The outgoing chief of the UK Prudential Regulation Authority, Sam Woods, has warned that AI cybersecurity risks and vulnerabilities in lenders’ IT systems represent top-of-list threats to the banking sector. Woods expressed being ‘very concerned’ about these vulnerabilities.
Google must make changes to its AI-generated search summaries following a ruling by the UK’s Competition and Markets Authority. The regulator has forced Google to give publishers more control over how their content is used in AI features, allowing them to opt-out. The CMA described this as a ‘world first’ enforcement action.
Boris Vujcic, a Croatian official, took office as the new Vice President of the European Central Bank, succeeding Luis de Guindos from Spain who completed his eight-year term. Vujcic now occupies the office on the 40th floor of the ECB tower in Frankfurt, near the office of ECB President Christine Lagarde.
German private banks have welcomed the E6 initiative as a boost for the stalled Capital Market Union. The plans for stronger harmonization could strengthen EU competitiveness. The article references M.M.Warburg & Co, a major German private bank based in Hamburg.
The Swiss Federal Court has convicted former employees of Gazprombank. The bank indicated that the court ruling could strengthen compliance and regulatory duties for financial institutions.
The Cologne prosecutor’s office is transferring its cum-ex scandal investigation of HSH Nordbank, involving 26 suspects and conducted over eight years, to the Hamburg prosecutor’s office as it considers itself not competent to handle the case.
The European Commission is planning meetings with Anthropic PBC to gain more information about its Mythos artificial intelligence model and to negotiate access to this advanced AI tool for European use.
Gold trader TGI based in Liechtenstein has been ordered by the financial regulator to cease discount purchase models immediately and unwind tens of thousands of contracts. The regulator determined these models constituted deposit business lacking proper authorization.
Chinese e-commerce platform Temu was fined €200 million by the European Union for failing to prevent the sale of unsafe baby toys and chargers on its marketplace.
The German state of Saxony-Anhalt announced plans to issue its first digital state bond as a cryptographic security in 2026. This initiative is considered an important milestone for digital government financing in Germany.