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AI & Compliance Summit: Regs discuss artificial intelligence guardrails for financial services

2024-10-29T19:47:00+00:00By

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.

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How to adopt AI tools the right way at your company, from people who’ve tried

2024-10-28T15:29:00+00:00By

Companies are adopting artificial intelligence tools at a breakneck pace, but it’s increasingly clear that they set guardrails early. AI leaders say that approaching the technology with safety and ethics in mind will help ensure its upside benefits, while avoiding the significant risks it poses as well.

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EU businesses will soon have to report on supply chains and sustainability. Not all are ready

2024-10-25T15:38:00+01:00By

Supply chains are about to become the next big thing in sustainability compliance. However, many organizations still lack the data and assurance capabilities to track sustainability and human rights activities across their extended supply chains – which is required by the EU’s CS3D. Many others that fall out of scope ...

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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.

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Rohit Chopra

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New CFPB data rights rule will modernize U.S. banking system, Chopra says

2024-10-23T15:45:00+01:00By

Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau.

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Precision Toxicology to pay $27 million to settle allegations of unnecessary drug testing

2024-10-22T21:18:00+01:00By

Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.

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WisdomTree pays $4M SEC fine for including fossil fuel, tobacco securities in ESG funds

2024-10-22T16:08:00+01:00By

Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.

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DOJ proposes rule that would block sale of Americans’ personal data to Chinese, Russian firms

2024-10-22T14:37:00+01:00By

The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...

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Keys to a successful GenAI use policy: Clear roles, training, vendor management

2024-10-18T12:00:00+01:00By

For all the hype surrounding generative artificial intelligence, the technology has been met with a healthy skepticism in the compliance community. Compliance practitioners want to know: Is it safe? Can it be deployed ethically? Are the risks greater than the rewards? And what should an AI acceptable use policy contain?

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NYDFS expects banks, firms to cut risks posed by AI, according to new guidance

2024-10-17T17:42:00+01:00By

New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence, and new guidance from the New York Department of Financial Services is aimed at helping firms do just that.

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Raytheon parent RTX settles false claims, defective pricing, Qatar FCPA violations for $950M

2024-10-17T17:01:00+01:00By

The other shoe finally dropped for Raytheon and parent company RTX, as two U.S. regulators announced nearly $1 bilion in penalties to settle defective pricing in defense contracts, false claims related to inflated prices on government contracts, and bribes paid to government officials in Qatar that violated the FCPA.

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