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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-06-29T12:09:00
Compliance functions are largely unprepared for the European Union’s AI Act, with many still unaware of what artificial intelligence their organizations are using or the risks the technology poses to their business, according to experts.
The legislation, which applies throughout the European Union but also has extraterritorial effect, is due to be finalized by the end of the year and come into force by 2027. Companies breaching the rules could face fines up to 6 percent of global turnover or 30 million euros (U.S. $33 million)—whichever is higher.
Chris Eastham, a technology partner at law firm Fieldfisher, said compliance functions “do not yet have a full enough grasp of their AI risk exposure,” while governance measures are “piecemeal or nonexistent” in most businesses.
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News and analysis for the well-informed compliance or audit exec.
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2023-12-12T19:41:00Z By Kyle Brasseur
The European Union’s landmark legal framework to regulate artificial intelligence received political agreement, moving one step closer to official adoption.
2023-10-20T14:14:00Z By Neil Hodge
Companies need to be aware of the legal risks and liabilities associated with their use of AI-based technologies, as technology firms are not the only ones in regulators’ sights, a panel of experts discussed at Compliance Week’s Europe conference in London.
2023-07-06T15:33:00Z By Neil Hodge
Not all companies can rely on bans or restrictions to employee use of generative artificial intelligence like ChatGPT. Instead of telling people what they can’t do, focus on what they can do.
2024-07-02T19:43:00Z By Aaron Nicodemus
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
2024-06-28T19:55:00Z By Aaron Nicodemus
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
2024-06-28T17:00:00Z By Aaron Nicodemus
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
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