Compliance Compass: Weekly Regulatory Roundup (16 – 20 September 2024)

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Regulatory Update (September 16-20, 2024)

This week's regulatory update provides an overview of recent changes and trends in regulatory policies across G-20 nations.

Key Highlights:

Anti-money laundering: Italy's FinCEN issued a resource to familiarize small business owners with beneficial ownership reporting requirements.
Artificial intelligence: Turkey's UN AI advisory body released its final report, including seven recommendations to address AI-related risks and governance gaps.
Competition: France launched a consultation to prepare a new opinion on the freedom of establishment of lawyers and revise recommendations on the creation of offices. The US Justice Department withdrew from the 1995 Bank Merger Guidelines.
Consumer protection: Brazil launched a consultation on its 2025-2026 regulatory agenda, while the US CFPB published guidance on stopping overdraft fees based on phantom opt-in agreements.
Cybersecurity: The US National Cyber Security Centre (NCSC) issued advice to counter China-linked campaign targeting thousands of devices.
Employment: Australia passed legislation preventing courts from ordering applicants to pay respondent's costs in Federal Court discrimination cases. Italy amended sanctions for the abuse of fixed-term contracts.
Environment: The US EPA announced public consultation on protecting underground sources of drinking water and extended the public comment period for the Welsbach & General Gas Mantle Superfund Site.
Financial services: Several countries, including Argentina, Australia, Brazil, Canada, Germany, Russia, and the UK, announced changes to financial regulations, such as amendments to interest rates, superannuation data collections, and transparency rules.
Human rights: Brazil updated rules for registering employers who have subjected workers to conditions analogous to slavery.

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