News & Analysis as of

Artificial Intelligence Banking Sector Machine Learning

A&O Shearman

UK Treasury Committee publishes call for evidence on AI in financial services

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The UK Treasury Committee has published a call for evidence on AI in financial services, in light of growing use of the technology across the sector including in retail banking, investment banking, insurance and pensions...more

A&O Shearman

Global M&A Insights Q4 2024

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Welcome to the latest edition of M&A Insights, where we bring together partners from across the A&O Shearman network to explore the themes shaping global dealmaking. The election of Donald Trump as President is expected to...more

A&O Shearman

Global M&A Insights Q4 2024 - introduction

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In our biannual M&A trends report we explore the possible impact of the new U.S. administration on dealmaking, the dynamics of transatlantic M&A, private equity exits, and Mario Draghi’s proposals to reshape the European...more

Benesch

AI Reporter - December 2024

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The U.S. government has expanded its relationship with OpenAI as NASA, the National Gallery of Arts and the IRS purchased ChatGPT licenses. This comes despite policymakers mulling potential concerns about the technology....more

A&O Shearman

Bank of England and UK Financial Conduct Authority Findings on Third Survey of Artificial Intelligence and Machine Learning in UK...

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The Bank of England published the findings of its third joint survey with the U.K. Financial Conduct Authority on the use of Artificial Intelligence and machine learning in financial services. The survey aims to build on...more

A&O Shearman

UK AI: existing regulators take the lead

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As further initiatives come in to play and legislation is on the horizon, existing regulators (such as the ICO, CMA, Ofcom and FCA) continue to press on with their approach to AI regulation, including through the Digital...more

Goodwin

AI and Financial Stability: Questioning Tech-Agnostic Regulation in the UK?

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In our previous alert we mentioned a joint letter from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to the UK Government on their strategic approach to artificial intelligence (AI) and...more

Orrick, Herrington & Sutcliffe LLP

OCC releases call for academic papers on AI and finance

Recently, the OCC released a notice soliciting academic research papers on the use of AI in banking and finance for submission by December 15. The OCC is interested in topics such as addressing potential bias and disparate...more

Kilpatrick

AI Cybersecurity Guidance Summary - NYDFS and Singapore CSA

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As regulators worldwide continue to scrutinize the impact of AI on industries within their respective purviews, two key global agencies issued guidance in October 2024 that highlighted AI-based cybersecurity risks and best...more

Troutman Pepper Locke

Exploring AI's Potential in Financial Services With John Sun of SpringLabs — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Mark Furletti, and special guest John Sun, CEO and co-founder of SpringLabs. The discussion delves into the transformative...more

Benesch

AI Reporter - September 2024

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There has been a seismic shift in the relationship between Big Tech’s AI power couple, Microsoft and OpenAI. The former listed the AI pioneer as a competitor in its annual report, perhaps signaling a less friendly dynamic...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - April 2024

Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

ArentFox Schiff

Investigations Newsletter: Deputy Attorney General Monaco Warns Industries: “Fraud Using AI is Still Fraud”

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On March 7, Deputy Attorney General Lisa Monaco delivered the keynote remarks at the American Bar Association’s (ABA) 39th National Institute on White Collar Crime. She noted that artificial intelligence (AI) “holds great...more

Wilson Sonsini Goodrich & Rosati

Fintech in Brief: Trends to Watch in 2024

Where will the fintech industry head in 2024? Our fintech and financial services partners make a few predictions below....more

Skadden, Arps, Slate, Meagher & Flom LLP

AI Insights: How Regulators Worldwide Are Addressing the Adoption of AI in Financial Services

Following the declaration of the international artificial intelligence (AI) “Safety Summit” at Bletchley Park (Bletchley Summit) on November 1, 2023, and the White House’s October 30, 2023, Executive Order on AI (Executive...more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee debates AI in finance: balancing opportunities and risks

On September 20, the Senate Banking Committee held its first hearing on the use of artificial intelligence (AI) in the financial services space, further revealing a partisan divide regarding the utilities and risks associated...more

Foley Hoag LLP - Global Business and Human...

A Human Rights Impact Assessment of Microsoft's Enterprise Cloud and AI Technologies Licensed to U.S. Law Enforcement Agencies

Microsoft is one of the world’s leading technology companies. Its products and technologies are in offices, classrooms, and homes. Additionally, governments use them to help conduct vital public services. Microsoft is also...more

Sheppard Mullin Richter & Hampton LLP

CFPB Warns of Risks Related to AI Chatbots in Banking

On June 6, the CFPB released a new report related to the adoption of chatbots by financial institutions, including those with advanced technology such as generative chatbots and others marketed as “artificial intelligence.”...more

American Conference Institute (ACI)

[Event] 22nd Annual Canadian Forum on Anti-Money Laundering and Financial Crime - June 7th - 8th, Toronto, Ontario, Canada

AML compliance for reporting entities has never been of greater critical importance than it is today. With the growing sophistication of criminals and the methods and technologies that they employed, combined with the...more

Hogan Lovells

AI regulation in financial services in the EU and the UK: Governance and risk-management

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Artificial intelligence (AI) and machine learning (ML) technology have started to transform financial services and bring about new business opportunities, but with risks. AI governance should be adopted by financial...more

Ankura

Behind the Expert with Angela Sabbe: The Keys to Developing a Winning Strategy with Data

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Angela Sabbe is a Managing Director and expert in the Ankura Competition & Class Action practice. For more than 20 years, Angela has devoted her expertise to advising companies and in-house counsel with winning strategies and...more

Hogan Lovells

The role of AI in the new UK Consumer Duty

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This article is the second in a series on areas impacted by AI. It focuses on the upcoming implementation of a new Consumer Duty, a higher standard of behaviour for financial services firms directly or indirectly interacting...more

K2 Integrity

[Webinar] Fighting Financial Crime Effectively through Federated Machine Learning - November 18th, 11:00 am - 12:00 pm EST

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Over 95% of Anti Money Laundering (AML) alerts are false positives. Despite this, today’s under-staffed and under-resourced institutions continue to use outdated, reactive, and expensive systems for AML monitoring. This...more

Goodwin

Fintech 2020: A Global Survey on the State of Financial Technology

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Letter from Our Co-Chairs - As the digital transformation of financial markets accelerates at breakneck speeds, fintech presents significant opportunities and challenges for both investors and innovators around the world. ...more

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