Key transparency rules aimed at informing consumers when they are interacting with AI or are exposed to AI-generated content came into effect from August 2 across the EU.
Neil Hodge
Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal issues for a wide range of publications in the United Kingdom and United States.
Posted inSanctions
Enforcement set to ramp up over sanctions compliance, warn lawyers
When the U.K.’s financial regulator reported that firms’ sanctions compliance had fallen short in multiple areas, it was a warning to the sector that improvements need to be made—and quickly—as oversight and enforcement are set to be cranked up.
Posted inAccounting & Auditing
Execs distrust AI outputs after internal audit flags errors: Report
One in four executives have said that internal audits have uncovered errors in AI outputs that were not picked up by the organization before being shared with external stakeholders and board members.
Posted inCryptocurrency and Digital Assets
Thousands of crypto firms miss EU license deadline
Less than 10 percent of crypto firms that were operating in the European Union up until new rules came in on July 1 have been authorized to continue. The rest—an estimated 3,000—are supposed to cease servicing EU clients from within the single market with immediate effect.
Posted inRegulatory Enforcement
SFO and U.S. authorities investigate collapsed telecoms firm IMC
The U.K.’s Serious Fraud Office has announced that it has launched an investigation into suspected fraud, false accounting and money laundering at telecoms firm Internet Mobile Communications Limited.
Posted inSurveys & Benchmarking
U.K. governance professionals rising in influence, survey finds
Governance professionals are increasingly regarded as being more critical to the success of their organizations, according to a recent survey which found that two-thirds of respondents thought the influence of the governance function was growing.
Posted inBanking
ECB wants top bank CEOs to set out plans for AI-related cyber risks
The European Central Bank has written to the CEOs of Europe’s top banks to ask what plans they have in place to deal with potential AI-related cybersecurity threats.
Posted inFinancial Services
Streamlined reporting rules will save U.K. financial services industry $145.3 million per year, says FCA
The U.K.’s financial regulator has simplified the requirements around transaction reporting—which helps detect market abuse and other financial crimes—as part of a drive to cut “duplicative or low-value reporting.”
Posted inFinancial Services
Review into EU fund managers highlights compliance, internal audit ‘vulnerabilities’
Feedback from regulators across the EU has found that some fund managers’ compliance and internal audit functions could be sidelined, under-resourced, and lack independence.
Posted inInsurance
Former Lloyd’s CEO breached code of conduct
The former CEO of Lloyd’s of London breached the insurance market’s compliance rules after his relationship with a fellow director was deemed to be so close that it created “a perceived conflict of interest.”
