Factsheets

Companies worldwide are adopting and implementing AI in solutions that are reshaping industries through improved efficiency, productivity and decision-making. However, the meteoric rise of AI can overshadow some valid concerns around security and privacy.

Artificial Intelligence (AI) needs no introduction, having managed to rapidly creep into all aspects of life. While in business, AI is creating a plethora of new potential opportunities and efficiencies, it is also presenting new challenges, including in the area of cybersecurity. So how exactly has AI impacted cybersecurity and what are the key risks that can be identified in its present form?

It was broadly agreed that the implementation of the IAF will provide clarity of responsibilities, which will underpin sound governance across the financial sector, enhancing the culture of accountability in firms, and bringing clarity to individuals in respect of the standards of conduct they are expected to meet.

When designing a fit-for-purpose governance model, trust and transparency are the keys to success. Strong governance practices must permeate the culture of the organisation, and employees at all levels should play a role in a executing a lived governance model that helps the company thrive.

The Individual Accountability Framework (IAF) impacts all Regulated Financial Services Providers (RFSPs) and individuals who perform controlled functions (CFs) on their behalf. Certain RFSPs (including most credit institutions, insurance firms and MiFID firms) are additionally in scope for the Senior Executive Accountability Regime (SEAR).

As a result of Brexit, and particularly following the introduction of the UK’s Financial Services and Markets Act, there is a potential for increasing divergence between EU and UK financial services regulation.

Creating and implementing watertight Know Your Customer (KYC) procedures can be problematic for many organisations since the process remains a people-driven, manual operation.

Ensure compliance with DORA. Discover requirements for cybersecurity resilience, testing standards, and best practices for EU financial service providers.

Following enactment of the Central Bank (Individual Accountability Framework) Act 2023 on 9 March 2023, the Central Bank of Ireland (“CBI”) has launched a three-month consultation on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft regulations and guidance.

As a result of recent amendments to the Criminal Justice (Money Laundering and Terrorism Financing) Act 2010 to 2021, Virtual Asset Service Providers (VASPs) are now “designated persons” and are required to comply with the relevant Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) obligations.

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Final guidelines on common procedures and methodologies for the supervisory review and evaluation process for investment firms, along with final draft Regulatory Technical Standards on Pillar 2 add-ons for investment firms are published.

The Central Bank of Ireland (‘CBI’) has recently issued its latest Anti-Money Laundering Bulletin, focussing on the Virtual Asset Service Provider (‘VASP’) sector. In this bulletin, the CBI has provided its observations on a number of significant and widespread deficiencies across authorisation applications received from VASPs where roughly 90% of all applications are not meeting the required standard.

DORA is a draft regulation published by the European Commission in September 2020 and forms part of the European Commission’s wider Digital Finance Strategy to support the development of digital finance while mitigating associated risks

The European Commission has adopted a proposal for a revised Directive on Security of Network and Information Systems (NIS 2 Directive).

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