Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

US government favours a hands-off approach to AI’s regulation

US government

The white house listed 10 principles that federal agencies should consider when drafting laws and rules for the use of Artificial Intelligence in the public sector but stresses that the key concern was limiting regulatory overreach.

Michael Kratsios, chief technology officer of the United States, is set to announce the principles at CES 2020 in Las Vegas. The guidelines have the potential to shape the development of innovative and valuable technologies, from autonomous vehicles to imaging medical tools. They arrive amid growing worry over the unchecked spread of AI tools, especially facial recognition. This will help facial recognition gaining prominence in the new decade. 

Kratsios says that other nations could follow America’s lead when developing its regulations for AI. He further said, “The best way to counter authoritarian uses of AI is to ensure that America and its global partners remain global hubs of innovation.”

However, some experts questions the effectiveness of these 10 principles. A senior follower at the Center for New American Society says “A lot of this is open to interpretation to each company.”

The principles are believed to be a US effort to shape AI globally. The White House wants the United States alone to define the rules when it comes to AI. The principles will officially be announced at the CES and will then be presented to the experts for further improvements, however, the first impression shows that regulations are too permissive and will help in AI innovations across the United States.

News Source: Shufti News

Related Posts

News

Real Estate is Becoming a Primary Target for Money Launderers in the UK

According to a government report, Luxury London homes are a new method to launder illicit funds. ...

Real Estate is Becoming a Primary Target for Money Launderers in the UK Explore More

News

Latin America’s Private Investment Funds at Risk of Money Laundering

Private investment funds are exposed to money laundering as they contain a number of structural r...

Latin America’s Private Investment Funds at Risk of Money Laundering Explore More

News

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List

The Financial Intelligence Analysis Unit (FIAU) and Malta Business Registry (MBR) have signed an ...

Business Registry and FIAU Join Hands to Get Malta Off FATF Grey List Explore More

News

Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures

Moneyval has published a report backing Liechtenstein’s authorities on the measures it took again...

Liechtenstein’s Legal Authorities Backed by Moneyval on Improved AML/CFT Measures Explore More

News

Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions

Visa Inc. and Mastercard Inc. are once again facing inquiries by the Federal Trade Commission ove...

Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions Explore More

News

FinTech and InsureTech Booms in Israel as $120M Raised for Investments

FinTLV, a fund based in Tel Aviv, has announced that it has collected $120 million worth of funds...

FinTech and InsureTech Booms in Israel as $120M Raised for Investments Explore More

News

US Firm Fined with Half a Million Dollars for Violating US Sanctions

A crypto firm, BitPay will now have to pay a fine of half a million dollars to the U.S Treasury’s...

US Firm Fined with Half a Million Dollars for Violating US Sanctions Explore More

News

Gambling Commission Imposed a £6.1 Million Fine on Touch Games for Money Laundering Failings

The Touch Games, a gambling firm that operates 11 websites, has been fined £6.1 million over fail...

Gambling Commission Imposed a £6.1 Million Fine on Touch Games for Money Laundering Failings Explore More

News

Buy Now Pay Later Service Openpay Warned for AML Violations

Te Tari Taiwhenua, the Department of Internal Affairs, has issued a warning to an Australian Buy ...

Buy Now Pay Later Service Openpay Warned for AML Violations Explore More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

News

Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury

The US Treasury Department has released a three-year report on money laundering and terrorist fin...

Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury Explore More

News

Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines

The use of cryptocurrency in money laundering is raising alarm for the Philippine Central Cank. T...

Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines Explore More

News

Face Detection Tool to Fight Bots Under Trial by Facebook

Facebook is currently battling a $35 billion class-action lawsuit for alleged misuse of facial re...

Face Detection Tool to Fight Bots Under Trial by Facebook Explore More

News

The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets

EU implements unified crypto-asset regulations, MiCA, and incorporates Travel Rule to secure cryp...

The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets Explore More

News

Bitcoin ATMs face stricter regulations over money laundering

According to experts, Bitcoin ATMs (BATMs) will face stern regulations globally, with countries s...

Bitcoin ATMs face stricter regulations over money laundering Explore More

News

65,000 Australian Credit Cards Discovered on Dark Web

A significant proportion of stolen credit cards contained private information such as addresses, ...

65,000 Australian Credit Cards Discovered on Dark Web Explore More

News

World economic forum considers using blockchain to solve supply chain crisis

The World Economic Forum (WEF) stated on Monday that blockchain and digitization can help supply ...

World economic forum considers using blockchain to solve supply chain crisis Explore More

News

South Korea’s Largest Crypto Exchange Upbit Registers with KoFIU for AML

Upbit is reportedly the first South Korean crypto exchange to register the Korean Financial Intel...

South Korea’s Largest Crypto Exchange Upbit Registers with KoFIU for AML Explore More

News

AUSTRAC Warns Banks Against Closing Accounts of Crypto Traders

AUSTRAC shows full support for the Australian crypto industry and is issuing warnings to banks ag...

AUSTRAC Warns Banks Against  Closing Accounts of Crypto Traders Explore More

News

BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit

BC has released a money laundering report that carries multiple recommendations and includes the ...

BC Money Laundering Inquiry Report Calls for New Law Enforcement Unit Explore More

News

Lawmakers Approve Enablers Act Bill to Expand AML Reporting Requirements

A group of lawmakers have approved the revision of America’s money laundering laws after 20 years...

Lawmakers Approve Enablers Act Bill to Expand AML Reporting Requirements Explore More

News

Melbourne Casino Crown Faces New Money Laundering Scandal

Crown’s licence for its Sydney casino has been suspended after an investigation revealed it facil...

Melbourne Casino Crown Faces New Money Laundering Scandal Explore More

News

Albanian Financial Supervision Authority Approves Crypto Licensing Regime

Albanian Financial Supervision Authority has approved a licensing regime for crypto exchanges for...

Albanian Financial Supervision Authority Approves Crypto Licensing Regime Explore More

News

Police busted a massive £215m money laundering ring in the Northern Ireland

PSNI police arrested 7 individuals following one of the biggest money-laundering investigations i...

Police busted a massive £215m money laundering ring in the Northern Ireland Explore More

News

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs

The UK’s Financial Conduct Authority has ordered crypto firms operating illegally in the country ...

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs Explore More

News

Amazon Sued Over Illegal Storage of Employee Biometric Data

Lawyers from the firm of McGuire Law P.C. of Chicago filed a class action complaint on November 1...

Amazon Sued Over Illegal Storage of Employee Biometric Data Explore More

News

Danske Bank Fined €1.82m Over AML and CTF Breaches

Danske Bank was accused of AML compliance failings and fined €1.82m by the Central Bank, revealin...

Danske Bank Fined €1.82m Over AML and CTF Breaches Explore More

News

Phishing attacks hidden in Google Cloud Services

Cybercriminals are concealing phishing efforts behind legitimate resources like google cloud serv...

Phishing attacks hidden in Google Cloud Services Explore More

News

Crypto Services Approved Under AMLD5 Regulations by the Dutch Central Bank

De Nederlandsche Bank NV (DNB) has permitted AMDAX BV the Central Bank of Netherlands to operate ...

Crypto Services Approved Under AMLD5 Regulations by the Dutch Central Bank Explore More

News

Abu Dhabi to Establish Executive Office to Combat Illicit Financial Flow

A specialised court in Abu Dhabi will be developed to oversee the measures to fight financial cri...

Abu Dhabi to Establish Executive Office to Combat Illicit Financial Flow Explore More

News

Star Casino Faces Class Action for Anti-Money Laundering Failures

The Star casino has been hit with a shareholder class action for its alleged non-compliance with ...

Star Casino Faces Class Action for Anti-Money Laundering Failures Explore More

News

EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say

The two crypto legislation adopted last week did not include unhosted wallets and decentralised f...

EU Money Laundering Overhaul Should Include NFT Platforms, Lawmakers Say Explore More

News

Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code

The members of parliament of Simcoe North, including the deputy minister of finance, have introdu...

Canada’s MP Introduces Private Member’s Bill to Amend Criminal Code Explore More

News

Ramon Abbas, Nigerian Instagram Influencer Pleads Guilty to Million-dollar Fraud

Nigerian instagram influencer, Ramon Abbas (Hushpuppi), admitted that he was involved in a conspi...

Ramon Abbas, Nigerian Instagram Influencer Pleads Guilty to Million-dollar Fraud Explore More

News

Kenya Takes First Step to Regulate Virtual Asset Market

The Kenyan government is all set to take the first step to regulate a vast $20 Billion crypto mar...

Kenya Takes First Step to Regulate Virtual Asset Market Explore More

News

Peru Set Rules For Virtual Assets Platforms Under Anti-Money Laundering Regime

The Peruvian government ordered virtual assets service providers to report their activities to th...

Peru Set Rules For Virtual Assets Platforms Under Anti-Money Laundering Regime Explore More

News

Satabank Penalized with €851,000 for Non-Compliance

Financial Intelligence Analysis Unit (FIAU) on Statabank has decided to fine the bank the sum of ...

Satabank Penalized with €851,000 for Non-Compliance Explore More

News

Albania’s Fight Against Money Laundering and Terrorist Financing Gains Traction

Based on the Council of Europe’s MONEYVAL review report, published on June 21st, Albania ha...

Albania’s Fight Against Money Laundering and Terrorist Financing Gains Traction Explore More

News

U.K. Parliament Introduces New Online Safety Bill to Curb Push Payment Fraud

The UK Parliament introduces a new Online Safety Bill, to mitigate push payment fraud and increas...

U.K. Parliament Introduces New Online Safety Bill  to Curb Push Payment Fraud Explore More

News

AI-based voice cloning induces new scams

Vijay Balasubramaniyan, the CEO, CTO, and Co-founder of Pindrop Security, warns the world about a...

AI-based voice cloning induces new scams Explore More

News

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto

One year after the Central Bank Nigeria (CBN), imposed a ban on digital currencies, anti-fraud ex...

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto Explore More

News

UK to Apply Digital Identity Verification Across Government Services

Michael Gove, Cabinet Office Minister has written to Whitehall departments about obligating the u...

UK to Apply Digital Identity Verification Across Government Services Explore More

News

Australian Regulators Oblige Businesses to Report Suspicious Transactions

The Australian regulatory authorities ordered digital businesses to report cyberattacks and suspi...

Australian Regulators Oblige Businesses to Report Suspicious Transactions Explore More

News

Canada Seeks to Digitize ID-Documents for Enhanced Security Measures

Canada, Ontario’s government is working towards digitizing the identity documents and seeks publi...

Canada Seeks to Digitize ID-Documents for Enhanced Security Measures Explore More

News

German FinTech N26 Notches $100M Amid COVID-19 Uncertainty

A funding deal for an extra $100 million has been closed by a German challenger bank N26 as it pr...

German FinTech N26 Notches $100M Amid COVID-19 Uncertainty Explore More

News

California university pays a million-dollar crypto ransom

As per reports, the University of California reportedly paid a huge ransom of $1.14 million in cr...

California university pays a million-dollar crypto ransom Explore More

News

Ransomware attack exposes 1.5TB of stolen aerospace data

ST Engineering Aerospace’s US subsidiary experienced a ransomware attack that extracted about 1.5...

Ransomware attack exposes 1.5TB of stolen aerospace data Explore More

News

UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing

UAE’s Executive Office to Combat Money Laundering and Terrorist Financing has claimed to collect ...

UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing Explore More

News

Japan Revises Six Laws to Tackle Money Laundering in Cryptocurrency

The Japanese government is pondering enacting a new law. The “bundling bill” proposed...

Japan Revises Six Laws to Tackle Money Laundering in Cryptocurrency Explore More

News

Sri Lanka removed from the high-risk money-laundering list

COLOMBO – Sri Lanka was recently removed from the list of high-risk countries for money lau...

Sri Lanka removed from the high-risk money-laundering list Explore More

News

Manchester Police Retrieves & Returns $23 Million Stolen Crypto Assets to Scam Victims

Manchester police have confiscated over $25 million worth of crypto that were stolen globally in ...

Manchester Police Retrieves & Returns $23 Million Stolen Crypto Assets to Scam Victims Explore More

News

FBI Seizes $1.7M During 3-Month Crypto Operation

During a 3-month operation from March to May, the FBI seized $1.7m worth of cryptocurrencies, inc...

FBI Seizes $1.7M During 3-Month Crypto Operation Explore More

News

Enhancing Transparency and Beneficial Ownership in the Fight Against Trade-Based Money Laundering

Criminals use trade-based money laundering (TBML) to move illicit money across jurisdictions. TBM...

Enhancing Transparency and Beneficial Ownership in the Fight Against Trade-Based Money Laundering Explore More

News

Leading MSB Industry Associations Introduce Best Practices For Anti-Money Laundering

The introduction of the best practices for anti-money laundering by leading MSB industry associat...

Leading MSB Industry Associations Introduce Best Practices For Anti-Money Laundering Explore More

News

UK Launches New Crypto Asset Promotion Rules

The UK’s latest obligations on the promotions of the crypto service providers came into force thi...

UK Launches New Crypto Asset Promotion Rules Explore More

News

Deutsche Bank Subordinate DWS Fined $25 Million for AML Violations

In the latest enforcement action, the Security Exchange Commission (SEC) has fined $25 million to...

Deutsche Bank Subordinate DWS Fined $25 Million for AML Violations Explore More

News

Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties

In a recent operation, Thai authorities uncovered a $27m crypto scam targeting local investors an...

Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties Explore More

News

Investment Scams Rising Through Fake Celebrity Endorsements

Financial fraud through celebrity endorsement is becoming a primary concern as one in six firms o...

Investment Scams Rising Through Fake Celebrity Endorsements Explore More

News

Bank of Ghana to Introduce Digital Currency in ‘Near Future’

The Governor of the West African nation’s central bank, Ernest Addison, announced the news of Gha...

Bank of Ghana to Introduce Digital Currency in ‘Near Future’ Explore More

News

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures

The RICS has issued a statement for its members urging them to adopt ‘extremely careful’ measures...

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures Explore More

News

US Courtrooms Ponder Over the Photo ID Requirement for Voters

The US courtrooms are again facing the debate over the use of photo identification for voters. A ...

US Courtrooms Ponder Over the Photo ID Requirement for Voters Explore More

News

FATF Member, Saudi Arabia, Winning the World Money Laundering Race

During a virtual meeting on Monday, the FATF supported Saudi Arabia to combat money laundering an...

FATF Member, Saudi Arabia, Winning the World Money Laundering Race Explore More

News

Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert.

A crypto-savvy and a CFTC (Commodity Futures Trading Commission) chair from President Obama’s gov...

Gary Gensler- Former CFTC Chair to Join President-Elect Biden’s team as Financial Expert. Explore More

News

Fintech funding dwindles amidst Coronavirus pandemic

Fintech funding reduced at the beginning of 2020 because the COVID-19 outbreak began to hit late ...

Fintech funding dwindles amidst Coronavirus pandemic Explore More

News

FATF to Publish Revised Guidelines For Virtual Assets Service Providers

The Financial Action Task Force is all set to publish updated guidelines on virtual assets on Oct...

FATF to Publish Revised Guidelines For Virtual Assets Service Providers Explore More

News

Enhancing Transparency and Beneficial Ownership in the Fight Against Trade-Based Money Laundering

Criminals use trade-based money laundering (TBML) to move illicit money across jurisdictions. TBM...

Enhancing Transparency and Beneficial Ownership in the Fight Against Trade-Based Money Laundering Explore More

News

Australian Payment Network Reports 9.2% Increase in Payment Card Fraud

AusPayNet reports that the e-commerce industry experienced a 9.2% rise in payment card fraud due ...

Australian Payment Network Reports  9.2% Increase in Payment Card Fraud Explore More

News

Australian Defense Department Hit by Ransomware Attack

Australian Defence Department has been hit by a ransomware attack. No information about former or...

Australian Defense Department Hit by Ransomware Attack Explore More

News

FATF Withdraws Switzerland From AML Enhanced Measures List

The Financial Action Task Force (FATF) removed Switzerland from the enhanced money-laundering com...

FATF Withdraws Switzerland From AML Enhanced Measures List Explore More

News

455 Social Media Accounts Flagged for Rolling Out Fake IDs – Europol Reports

455 social media accounts flagged by Europol, which were providing fake identity documents to ill...

455 Social Media Accounts Flagged for Rolling Out Fake IDs  – Europol Reports Explore More

News

Crypto Exchange BKEX Freezes Withdrawals Under Money Laundering Investigation

BKEX withdrawals were suspended after funds on its platform were used to launder money, according...

Crypto Exchange BKEX Freezes Withdrawals Under Money Laundering Investigation Explore More

News

Twitter Reveals Plans of Addressing Deepfakes

Last month, Twitter announced that it was working on plans to better handle the rising issues of ...

Twitter Reveals Plans of Addressing Deepfakes Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started