On 1 August, the European Artificial Intelligence Act (AI Act), the world’s first comprehensive regulation on artificial intelligence, entered into force. The AI Act is designed to ensure that AI developed and used in the EU is trustworthy, with safeguards to protect people’s fundamental rights. The regulation aims to establish a harmonised internal market for AI in the EU, encouraging the uptake of this technology and creating a supportive environment for innovation and investment. Continue reading…

The European Commission has approved, under EU State aid rules, a €2 billion Dutch measure to support the PALLAS project aimed at producing medical radioisotopes for cancer diagnosis and treatment. The measure contributes to ensuring security of supply of essential and live-saving medicines in line with the Pharmaceutical Strategy for Europe. Continue reading…

by Marie-Christine Diaz

Following a global trend, the EU’s Instant Payments Regulation mandates the adoption of instant payments in Euros across the entire region within the next two years1.This ambitious initiative promises instant and irrevocable money transfers and greater convenience for consumers and businesses on a 365/24/7 basis. Yet, these lightning-fast payments also create a critical challenge for financial institutions (FIs): outpacing fraudsters in a fraud sophistication race. Continue reading…

The Regional Court of Bamberg in Germany has sentenced fifteen members of a Dutch led organised crime group (OCG) that robbed a series of Automatic Teller Machines (ATMs) in Germany, causing massive damage. The OCG members have been served prison sentences of between one year and nine months and five years and eleven months for a series of violent robberies in southern Germany. Eurojust coordinated the investigations and judicial cooperation between the German and Dutch authorities. Continue reading…

CB Payments Limited (CBPL) has been fined £3,503,546 by the Financial Conduct Authority (FCA) for repeatedly breaching a requirement that prevented the firm from offering services to high-risk customers. CBPL is part of the Coinbase Group, which operates a prominent cryptoasset trading platform that is accessible globally. CBPL does not undertake cryptoasset transactions for customers but it acts as a gateway for customers to trade cryptoassets via other entities within the Coinbase Group. CBPL is not currently registered to undertake cryptoasset activities in the UK.

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by Simon Yeoman

In a world where online presence is everything, organisations of all sizes are dependable on IT services. However, when it comes to switching providers, even well-established businesses are often surprisingly hesitant. The culprit? The fear of downtime. After all issues such as system outages can lead to lost revenue, frustrated customers and a tarnished reputation – consequences that make even the most performance-hungry businesses think twice. Continue reading…

The European Commission has made commitments offered by Apple legally binding under EU antitrust rules. The commitments address the Commission’s competition concerns relating to Apple’s refusal to grant rivals access to a standard technology used for contactless payments with iPhones in stores (‘Near-Field-Communication (NFC)’ or ‘tap and go’). Continue reading…

The FCA has told financial firms – including banks, payment firms and lenders – to do more to ensure parliamentarians, senior public servants and their families are not treated unfairly. Under legislation adopted by Parliament, financial firms are required to do extra checks on so-called politically exposed persons (PEPs). This follows global standards set by the international Financial Action Task Force and implemented by more than 200 jurisdictions. There have been concerns about how firms in the UK are meeting these requirements and so the FCA has reviewed how firms are treating PEPs.

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Pasqal, a global leader in neutral-atoms quantum computers, has on 29 May announced a strategic collaboration with Tech Mahindra, (NSE: TECHM), a leading global provider of technology consulting and digital solutions to enterprises across industries.  This collaboration aims to accelerate the development and adoption of quantum solutions across diverse industries globally. Continue reading…

The International Association of Insurance Supervisors (IAIS) has recently published the 2024 ICS data collection package for the final year of the monitoring period and announced its high-level plans for ICS implementation. “Ahead of the ICS’s planned adoption at the end of the year, we are pleased to publish the 2024 ICS technical specifications,” remarked Shigeru Ariizumi, IAIS Executive Committee Chair. “Comments received in response to the 2023 public consultation helped enhance the ICS design, which is now almost ready for adoption. This has enabled us to increase our focus on supporting the comprehensive and consistent implementation of the ICS by jurisdictions.”  Continue reading…