- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2021-10-28T17:42:00
In its annual review of corporate reporting, the U.K. Financial Reporting Council found companies are struggling to provide stakeholders with enough detail about COVID-19 disruptions. The regulator also announced new requirements for climate-related disclosures.
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The U.K. Financial Reporting Council expects to receive greater staffing and resources to ramp up the number of investigations it carries out over 2022 as it prepares to make way for a new regulator next year.
The United Kingdom has paved the way for companies to report on the future financial impact of climate risks, but the process is far from easy and rates of noncompliance—at least initially—could be high.
The U.K. Financial Reporting Council will prioritize climate-related financial disclosures in company accounts and climate risks in audits as key areas of supervisory focus for 2022/23.
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.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
