In this month’s ASIC update: - ASIC highlights governance concerns amid AI adoption; - Court rules against Harvey Norman and Latitude for misleading advertising; - New OTC derivative transaction reporting rules are now in effect; - A rise in stolen shares due to identity theft; - The Federal Court dismisses ANZ's appeal against ASIC case; - ASIC publishes updated regulatory guidance for registered liquidators; - ASIC releases FY 2023–24 financial reporting and audit report. Head to the Mackay Chapman blog for more: https://lnkd.in/gSRSvvyk
Mackay Chapman’s Post
More Relevant Posts
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Excited to have Law360 republish our recent blog post on FinCEN's risk alert warning about the criminal use of deepfakes to bypass customer identification controls and perpetrate financial crimes. Financial institutions should consider the use of advanced identity verification techniques, watch for red flags, and subject suspicious accounts to enhanced scrutiny
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Notice how high crime seems likes it’s intentionally being allowed? This is how we transition from human law enforcement to AI law enforcement. Who will control the new AI surveillance system? Bankers… A digital track and trace social credit score system will be tied to your finances through a CBDC and universal basic income. Behave and you’ll have a good credit score Disobey and your credit score goes down This will result in a trade: Your freedom in exchange for security. https://lnkd.in/gqktYa7s
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Our AI-powered solutions stopped $41 billion in fraud last year - letting you focus on growth while we secure your transactions. Find out more in our latest whitepaper: https://lnkd.in/eN_F6mD2
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Our AI-powered solutions stopped $41 billion in fraud last year - letting you focus on growth while we secure your transactions. Find out more in our latest whitepaper: https://lnkd.in/eN_F6mD2
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Ready to onboard your customers faster than ever before? It’s possible with an AI Agent purpose-build for financial crime compliance - click here to learn how: https://bit.ly/4101Ln2 #aiagents #digitalworkers #futureofwork #automation #artificialintelligence #fintech
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Important update and points to consider on eKYC and self service setup bank accounts as they become more popular
Today, the Financial Crimes Enforcement Network issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools. https://lnkd.in/gXtvU5te
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Read our blog to learn more about deepfake laws, how regulators are approaching them.
The rise of deep fakes poses a multi-layered challenge for financial institutions and regulators, particularly in the areas of trust, fraud, compliance, and enforcement. As this technology becomes more sophisticated, regulators worldwide are scrambling to respond. But are the current laws enough to tackle the potential dangers? Read our blog to learn more about deepfake laws, how regulators are approaching them, and what you should do- https://lnkd.in/dq2S_Eef #deepfake #deepfakelaws #identitytheft #AIinindetitytheft
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It’s time to update your systems, policies, processes and procedures. We know they’re out there. We’re working on our solutions and now the regulators are helping. But it’s not too long before knowledge becomes a new rule. We have to stay ahead. Spread the word. This alert is a good thing.
Today, the Financial Crimes Enforcement Network issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools. https://lnkd.in/gXtvU5te
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iComply’s solutions ensure our clients can instantly detect deep fake and generative AI fraud as described below by the Financial Crimes Enforcement Network, US Treasury. Our proprietary edge-computing technology ensures customer biometrics, documents, and data is authenticated and encrypted before it leaves their device. For leaders in compliance, our holistic solutions eliminate process failure, reduce cost and risk, and streamline 90% of KYB, KYC, and AML operations. #ai #deepfakes #identityverification #frauddetection #generativeai #edgecomputing
Today, the Financial Crimes Enforcement Network issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools. https://lnkd.in/gXtvU5te
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In a recent Law360 article, Lowenstein’s Thomas Redburn, Jr. and Maya Ginsburg discuss the Supreme Court of the U.S.’s dismissal of Facebook v. Amalgamated Bank, leaving unresolved whether the U.S. Securities and Exchange Commission’s Item 105 risk disclosures must reveal past events, fueling uncertainty for businesses and investors while underscoring the urgent need for clearer securities fraud standards. Read the full article: https://bit.ly/41tbIK6 #lawfirms #litigation #securitieslaw #riskmanagement #regulatorycompliance
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