Three news to start your week: June 26
Twitter shows 'strong willingness' to comply with digital-content law: EU regulator
(The Wall Street Journal)
According to a top European Union tech regulator, Twitter is actively pursuing compliance with the new digital content rules and has shown a "strong willingness" to do so.
After an EU team visited Twitter's headquarters in San Francisco this week for a so-called stress test to ascertain how effectively the platform would comply with the new regulation, which will go into effect starting in late August, Thierry Breton, the EU commissioner for the internal market, provided his judgment "The company is taking this exercise very seriously."
Google Cloud launches AI-powered anti-money laundering tool
(Tech Monitor)
Money laundering is among the most significant and expensive problems facing the financial services industry. It is also a growingly complicated and global issue. Google claims that $2 trillion in laundering occurred just last year, with 2% to 5% of global GDP passing through the system on average each year.
Google has staked heavily on machine learning tools to help solve this issue. The tech company claims that its AML AI service looks for patterns and indicators of financial wrongdoing across billions of records and transactions. Google argues that reducing the number of alerts and producing more comprehensible results to expedite inquiries minimizes wasted investigator time.
Google claims that implementing AI also enables more auditable and explainable outputs that may be used to justify judgments, in addition to greater tracking and explainability than present options.
SEC fines JPMorgan subsidiary for deleting 47 million emails, some related to subpoenas
(CNBC)
According to an administrative ruling issued on Thursday, the Securities and Exchange Commission fined the broker-dealer division of JPMorgan Chase $4 million for unintentionally erasing nearly 47 million emails from the beginning of 2018.
The SEC judgment against J.P. Morgan Securities LLC highlighted that subpoenas sought some of the erased emails in at least a dozen regulatory investigations, and others "could relate to potential future investigations, legal matters, and regulatory inquiries," according to the directive.
The approximately 8,700 email boxes that were unintentionally deleted in 2019 contained correspondence from and to up to 7,500 employees who frequently interacted with customers.
