As the European Union’s AI Act sets its sights on 2026 to take full effect, experts are concerned other key jurisdictions might introduce divergent legislation that treats artificial intelligence use differently, thus making it difficult for companies to ensure compliance.
Europe
Posted inAccounting & Auditing
FRC drops investigation into PwC’s Intu Properties audits
The U.K. Financial Reporting Council announced it closed its investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
Posted inAccounting & Auditing
ARGA future questioned as U.K. audit reform hits backburner
The U.K. Financial Reporting Council’s long-planned transition to become the Audit, Reporting and Governance Authority appears to be taking place no time soon, leading some to question whether the change will happen at all.
Posted inEurope
Assessing impact of court ruling on GDPR strict liability
The idea companies can be held “strictly liable” for violations of the European Union’s privacy rules was shot down, following a judgment from Europe’s top court relating to a case involving German property company Deutsche Wohnen.
Posted inBoards & Shareholders
Ex-BP CEO facing up to $41M in losses over colleague relationship dishonesty
The board of British oil and gas giant BP announced its remuneration determinations after finding former CEO Bernard Looney committed “serious misconduct” in his disclosure of personal relationships with company colleagues.
Posted inEurope
New European AML agency nearing adoption
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
Posted inAML, Cybersecurity, Data Privacy, Ethics & Culture, Europe, Financial Services, Regulatory Enforcement, Risk Management, Sanctions, Surveys & Benchmarking
Top ethics and compliance failures of 2023
A virtual currency exchange that sought to mislead regulators, banks failing after ignoring obvious risks, and a manufacturer that sold millions of its products in violation of U.S. export controls are among those that make up CW’s list of the biggest ethics and compliance fails of 2023.
Posted inEurope
Credit Suisse units to pay $10M in SEC mutual fund services case
Three entities of Swiss bank Credit Suisse agreed to pay more than $10 million combined as part of a settlement with the Securities and Exchange Commission for allegedly providing prohibited underwriting and advising services to mutual funds.
Posted inEurope
Experts: More privacy rules, enforcement expected in 2024
Businesses can prepare for a bumpy ride as the 2024 global landscape of data privacy and other related laws and regulations begins to take shape.
Posted inEurope
New U.K. office eyeing 2024 to enforce trade sanctions
The U.K. government is set to establish a new agency to enforce trade sanctions and provide compliance guidance to businesses regarding the country’s sanctions regimes.
