Arendt & Medernach’s Post

🌟 Don't miss out on this event! Join us at the conference organised by ABBL and Arendt & Medernach as we delve into the fascinating world of AI and its impacts on the financial sector. 🤖 Get the perspective of the regulators, Commission de Surveillance du Secteur Financier (CSSF) and CNPD - Commission nationale pour la protection des données, insights from the financial industry and hear from Marc Mouton, the fintech guru, and me on this crucial topic. 🚀 Save the date and secure your spot now! #conference #ai #aiact #financialsector #regulatory #dataprotection #ip Anna CurridoriMarc Lemmer Anne Goujon, BGL BNP Paribas Ananda KautzMarc Mouton

🤖 The AI Act will revolutionise the landscape of artificial intelligence regulation in the EU and is the world's first comprehensive AI legislation. 👨👩 Our experts Astrid Wagner, Partner in IP, Communication & Technology, and Marc Mouton, Partner in Banking & Financial Services, shared their point of view, especially on legal and regulatory aspects. They analysed and discussed this crucial topic with other experts in the field: Anna Curridori, Commission de Surveillance du Secteur Financier (CSSF) | Marc Lemmer, CNPD - Commission nationale pour la protection des données | Anne Goujon, BGL BNP Paribas | Ananda Kautz, ABBL   📅 The conference was organised by the Luxembourg Bankers' Association (ABBL) and Arendt & Medernach. It took place on 28 February at Arendt House. A special thanks goes to all the speakers and the audience. Learn more about Arendt’s: 🤖 IP, Communication & Technology practice > https://lnkd.in/epJYMRk 🏦 Banking & Financial Services practice > https://lnkd.in/dQWjmGf   #Luxembourg #law #regulation #banking #finance #AI #artificialintelligence #risk #riskmanagement #AIAct #digitalisation #cybersecurity #dataprotection #GDPR #FinancialSector #LuxembourgFinance #ABBL #Arendt

🔔 The BIIA Newsletter March I – 2024 is now available for BIIA #Members !  📍 In this newsletter you will find, that we are noting occasional concrete discussions about use cases and their anticipated benefits on how technology enables the fight against Anti-Money-Laundering. There has been an influx of announcements concerning the use of AI in Anti-Money Laundering, also to make AML more cost effective, during the times of cutting anti-financial-crime budgets. 📍 However there are still regulatory hurdles to take in the use of AI to fully enable the regulation while under budget pressure. 👉 Find out more about this discussion in the newsletter and also articles on BIIA website www.biia.com !  👉 Looking ahead to the upcoming BIIA Conference “Technology + Regulation + Data -> Sustainable Growth?”, 5th to 7th of June in Bangkok, the interactions between #technology and #regulations, their #threats and #opportunities, also on specific scenarios as with #AML has been a strong focus in our discussions and exchange at the conference.  👉 Do not miss this and join us at the BIIA Conference in Bangkok (more information about the programme for the conference: https://lnkd.in/enJc5_Xz and to register to attend: https://lnkd.in/enJc5_Xz ) ! #members #newsletter #AML #AI #regulatory #technology #conference Joachim C Bartels Neil Munroe Peter Sheerin Ingrid Riehl

Bill C-27 is coming! It will replace PIPEDA, Canada’s federal private sector privacy law, and set rules for trade and commerce in AI systems. If the GDPR and Québec Law 25 teach us anything, it is that you better start sooner than later. Raising awareness at the higher levels (CPO, CIO, CTO, CFO, CEO), unlocking budgets, assessing the situation, remediating gaps, bringing the necessary changes to your governance, procedures and processes, and educating your people takes time. More than is always anticipated. Don’t be left behind, at the risk of exposing yourself to massive sanctions and reputational damage. Reach out! KPMG Canada is already helping organisations prepare and is standing ready to help you! #privacy #cybersecurity #ai #billc27 #getready

New Privacy regulation - Comming up Soon! KPMG Privacy Team can help you and support you in your compliance program! Let's chat! #Privacy #BillC27 #KPMGauQuebec

Yesterday, I participated in the roundtable "Global policymakers' dialogue: Creating guardrails for AI", organized by Point Zero Forum and moderated by Joasia E. Popowicz with Daniela Schackis and Steven Maijoor. It was an opportunity to dive into the EU AI Act’s current state and future directions, alongside global initiatives aimed at harmonizing regulatory approaches, all while crafting resilient GenAI infrastructure. I developed my supervisor's perspective on this topic :  1️⃣ On the one hand, AI represents an opportunity for financial institutions to increase their #efficiency, which generative AI (#GenAI) is likely to amplify. Supervisors can also leverage these technologies. This is what Autorité de contrôle prudentiel et de résolution (ACPR) is doing, notably with the LUCIA tool, which enables the analysis of large volumes of banking transactions and allows us to evaluate the performance of #AML/CFT models deployed in #banks. 🏦  2️⃣ On the other hand, AI carries risks that, as #supervisors, we must monitor and ensure that they are well managed. From a microprudential perspective, these risks raise issues of customer #protection and #privacy, as well as #governance and understanding the decisions made by AI systems. From a macroprudential perspective, the adoption of AI can pose risks to the #stability of the financial system as a whole, notably by increasing herd behavior, and thus market volatility and procyclicality. On the frontier lies cyber risk, which the use of AI amplifies.  ➡ As a consequence, the European Union has initiated the world’s first legal framework for 'trustworthy AI,' focusing on high-risk applications for the financial system, like creditworthiness and insurance assessment. While prioritizing citizens' fundamental rights, other infrastructures, including financial supervisors must also consider financial stability and AML/CFT. In this context, ACPR welcomes this regulatory step and stands ready to exercise the new role of “market surveillance authority”.  🇪🇺 To provide an effective regulatory framework for AI cooperation across jurisdictions and across sectoral authorities will be key. At the European level, I believe that this cooperation should target for instance the rapid creation of AI auditing methodologies for the financial sector to mitigate microprudential risks, alongside promoting the growth of European AI suppliers to diversify tools and mitigate macroprudential risks. Given the global nature of AI regulation, it is also crucial to unify international efforts across jurisdictions and consolidate initiatives from organizations like Financial Stability Board (FSB), OECD-OCDE, and United Nations. I would like to warmly thank all the organizers for their invitation.

The compliance landscape was buzzing with activity last quarter, and we’ve got the scoop on all of its latest movements. ⬇️ 📍Sanctions: Q2 2024 saw a surge in global sanctions targeting countries aiding Russia, with severe penalties for noncompliance. 📍ESG: Europe’s CSDDD is finally here, and similar legislation, like the UK’s COPAD Bill, is making progress. 📍AI: The EU is tightening AI regulations, but has extended the AI Act’s compliance deadline, easing some pressure for professionals. For a closer look at our findings and recommendations for staying ahead of the evolving trends, read our full blog. https://bit.ly/3StPnXw #Compliance #GlobalRegulations #AIRegulation #ESG #Sanctions

"As the EU recognises financial services as potentially essential, the sector might soon fall into the AI Act’s high-risk category. This highlights the vital need for robust governance, effective risk management, and human oversight. Far from being mere regulatory requirements, these are crucial for maintaining the trust and safety in financial services." says PwC's Vojtech Volf. #AI #AIAct #EU #ArtificialIntelligence #EURegulation

#ThursdayThoughts 📋 Did You Know that at The European Lotteries, we keep a close eye on what's happening in the EU? From the Digital Services Act (DSA) to Artificial Intelligence (AI), from Anti-money laundering (AML) to consumer protection and from taxation to sustainability, there is a never a dull moment! 🔍 Interested in what has been happening this week? Here is the latest 👇 💽 Digital Services Act (DSA): Nine countries nominated national Digital Services Coordinators. Their role is to help the European Commission in supervising and enforcing the DSA. They will also be responsible for certificating ''trusted flaggers'', independent entities that will identify and report illegal content to online platforms. It is reported that the first meeting of the (nominated) DSCs is scheduled for next week. Read more➡ http://twtr.to/0T_dK 💻 Artificial Intelligence Act: The European Commission has established an AI office to oversee the implementation of the AI Act, ensuring companies follow the rules and encouraging the adoption of AI tools throughout the EU. Read more➡ http://twtr.to/hFSXm ⌨ TikTok, Meta sue European Commission over the DSA. Read more ➡ http://twtr.to/Pt48o

https://lnkd.in/ei-crtyr Sanctions Compliance in today's landscape: Regulation, AI and meeting customer expectations