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Financial firms' use of AI requires concrete guidance, human involvement, Bank for International Settlements says

( August 4, 2021, 17:29 GMT | Official Statement) -- MLex Summary: National regulators worldwide should issue "concrete practical guidance" and establish accountability measures for financial firms’ use of artificial intelligence, a Bank for International Settlements report said. The group of central banks said that while artificial intelligence will allow for greater speed and scale for financial institutions' operations, human involvement is needed to prevent AI algorithms from making discriminatory or unethical decisions.See statement and documents below....

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