The FCA won't return to the "light touch" rulemaking era; regulatory publications on AI have doubled; the EU agrees to new AML authority
Good day, and Happy Monday! We hope you had a wonderful weekend and are now almost gearing up for a well-deserved Christmas break.
In the latest issue of the RegTech X digest, the significance of regulation is in the spotlight. The chairperson of the Financial Conduct Authority (FCA) reassured that the regulatory body is committed to avoiding a return to the era of lax rules known as "light touch" rulemaking. This comes as the government aims to streamline regulations to foster UK financial services growth without compromising oversight and accountability.
Furthermore, the spotlight is once again on the regulation of AI. The exponential growth and integration of artificial intelligence in various facets of our lives have catapulted regulatory considerations to the forefront of policymaking. According to Corlytics, the number of regulatory publications on AI doubled starting from March 2023.
EU lawmakers have agreed on the terms for landmark legislation to regulate artificial intelligence, pushing ahead with enacting the world’s most restrictive regime on the development of the technology.
However, delays in implementing the AI Act mean nothing changes for now.
The Guardian says that Europe has made a great leap forward in regulating AI. Now the rest of the world must step up.
While in Australia, the country's productivity commissioner Stephen King has said that Australia should exercise caution around the regulation of artificial intelligence. It's all about finding the right balance!
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On the AML side of things, the Council and the Parliament reached a provisional agreement on creating a new European authority for countering money laundering and financing of terrorism (AMLA) - the centrepiece of the anti-money laundering package, which aims to protect EU citizens and the EU's financial system against money laundering and terrorist financing.
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We hope you have a great week and a happy Festive Season!🎄