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.
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.
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 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.
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.
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.
According to a report from the BBC, the US Justice Department and FBI have revealed that millions of Americans' online accounts have been ensnared in what they describe as a "sinister" Chinese hacking scheme that specifically targeted US officials. The operation, which spanned 14 years, has led to charges against seven Chinese nationals accused of orchestrating the cyber-attack campaign.
UniCredit, one of Italy's leading financial institutions and the country's second-largest bank, has found itself in the spotlight once again, this time facing a substantial fine of €2.8 million (£2.3 million) from Italy's data protection authority. The penalty stems from a data breach incident that unfolded in 2018, marking a significant setback for the banking giant.