The industry wants the government to recognise that AI use is already covered by many existing laws.
Banks – which are already deploying AI to improve staff productivity and customer service – are pushing for a potential carve-out from any new requirements, citing extensive existing regulation they are beholden to. They have asked the , to “consider whether the legislation needs to apply to specific, highly regulated sectors such as the banking sector”.
discussion paper, published in June, expressed concerns about mandatory disclosure to customers of AI usage. This could be counterproductive if warnings are too general, but the lobby group warned more extensive disclosure may put intellectual property in the hands of competitors.
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