Bank Regulators Warn That Traditional Rules Also Apply to AI

“Financial regulators have yet to publish a comprehensive set of artificial intelligence (AI)-related rules, as most of the efforts have focused so far on guidelines and principles for financial institutions to make good use of AI. However, senior banking regulator officials warned on Friday (June 3) that existing regulation could also apply to AI.
‘If they don’t have the appropriate governance, risk management and controls for AI, they shouldn’t use AI,’ Palmer said in the same panel discussion.”