Friday's Final Word | week 43
Welcome to Fourthline's weekly newsletter, where we share insights, developments, and the latest news to help keep you sharp! Enjoy ???
?? Seizing the crypto crime wave
?? 2023 Nasdaq global compliance survey
?? Push payment fraud cases jump 22%
?? Revolutionizing the fourth line of defense
?? ChatGPT founder on superhuman persuasion
?? EU lawmakers struggle to agree on AI rules
UK’s Economic Crime Bill: seizing the crypto crime wave
The Economic Crime and Corporate Transparency Bill in the United Kingdom strengthens law enforcement's ability to combat cryptocurrency-related crimes by allowing the seizure and freezing of digital assets associated with criminal activities, even without a prior conviction. This legislation serves as a powerful deterrent to potential wrongdoers and addresses the evolving challenges presented by crypto-related offenses. It reflects the UK's commitment to fostering innovation in the cryptocurrency industry while simultaneously bolstering efforts to eradicate illegal activities and maintain a secure environment for blockchain entrepreneurs and the public.
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Data and insights from the 2023 Nasdaq Global Compliance Survey
The 2023 Nasdaq Global Compliance Survey reveals that compliance roles have evolved, becoming more strategic and cross-functional. Compliance professionals, mainly from sell-side firms, now focus on protecting the company's brand reputation and managing reputational risk, in addition to avoiding regulatory fines. The top compliance challenges include adapting to new reporting and administrative requirements, implementing technology capabilities, and mitigating manipulative behavior. Most respondents prefer a hybrid approach using both third-party and in-house solutions for trade surveillance, while the compliance budget continues to grow, particularly in technology areas such as A/E-comms, holistic integration, artificial intelligence, and cryptocurrency capabilities.
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UK push payment fraud cases jump 22%
In the first half of the year, authorized push payment fraud cases in the UK increased by 22%, primarily driven by purchase scams where victims are tricked into sending money to fraudsters for goods that never materialize. APP fraud includes investment scams found on search engines and social media, romance scams on online dating platforms, and purchase rackets on social media and auction websites. While the number of cases rose, total losses from APP fraud fell by 1% to ￡239.3 million, and ￡152.8 million was returned to victims.
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Revolutionizing the fourth line of defense
Take a look at this deep dive into the name behind Fourthline and the critical role of Amazon Web Services, artificial intelligence, and GDPR in the financial compliance sector. Companies, including fintech startups, are increasingly relying on AWS for scalable infrastructure and support to enhance their AI capabilities. AI is transforming the industry by automating tasks, and GDPR compliance, which remains vital in safeguarding personal data. Ethical AI regulation is becoming a game-changer for tech companies, emphasizing the importance of adapting to evolving technology.
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EU lawmakers face struggle to reach agreement on AI rule
European lawmakers are still struggling to reach an agreement on new artificial intelligence rules, and any deal is unlikely until December. The draft AI rules need approval from the European Parliament and EU member states, and after three rounds of discussion in trilogues, a fourth meeting is scheduled. Spain, holding the EU presidency, has proposed compromises, including tiered regulation for foundation models like ChatGPT, but a final agreement is not expected in the upcoming meeting. EU officials had hoped to approve the draft before the end of the year, with discussions ongoing since 2021, including rules on facial recognition and biometric surveillance.
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