New York has advanced the Responsible AI Safety and Education Act (RAISE Act), aimed at establishing transparency standards for powerful artificial intelligence systems. The bill, which addresses previous criticisms of California’s failed AI legislation, is now awaiting the governor’s approval after passing both chambers of the state legislature.
Pope Leo XIV emphasized the need for responsible AI that respects human dignity during the Second Annual Rome Conference on Artificial Intelligence. He warned that while Generative AI presents new opportunities, it also poses risks of distancing humanity from truth and beauty.
Responsible AI refers to the principles and practices that ensure AI systems are built and used ethically, transparently, and accountably. As AI becomes embedded in various sectors, it is crucial to address the ethical implications to prevent reinforcing inequalities and making harmful decisions.
Artificial intelligence is rapidly enhancing financial crime, outpacing traditional compliance systems and creating new challenges for the financial industry. To build trust and ensure accountability, explainability must be established as a baseline requirement for any AI system utilized in financial compliance.