Citi Fined $135.6 Million for Inadequate Risk Management Progress
Citi has been fined $135.6 million by US regulators for insufficient progress in addressing risk management and data governance issues. The Office of the Comptroller of the Currency (OCC) fined Citi $75 million and amended its previous cease and desist order, while the Federal Reserve Board added a $60.6 million fine for violations of a 2020 enforcement action.
US and China Dialogue: Addressing AI Risks and Security Concerns
Officials from the Biden administration tempered expectations about the recent discussions in a call with reporters, clarifying that the focus wasn't on fostering technical collaboration between the two global powerhouses in AI or emerging technologies.
EU Tightens AML Laws, Impacts Cryptocurrency Industry
The EU Parliament passed laws to strengthen AML and terrorist financing measures, impacting cryptocurrency. Enhanced due diligence and identity checks are required, with obligated entities reporting suspicious activities to FIUs.
EU Passes Corporate Responsibility Law for Global Supply Chains
The European Parliament passed a new law to enhance corporate responsibility across global supply chains. The Corporate Sustainability Due Diligence Directive (CSDDD) mandates large EU companies to prevent environmental and human rights abuses.
Privacy in Focus: CNIL's 2023 Report
In its 2023 annual report, the French data protection authority CNIL highlighted a surge in public awareness and complaints, notably receiving 35% more complaints compared to the previous year.
US and EU Officials Initiate Talks on Consumer Financial Protection Amid Big Tech and AI Concerns
US and European authorities have initiated informal discussions regarding consumer financial protection matters, focusing on the growing influence of Big Tech in payment services, the utilization of artificial intelligence (AI) in lending practices, and the emergence of buy now, pay later (BNPL) models.
AWS responds to Digital Operational Resilience Act
Source: Amazon Web Services
In October 2023, we briefed customers on our submission to the public consultation on the first batch of regulatory technical standards (RTSs) made under DORA.
US and UK Forge Historic Agreement to Regulate AI Models
In a landmark development, the United States and the United Kingdom have inked the inaugural international bilateral agreement aimed at regulating the potential risks associated with artificial intelligence (AI) models.
