The FCA announces final SDR rules to address; Big Tech firms sign UK Online Fraud Charter; survey: 41% of compliance professionals use generative AI
Good morning!?We hope you had a good weekend.
In this RegTech X digest, ESG compliance takes centre stage.?
The Financial Conduct Authority (FCA) has released the long-awaited Sustainability Disclosure Requirements (SDR) consultation policy statement. The introduction of four labels to sustainable funds marks a significant shift from the previous three-label system. The main goal of the SDR is to foster trust and transparency in sustainable investment products, while effectively combating greenwashing.
As the importance of complying with ESG rules continues to rise, the United Kingdom has demonstrated an approach with proactive measures. According to the 汤森路透 Risk and Compliance Survey report, these expanded external ESG requirements are putting internal pressures on risk and compliance teams.?
However, as critics warn, the new ESG labelling regime 'does not set a high enough standard' and is 'unlikely to quash greenwashing', according to sector experts.
On another note, to combat rising levels of scams from fake adverts and romance fraud, Eleven Big Tech firms and social media platforms have signed up to a UK Online Fraud Charter.
And according to a new Arkose Labs report, generative AI is fueling an increase in payment-card scam tactics like bot attacks, card testing, credential stuffing, and phishing.
The Compliance Week “Inside the Mind of the CCO” survey has found: 41% of respondents said they are using AI with the most popular use cases including improving policies and procedures; monitoring third parties and communications; and keeping pace with regulatory change. While 59% of compliance professionals say their teams are not using artificial intelligence (AI) to assist with compliance obligations.
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Meanwhile, according to Thomson Reuters, 91% of C-Suite executives say their organisation is already using Gen AI or has plans to do so within the next 18 months.
Use it or lose it, they say. Or "Veni Vidi .... RegTech!" Elaine Mullan of Corlytics looks at the Julius Caesar approach: how he would address the problem of regulatory inflation if he were still alive today.
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We hope you have a great week!