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EU AI Act next GDPR? Proof in the pudding as boardrooms prioritize data governance

2024-12-23T10:00:00+00:00By

Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.

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’Future-proofing’ products for safety next level of regulation under EU GPSR

2024-12-20T16:47:00+00:00By

Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.

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Survey: Organizations broadly adopting AI, with varied governance

2024-12-16T19:23:00+00:00By

The majority of businesses are using AI and doing so without governance–a compliance gap that poses extreme risks, a new survey by Compliance Week and GAN Integrity found. A webinar will discuss why it is crucial to have AI governance, how to implement it, and what strategies to strengthen programs.

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Criticism mounts against FCA amid growing calls for regulatory reform

2024-12-19T16:18:00+00:00By

When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.

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SeaCrest to pay $375K to settle charges that it failed to supervise rogue adviser

2024-12-16T14:45:00+00:00By

New York-based SeaCrest Wealth Management will pay a $375,000 fine for failing to properly prevent a cherry-picking scheme perpetrated by one of its investment advisers.

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SEC fines Cantor Fitzgerald $6.75M for failing to disclose pre-IPO talks

2024-12-13T19:00:00+00:00By

Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.

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U.S. Appeals Court overturns Nasdaq board diversity rule

2024-12-13T17:55:00+00:00By

A U.S. Appeals Court overturned a Securities and Exchange Commission rule that had required companies listed on the Nasdaq stock exchange to disclose whether their boards had women or minority members–and if not, why not.

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Worries DOJ is ‘dumping’ AI responsibilities on compliance departments in ECCP update

2024-12-13T16:47:00+00:00By

When the DOJ  released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.

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Overabundance of U.K. AML regulators stretching enforcement resources thin, experts say

2024-12-12T19:59:00+00:00By

The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.

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Compliance’s fit in AI governance: Reading between lines of DOJ’s updated ECCP guidance

2024-12-12T14:32:00+00:00By

The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.

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SEC fines Morgan Stanley $15M to settle allegations of theft of client funds

2024-12-10T18:35:00+00:00By

A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.

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Check, please! Tipped employee compensation in spotlight amid U.K., U.S. ‘fair’ pay debate

2024-12-10T17:23:00+00:00By

Earlier this year, amid then-Republican presidential candidate Donald Trump’s campaign promise to end taxes on tips in the U.S., the U.K. government introduced a new law to ensure that all tips are paid in full to staff, regardless of whether they were given in cash or by credit card.

Treasury Department

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Texas court halts FinCEN beneficial ownership reporting requirements

2024-12-09T14:08:00+00:00By

Business owners can stop preparing their 2025 anti-money laundering reports for the Treasury Department’s Financial Crimes Enforcement Network, according to a Texas court, which ruled the Corporate Transparency Act requirement unconstitutional.

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