The Department of the Treasury is seeking industry input on the potential uses of artificial intelligence in the financial services industry and opportunities and risks presented by financial institutions’ use of AI applications.
Treasury said Thursday it aims to better understand the opportunities and challenges that AI presents to financial institutions, including potential obstacles for facilitating the responsible use of AI and recommendations for enhancing regulatory frameworks applicable to AI systems in financial services.
The department is also seeking information on financial institutions’ use of AI to assist in decisions, manage various types of risks, assist in capital markets activities, manage internal operations, improve customer management, conduct marketing activities and manage regulatory requirements.
“The Biden Administration is committed to fostering innovation in the financial sector while ensuring that we protect consumers, investors, and our financial system from risks that new technologies pose,” said Nellie Liang, undersecretary for domestic finance.
The request for information comes shortly after Treasury released its 2024 National Strategy for Combatting Terrorist and Other Illicit Financing outlining the importance of industry outreach to industry outreach to understand how financial institutions are using AI to comply with applicable anti-money laundering/countering the financing of terrorism requirements.