- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The cutting-edge question asked by Federal Reserve Governor Lael Brainard at a recent conference: “What are we learning about artificial intelligence in financial services?” She answered with a look at the regulatory landscape.
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Federal bank regulators are encouraging banks to use artificial intelligence and other emerging technologies to bolster their AML compliance programs. In doing so, new guidance addresses an evolving liability and enforcement posture.
Breaches of the EU’s GDPR can cost companies substantial sums and huge reputational damage. Now some are warning that the implementation of the EU’s AI Act will be just as far-reaching, and could potentially lead to similar numbers of cases.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
