrence Wong, addressed the regulatory aftermath of the Terraform Labs’ collapse in a parliamentary session yesterday (8 May 2024). Following legislative amendments, these will be recognised as “MAS-regulated stablecoins.”

article thumbnail

Know Your Customer (KYC): What It Is and How to Comply

Stax

Of course, financial criminal activity doesn’t have to just lead to monetary loss—it could also lead to a data breach of customer information. The purpose is to ensure that their services are not misused for money laundering, terrorism financing, or other illegal activities. trillion a year.