Today, a court in Australia found Google liable for defamatory videos posted on its YouTube platforms targeting a senior politician. The court ordered Google to pay around $500,000, but the ruling adds pressure on Big Tech to apply content moderation rules to their platforms. FinCEN is seeking comments from companies and regulators about a proposed rulemaking to start using no-action letters as a new enforcement tool.
FinCEN Proposes Rulemaking To Add No-Action Letter Enforcement Tool
The Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) on Friday (June 3) relating to the implementation of a no-action letter process at FinCEN. A no-action letter is used as a sort of enforcement tool, where an agency states by letter that it will not take an enforcement action against the company for the specific conduct presented to the agency.
FinCEN is seeking public input on whether to establish a no-action letter process, what the scope of and limits on no-action letters should be, and how best to implement the process. The public consultation will remain open until Aug. 5.
Bank Regulators Warn That Traditional Rules Also Apply to AI
Even without AI-specific guidance from federal bank regulators, institutions could violate existing rules, officials from the Federal Reserve and the Office of the Comptroller of the Currency (OCC) said on Friday in an event hosted by the New York Bar Association.
U.S. financial regulators haven’t yet issued a set of rules to guide banks and other institutions’ growing use of AI, a technology that has been deployed in applications as diverse as fraud monitoring, product pricing and loan applications.
U.K. Publishes List of Digital Identity Certification Providers
On Dec. 27, the U.K. government announced its intention to enable employers and landlords to use certified digital identity service providers (IDSPs) to carry out identity checks on their behalf for many who are unable to use the Home Office’s online services. Alongside this, the Disclosure and Barring Service’s (DBS) proposal will enable digital identity checking within their criminal record checking process using IDSPs. On Friday, the U.K. government published the list of certified IDSPs.
Musk Threatens to Abandon $44 Billion Twitter Deal
Elon Musk’s legal team has written to Twitter threatening to abort his $44 billion acquisition after the social media company failed to satisfy his demands for more detailed information about spam and fake accounts, the Financial Times reported.
Google Is Liable for Content Posted Online, Australian Court Says
An Australian court found Google liable for defamatory videos posted on its YouTube platform that targeted a senior politician, a reminder that social media companies could be held responsible in some jurisdictions for what users put online.
China to Conclude Didi Probe, Lift Ban on New Users
China is concluding yearlong probes into ride-hailing giant Didi Global Inc. and two other U.S.-listed tech companies, preparing to lift a ban on adding new users, people familiar with the discussion said, in the latest sign that Beijing wants to spur economic activity.
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