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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-12-12T19:41:00
The European Union’s landmark legal framework to regulate artificial intelligence (AI) received political agreement Friday, moving one step closer to official adoption.
The deal between the European Parliament and the Council on the AI Act advances the legislation to formal approval, which would put it on track to take full effect as soon as 2026. Certain provisions of the act, such as regarding general purpose AI, would apply within the first year of its adoption and entry into force.
During the transition period, the European Commission said in a press release it would launch an “AI Pact” that companies can voluntarily commit to to begin early implementation of the AI Act’s measures. European Commission President Ursula von der Leyen said in a statement around 100 companies have expressed interest in the pact.
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2023-12-20T16:00:00Z By Neil Hodge
As the European Union’s AI Act sets its sights on 2026 to take full effect, experts are concerned other key jurisdictions might introduce divergent legislation that treats artificial intelligence use differently, thus making it difficult for companies to ensure compliance.
2023-06-29T12:09:00Z By Neil Hodge
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.
2023-06-16T13:00:00Z By Neil Hodge
The European Union wants to bolster tech innovation within the single market as artificial intelligence is predicted to catapult economic growth, but some have expressed fears AI use might conflict with levels of automatic protection expected under the General Data Protection Regulation.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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