Big Data, Big Change: The new AI Act has Big Implications for the Financial Services Sector
- The European Parliament approved the EU’s proposed regulation on artificial intelligence, known as the Artificial Intelligence Act, with recent corrections and clarifications published in a corrigendum.
- While the AI Act applies broadly and not specifically to financial services, it will profoundly impact how AI systems are utilized in this sector.
- Key areas examined in the article include the role of regulators, classification of AI systems, potential overlap with the Capital Requirements Directive, penalties, and the implementation timeline.
