- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Organization for Economic Cooperation and Development and the Global Forum on Transparency and Exchange of Information for Tax Purposes has announced that Bahrain, Lebanon, Nauru, Panama, and Vanuatu are now committed to sharing financial account information automatically with other countries. Jaclyn Jaeger has more.
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Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.
