Companies are at increased risk of violating Europe’s tough privacy laws because boards have little awareness of the different types of AI or their inherent risks. While many organizations are more familiar with predictive and conversational AI tools, such as chatbots that carry little or no discernible risk, they have not grasped that generative AI—and especially agentic AI—are different animals.
Europe
Posted inESG/Social Responsibility
Compliance must focus on due diligence as U.K. aligns with EU deforestation laws
Products using wood, cattle, cocoa, coffee, palm oil, rubber and soy are set to come under new U.K. deforestation legislation.
Posted inRegulatory Enforcement
ESMA fines Moody’s $2.45M over misreporting errors
Moody’s Germany has been hit with a $2.45 million by the EU’s financial markets regulator for four breaches of credit rating agency regulations.
Posted inData Privacy
GDPR 10 years on: Data compliance now front of mind
Europe’s landmark privacy legislation, GDPR, was officially adopted ten years ago and has been in force since May 2018. It has forced organizations to change the way they think about personal information and has put privacy risk firmly on the board’s agenda, especially since the sanctions available under the regime are potentially ruinous
Posted inRegulatory Policy
New rules to protect EU workers from toxic chemicals in battery, steel, rubber, and textile industries
New rules protecting workers from dangerous chemicals are set to pass into law in October following EU Council and Parliament agreement, establishing new exposure limits across the battery, steel, chemical, and textile industries and updating protective equipment standards.
Posted inESG/Social Responsibility
EU extends proposals to apply carbon border pricing to downstream products
EU member states have agreed to extend measures to price the carbon emissions of goods imported into the Eurozone to include a wide range of end-products made from steel, aluminum and iron. The current CBAM came into force on Jan. 1 this year and currently applies mainly to high-emission raw materials.
Posted inESG/Social Responsibility
EU Council targets greenwashing with new categories of sustainable investment
The Council of the EU has recommended updates to the Sustainable Finance Disclosure Regulation to combat greenwashing and make it easier for investors to compare products.
Posted inAML
Bosnia and Herzegovina, and Iraq, added to international watchdog’s list for AML failings
Iraq and Bosnia and Herzegovina need to improve their anti-money laundering/countering the financing of terrorism programs and have been added to the FATF’s grey list.
Posted inTransportation
EU air passengers to gain new rights to compensation, transparent pricing and clear, timely communications
Airline companies operating in the EU must take on board new rules covering a wide range of issues, from how to handle passenger compensation claims to notification of hand baggage allowances, rights to additional support, and transparent, timely communications.
Posted inEurope
EU revised sustainability reporting standards require compliance ‘gear change’ but increase flexibility
The European Commission is calling for public feedback on the final draft of its revised sustainability reporting standards. Compliance teams should note that the draft retains most of the double materiality requirements that some hoped they would drop, but clarifications over how to approach materiality assessments may reduce compliance time and costs. Once the consultation […]