As part of an ambitious effort to advance its generative AI capabilities and compete with industry leaders, Meta is implementing an internal tool called the Model Capability Initiative (MCI). This tool is designed to capture employee keystrokes and mouse clicks across various websites and applications, including Google, LinkedIn, Wikipedia, and internal Meta properties. The collected data will be used to train AI models, with Meta asserting that safeguards are in place to protect sensitive information and that the data will not be used for other purposes. Despite assurances, some employees have expressed concerns about privacy and potential data exposure.
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Treasury Secretary Scott Bessent has indicated that banks will likely be required to collect citizenship data on customers, stating that “if Treasury and the banking regulators say it’s their job, it’s their job.” This move, part of a broader immigration policy initiative, aims to address concerns about non-citizens opening bank accounts, with Bessent questioning how banks can truly “know your customer” without this information. While current “know your customer” rules focus on identity verification for anti-money laundering purposes, this proposed executive order seeks stricter mandates, aligning with practices in many other countries. Despite potential economic and administrative concerns raised by banks and policy experts regarding the exclusion of non-citizens and increased costs, Bessent maintains that “illegal immigrants don’t have a right to be in the banking system.”
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Treasury Secretary Scott Bessent has stated that U.S. banks must be prepared to collect citizenship data on customers, indicating an executive order to this effect is in process. This initiative aligns with President Trump’s broader immigration policy, which aims to link information collection with immigration enforcement. While current “Know Your Customer” rules focus on identity verification for anti-money laundering purposes, Bessent argues that knowing a customer’s citizenship status is crucial for knowing the customer. This proposed mandate, which would require banks to verify if individuals opening accounts are U.S. citizens, permanent residents, or present on valid visas, faces potential resistance from banks concerned about increased administrative costs and economic impacts.
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John Q. Hosedrinker