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Control and delete: How regulators can shutdown companies’ AI investments

2024-10-11T19:20:00+01:00By

Companies are increasingly putting their faith in AI to realize the kind of business benefits that the technology seems to promise, but they are also opening themselves up to new and potentially crippling sanctions if they are unable to answer questions that surround how AI operates.

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TD Bank fined nearly $3.1B by U.S. regulators for AML compliance failures

2024-10-11T13:44:00+01:00By

TD Bank will pay nearly $3.1 billion in penalties to four U.S. regulators to settle charges that it “chose profits over compliance” when it allowed three money laundering networks to filter more than $670 million in dirty money through the company.

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AI & Compliance Summit notebook: ‘Think big. Start small. Scale fast.’

2024-10-09T14:35:00+01:00By

When starting artificial intelligence efforts for companies large or small, one approach compliance practitioners said they’ve found works best is to start with a specific use case.

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Photo gallery: Compliance Week AI & Compliance Summit

2024-10-09T15:08:00+01:00By

Compliance Week’s AI & Compliance Summit, held Oct. 8-9 at Boston University, gathered business leaders, academics, and government officials to discuss some of the biggest questions around AI, including business adoption standards, ethical guardrails, and its application in decision making. Check out some of the sights from the summit.

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An Amsterdam discussion on increased role of CCOs

2024-09-13T12:40:00+01:00By

Compliance Week and its sister organization the International Compliance Association will bring together more than 200 GRC professionals for Compliance Week Europe Oct. 15-16 in Amsterdam to discuss how they’re making sense of the constantly changing regulatory landscape.

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AI Governance Benchmarking Survey

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This is a Compliance Week Survey, sponsored by GAN Integrity. It is completely anonymous and designed to help benchmark the approaches compliance is taking to AI Governance. Results will be shared by Compliance Week and GAN Integrity in the form of a benchmark report.

More from Compliance Week

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Starling Bank fined $38.5M for repeatedly onboarding high-risk customers

2024-10-02T18:22:00+01:00By

The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.

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Are the qui tam provisions of the False Claims Act constitutional? A Florida judge just said no

2024-10-02T17:49:00+01:00By

A federal court in Florida has lashed out at federal whistleblower programs by dismissing a mundane False Claims Act case against a medical practice on the grounds that the qui tam provisions of the FCA are unconstitutional.

TD Bank

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TD Bank unit to pay $28M in penalties for failing to properly supervise rogue trader

2024-10-01T15:38:00+01:00By

Broker-dealer TD Securities failed to prevent a trader from placing and then withdrawing thousands of false trades over the course of a year in part because its compliance department failed to follow up on red flags generated by the illegal trades, three regulators said.

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FINRA fines Merrill Lynch, BofA Securities $2.3M for reporting, registration failures

2024-10-01T15:36:00+01:00By

The Financial Industry Regulatory Authority issued two separate fines against Merrill Lynch and BofA Securities totaling nearly $2.3 million for reporting violations and failing to timely file amendments on registration forms for their registered representatives.

Pharmaceuticals

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Cassava Sciences settles with SEC for $40M over skewed Alzheimer’s drug data

2024-09-27T18:00:00+01:00By

A former Alzheimer’s researcher manipulated the results of a Cassava Sciences drug, with the pharmaceutical company and its former chief executive reaching a $40 million settlement with the Securities and Exchange Commission over allegedly misleading the public.

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AI misuse could lead to sanctions from multiple regulators, experts warn

2024-09-27T16:22:00+01:00By

The proliferation of AI, as well as the promised business cases promoting its use, has led companies around the world to quickly invest in the technology. Executives hope these AI tools will improve efficiencies, reduce costs, and help them stay competitive. But it could lead to just the opposite.

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FinCEN, OFAC sanction crypto platforms linked to Russia, cybercrime

2024-09-27T13:36:00+01:00By

U.S. and European law enforcement agencies have announced sanctions against two Russia-linked cryptocurrency platforms in their ongoing chase to snuff out Russian-linked financial platforms that assist cybercriminals.

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