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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2022-09-15T16:00:00
For more than a decade, the European Union has put regulating artificial intelligence (AI) at the heart of its digital agenda. Beginning next year, a raft of legislation is set to take effect.
Aimed at protecting consumers from any unintended consequences AI technologies and machine learning (ML) might create, the AI Act primarily targets the largest tech platforms capable of the greatest harms while also seeking to level the playing field so new companies can enter the market without being swallowed up. The rules will allow businesses generally to flag unfair practices, such as Big Tech firms’ use (and abuse) of targeted advertising to drive sales from customer data without users’ consent.
The European Commission—the bloc’s executive body—published its draft proposal for the AI Act in April 2021. The legislation, which is industry neutral and has extraterritorial application, seeks to remedy existing fragmentation in the regulation of AI across the European Union, as well as address concerns around potential risks posed by unregulated uses of AI-based technologies.
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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.
2023-06-29T12:09:00Z 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.
2023-02-02T17:31:00Z By Neil Hodge
Companies are at serious risk of facing multiple fines for the same offense under different sets of legislation if the artificial intelligence technologies they employ misuse personal data or cause harm to consumers, according to legal experts.
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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