The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
Regulatory Policy
Posted inEurope
EU Deforestation Directive delayed, experts advise compliance managers to not rest on laurels
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
Posted inRegulatory Enforcement
Navy Federal Credit Union to pay $95M in fines, redress over ‘surprise’ overdraft fees
Navy Federal Credit Union will pay a $15 million fine and return $80 million in “surprise” overdraft fees to its members to resolve an enforcement action from the Consumer Financial Protection Bureau.
Posted inRisk Management
Election rules aimed to curb AI misuse may serve as regulatory warning for all advertisers
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
Posted inEurope
Meta-backed EU appeals body facing conflicts of interest concerns
Ireland’s cozy relationship with big business and Big Tech has once again come under scrutiny after the country’s media regulator allowed a $15 million one-off funding payment from Meta’s Oversight Board Trust to help launch the newly formed Appeal Centre Europe.
Posted inInternal Controls
Speakers at Compliance Week AI & Compliance Summit talk future rules around technology
While companies are exploring and building artificial intelligence technology, lawmakers and regulators are trying to identify what ground rules they need to set. These guardrails are what companies and governments alike believe are essential parts of ensuring safe and responsible use of the technology.
Posted inRegulatory Policy, Supply Chain
U.K. Employment Rights Bill triggers debate over flexibility vs. exploitation
Contract workers’ rights are in the spotlight in the U.K. and some EU countries as governments seek to end exploitative practices by eliminating zero-hours contracts, much to the chagrin of some business leaders.
Posted inInternal Controls
Treasury set to block investment flow on American AI, semiconductor tech to China
The U.S. Treasury Department has issued a final rule–and created a new division to oversee it–that will attempt to limit outbound investments to China related to sensitive technologies with military applications.
Posted inData Privacy
FCC teams up with CPPA to enforce privacy rules
In an effort to streamline the enforcement of California’s stringent privacy rules, the Federal Communications Commission has signed a memorandum of understanding (MOU) with the California Privacy Protection Agency.
Posted inTechnology
AI & Compliance Summit: Regs discuss artificial intelligence guardrails for financial services
Artificial intelligence is an exciting, new technology and it is well-regulated by old laws and rules already on the books, financial regulators said at Compliance Week’s AI & Compliance Summit at Boston University.
