The approval of OakNorth, a digital bank with a keen focus on supporting lower mid-market businesses, by the Federal Reserve and the New York State Department of Financial Services to establish a Representative Office in New York is a significant milestone. This pivotal development allows the bank
In today's digital age, banks are intensifying their security measures to prevent fraud and safeguard customer funds. However, this sometimes leads to instances where security protocols clash with customer convenience and privacy. One such incident involving British banking giant Starling Bank and
The US regulatory landscape has taken a monumental step with over two dozen prominent Wall Street firms, including Bank of New York Mellon (BNY Mellon) and Truist, agreeing to pay a staggering $470 million in fines. This settlement is split between the Securities and Exchange Commission (SEC) and
The United Kingdom's banking and financial services industry is currently grappling with a significant challenge. The recent introduction of new fraud reimbursement rules by the Payment Systems Regulator (PSR) has placed immense pressure on banks, FinTech companies, and payment service providers.
Toronto-Dominion Bank (TD Bank) has encountered a significant financial hit as it faces ongoing investigations and anticipated penalties related to its anti-money laundering practices in the United States. To address this, the bank has proactively set aside a substantial provision of $2.6 billion
Recent developments in the banking industry underscore the critical role of technology in transforming financial services. Treasury Prime's collaboration with Kobalt Labs to enhance compliance capabilities for banks illustrates this trend vividly. This partnership introduces an AI-powered
