- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-05-19T17:02:00
Businesses that make false or unsubstantiated claims regarding facial recognition and other biometric technologies could face enforcement from the Federal Trade Commission (FTC), the agency warned Thursday.
Use of biometric information technologies has proliferated to collect personal information about people, including their age, gender, race and heritage, and even their overall demeanor, the FTC said in a 12-page policy statement.
This collection poses new privacy risks for consumers, who might be unaware their data is being gathered and have no way to avoid the practice, said Samuel Levine, director of the FTC’s Bureau of Consumer Protection, in a press release.
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The Federal Trade Commission was clear in its recent enforcement action against Rite Aid regarding its expectations for companies using facial recognition technology or any biometric security or surveillance systems.
The lack of clear regulations and guidelines for the ethical use of facial recognition technology further exacerbates concerns of discriminatory practices and potential infringements on human rights.
Retail pharmacy chain Rite Aid agreed to a five-year ban on its use of facial recognition technology for surveillance purposes as part of a settlement with the Federal Trade Commission.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
