European Commission opens consultation on AI in finance
As AI use in financial services increases, regulators must balance innovation with risk
The European Commission (EC) opened a consultation on the use of artificial intelligence (AI) in financial services on June 18.
Responses will inform the commission about the “concrete application and impact of AI in financial services”, it said.
The move comes after the European Parliament and European Council passed the AI Act. Expected to enter into force in July, the act will regulate the development and use of AI in the European Union (EU). The EU calls it “the world’s first comprehensive AI
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