Victor Smart | Nov 20 2024 Regulators are laying down governance standards for banks’ growing use of artificial intelligence, but a “fragmented” global approach is posing challenges for compliance teams. Read more: Global approach to AI governance is a ‘big, fragmented mess’ - Banking Risk and Regulation
Victor Smart | Sept 10 2024 Calls are mounting in the US to reform how financial penalties are set and rules are framed by regulators, with SEC Republican commissioner Hester Peirce leading the charge in an exclusive interview. Read more: SEC’s Hester Peirce leads charge for penalty reforms - Banking Risk and Regulation
Victor Smart | July 25 2024 Banks operating in the UK will be forced to “review the status of every politically exposed person on their books” as part of a regulatory overhaul following last year’s debanking scandal. Read more: UK banks must review ‘status of every single PEP’ under new FCA rules - Banking Risk and Regulation
Victor Smart | Feb 29 2024 The UK has instructed its financial supervisors to take a looser regulatory approach to artificial intelligence than the EU, which is placing an outright ban on AI tools it deems high-risk. Read more: https://www.bankingriskandregulation.com/uk-pitches-for-looser-framework-than-eu-on-ai-regs
Victor Smart | January 15 2024 Far from slowing down in the face of election fever, the European Union is betting the bank on digital finance with its new blockchain sandbox, writes Victor Smart. ABN Amro and Rabobank have become the first banks to sign up to a new regulatory blockchain sandbox, as the EU strives to… Continue reading EU bets the bank on digital finance with blockchain sandbox
Victor Smart | January 3 2024 The UK's Financial Conduct Authority has warned that banks are failing to instil a firm-wide Consumer Duty-friendly culture, and are still relying on "second-line" risk and compliance teams to pick up infractions. Read more: https://www.bankingriskandregulation.com/fca-to-impose-targeted-and-intrusive-sanctions-on-banks-that-fail-to-comply-with-consumer-duty/
Victor Smart | October 3, 2023 Victor Smart reports that central banks are facing an increasing struggle to maintain momentum behind their green initiatives, ahead of November’s COP28 climate talks in Dubai. Criticism over the cost of living crisis and the official role of central banks as policy-takers, not policy-makers, is sparking debate about whether ESG is… Continue reading Is COP28 a cop out?
Victor Smart |June 7, 2023 Tense negotiations between the EU Council, European Parliament and European Commission over the coming months will decide whether financial institutions fall within the scope of the EU’s proposed corporate sustainability due diligence directive (CSDDD). On 1 June, members of the European Parliament (MEPs) approved the parliament’s position on the proposed… Continue reading EU Parliament opts to include financial industry in scope of corporate sustainability due diligence directive
Victor Smart | September 2, 2022 Supporters say the 1250% requirement will target the projects that do the most environmental damage. Victor Smart reports.
Victor Smart | June 2020 for Money Observer. Delve deeper into where your money actually winds up and there can be some unpleasant surprises.
Victor Smart | December 3, 2018 for the Global Risk Regulator. Following the global financial crisis a decade ago, UK regulators imposed one of the toughest conduct regimes seen in banking, but recent events have had some observers wondering whether it really has teeth. By Victor Smart.
Victor Smart | January 10, 2022, for the Global Risk Regulator. Regulators are having to respond fast to avert a wide scale greenwashing scandal on the back of the explosive growth in ESG investments ... This article is behind a paywall, the full version can be accessed here.
Victor Smart 