The UK’s financial services supervisor wants to scrap “nominal” regulatory thresholds to make compliance costs “proportionate” and prevent more financial firms from falling under rules simply because they have grown in size rather than risk.
Regulatory Policy
Posted inArtificial Intelligence
Companies responsible for decisions made by ‘autonomous’ AI, says ICO
The UK’s data regulator has issued a strong warning that companies remain responsible for protecting personal data when they use AI systems, even when the technology acts autonomously.
Posted inBanking
EU banking regulator issues new TPRM guidelines for large banks, FS firms
The European Union’s key banking regulator has issued guidelines to help large banks manage the risk of disruption if an important IT provider has an outage or a third party cannot continue to supply critical services.
Posted inAML
Vietnam’s AML rules require banks to trace owners beyond its borders
Vietnam has introduced temporary measures to strengthen its anti-money laundering framework. It requires financial institutions to collect and clarify how they identify beneficial owners.
Posted inWhistleblowers
Whistleblower program coming to DOJ’s fraud division, McDonald says in memo
The DOJ’s Corporate Enforcement Section will oversee businesses’ compliance with criminal resolutions, and the department’s fraud division will create a whistleblower program to encourage substantial tips about business fraud.
Posted inTechnology
FCC bans on foreign-made robotic devices, routers, and power inverters extend compliance risks
The move confirms a trend towards expanding national security controls into broader product categories that will affect many more compliance teams than previously.
Posted inData Privacy
Future GDPR fines set to be more equal across EU
The EU’s main data regulator has issued new guidelines so that fines under the General Data Protection Regulation are in line from one EU country to the next.
Posted inRegulatory Policy
FCA expands non-financial misconduct rules to 37,000 more firms
Financial firms can now face regulatory action for bullying, harassment, and acts of violence under rules that have come into effect in the United Kingdom to counter sexism, misogyny, and poor corporate culture in the workplace. The Financial Conduct Authority’s (FCA) rules regarding non-financial misconduct (NFM) have been extended so that they not only apply […]
Posted inRegulatory Policy
DOJ revisions to Justice Manual address False Claims Act enforcement
The DOJ recently revised the Justice Manual to reinstate previous agency policy on how it will enforce FCA cases moving forward, and when it will seek to dismiss whistleblower actions.
Posted inArtificial Intelligence
California presses ahead with executive order for AI safeguards, cites federal government “abject failure”
California Governor Gavin Newsom has issued an executive order to explore whether companies should develop a “kill switch” for any potentially harmful AI tech they develop.