PERSPECTIVES
EU AI Act Will Be World’s First Comprehensive AI Law
On March 13, 2024, the European Union’s parliament formally approved the EU AI Act (pdf), making it the world’s first major set of regulatory ground rules to govern generative artificial intelligence (AI) technology. The EU AI Act, after passing final checks and receiving endorsement from...
Read moreOverview of Virginia’s AI Executive Order
In January 2024, Virginia Governor Glenn Youngkin announced and signed Executive Order 30 on Artificial Intelligence (EO 30), establishing “important safety standards to ensure the responsible, ethical, and transparent use of AI by state government.” EO 30 is expected to impact the adoption, use, monitoring,...
Read moreCorporate Transparency Act Reporting: What Banks Need to Know
Most privately held domestic and foreign companies doing business in the United States must now report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) under final rules issued by FinCEN to implement the Corporate Transparency Act (CTA). The CTA...
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