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Inside the financial sector's uphill battle to escape the EU's AI Act

By Luca Bertuzzi ( December 5, 2024, 15:18 GMT | Insight) -- Banks have been seeking to exclude logistic regression, widely used for credit scoring in the financial sector, from the definition of AI in an attempt to escape the EU AI Act’s strict requirements for high-risk systems. However, the European Commission told representatives for EU countries at a recent meeting that it considers these techniques artificial intelligence.Banks have been battling to exclude statistical regression techniques widely used in the financial services industry from the AI Act since negotiations over the law began....

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