- 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.
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.
