Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 86

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 86
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 checking, prepaid and digital wallet accounts under certain conditions. The final rule is effective as of January 2025. Compliance dates range from April 2026 to April 2030. The European AI Act was published in June 2024 and initial provisions for prohibited AI use cases became applicable on February 2, 2025, and the remainder of the requirements will become applicable on August 2, 2026. Following a self-regulation approach for the longest time, the U.S. White House issued an Executive Order on AI in 2023. The Executive Order required the Secretary of the Treasury to submit a public report on best practices for financial institutions to manage AI-specific cybersecurity risks, which was released in March 2024. In June 2024, the U.S. Treasury issued a request for information seeking input on the use of AI in the financial services sector. In December 2024, the U.S. treasury issued a second report and recommendations on the use of AI in the financial services sector following a request for information seeking input on such topic. As a result of the new U.S. administration, a revised approach to AI is expected, however, the specific actions to be taken are unclear. In April 2024, the final Instant Payments Regulation was published to make instant payments in euro available to all citizens and businesses. This regulation will become applicable in a staggered approach, starting with the initial obligation for banks and payment service providers to be able to receive instant payments which became applicable in January 2025, and by October 2025 banks and payment service providers are required to be able to send instant payments and comply with the mandatory “verification of payee” obligation. Further changes to the EU’s payment services legislative framework proposed as part of the third EU Payment Services Directive and a new Payment Services Regulation continue to be subject to negotiations between EU Member States with a key focus on the prevention of and liability for fraud. The final political negotiations between EU co-legislators are not expected to be finalized before the second half of 2025. In addition, the European political and regulatory landscape continues to be driven by a desire to increase “digital sovereignty”. This goal translates into active support for European initiatives in the field of digital identities and cloud services, while at the same time it leads to greater scrutiny of non-European technologies and respective providers, including calls for onshoring of data and services. Aligned with the majority of central banks globally, the European Central Bank is in the middle of its preparation phase of the digital