EU sets stricter AML regulations; Davos 2024 becomes an AI conference; the WEF publishes its global risks report & more
Good morning! Hope you had a nice weekend.
In this RegTech X digest, discussions at Davos, a prominent and influential forum for shaping global dialogue, inspired multiple headlines, some of which called Davos'24 an AI forum with more than two dozen sessions are focused on AI, covering topics such as AI in education, AI ethics, and AI regulation.
At this year's World Economic Forum, global leaders were asking whether to put guardrails in place for AI itself, or look to regulate its effects once the tech is developed.
AI’s impact and lack of coordinated regulation ‘could change the course of history not necessarily for the good’, warns Swiss banking watchdog.
Hernández de Cos says financial regulation should be 'blueprint' for policymakers ahead of AI-focused summit in Switzerland.
The World Economic Forum has also published its Global Risks Report 2024. Misinformation and disinformation rank highest in terms of short-term risk severity. The two biggest increases in ranking are technological: technological power concentration and misinformation and disinformation. Currently, two of the top five short-term risks are technological (the other being cyber insecurity).
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Last week showed AML is on the radar too. European Union policymakers unveiled a provisional agreement Thursday on new stricter anti-money laundering rules that would comprehensively harmonise requirements and improve national approaches to regulation and law enforcement.
In other news, in the US, the Securities and Exchange Commission (SEC) has charged JP Morgan $18 million for obstructing clients and brokerage customers from reporting breaches of law to regulatory authorities. The payments giant has agreed to pay the penalty charge.
In the UK, In light of the FCA's "not once and done" speech, it is clear that the Consumer Duty remains a top priority for the FCA and, whilst the deadline for implementation in relation to new and existing products and services that are open to sale or renewal (open products) expired on the 31 July 2023, the work for firms within its scope is not finished.
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Founder & CEO, Group 8 Security Solutions Inc. DBA Machine Learning Intelligence
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