FT News Briefing OnlyFans reverses its controversial porn ban
Aug 26, 2021
Turkey is pulling troops from Kabul as it faces increasing migrant challenges. The global crackdown on money laundering intensifies, with regulators imposing heavy fines on banks. A major platform recently reversed its controversial ban on adult content, facing backlash from creators. This sudden policy shift raises questions about trust and the platform's future. Meanwhile, political shifts in Germany are favoring the Social Democratic Party, hinting at potential changes in the country's leadership.
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Turkey's Refugee Stance
- Turkey is withdrawing troops from Kabul airport and refuses to accept more Afghan refugees.
- President Erdogan faces criticism over this, the economy, and his handling of wildfires.
Fintech AML Issues
- Monzo, a fintech company, is under investigation for potential AML breaches.
- N26, another fintech, has received multiple reprimands and external oversight for similar failures.
Increased AML Penalties
- Regulators are increasing AML penalties, fining institutions nearly $1 billion in the first half of 2023.
- This reflects a tougher stance, particularly in Europe, on financial crime.