- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2019-10-15T14:36:00
Visa, Mastercard, and a handful of other companies have followed in the footsteps of PayPal, abandoning the Facebook-led Libra Association amid harsh regulatory criticism surrounding the planned cryptocurrency offering.
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Fledgling digital currency group the Libra Association announced the appointment of former FinCEN and OFAC Director Robert Werner as general counsel.
Looking to get back on track for its planned 2020 release, Libra is pushing a new word at the forefront of its latest attempt to get critics on board with its digital currency mission: compliance.
Mastercard CEO Ajay Banga cites concerns with compliance, data management, and making money within regulatory constraints among the reasons his company left the Facebook-led Libra Association late last year.
Data governance has become a key concern for companies, especially when the EU AI Act and General Data Protection Regulation have put a premium on handling data responsibly and ensuring that artificial intelligence does not cause harm.
The era of artificial intelligence adoption is testing the old ways of doing compliance, underscoring the need for continuous monitoring. Compliance isn’t a one-and-done activity, but sometimes organizational incentives and goals fail to prioritize the importance of this.
While companies are exploring and building artificial intelligence technology, lawmakers and regulators are trying to identify what ground rules they need to set. These guardrails are what companies and governments alike believe are essential parts of ensuring safe and responsible use of the technology.
