Generative AI is rapidly gaining attention in the financial sector, prompting firms to integrate this technology responsibly into their anti-financial crime frameworks. Experts emphasize the importance of strong governance, transparency, and human oversight to ensure that AI models are effective and compliant with evolving regulations.
Artificial intelligence (AI) is revolutionizing tax compliance by automating processes, improving accuracy, and enhancing efficiency in tax operations. With its ability to analyze large datasets, AI provides valuable insights that help businesses navigate the complexities of tax regulations and optimize their strategies.
The European Union’s Artificial Intelligence Act (AI Act) is poised to reshape global AI governance, yet compliance deadlines are approaching amid delays in finalizing essential guidelines. This situation provides a strategic opportunity for proactive firms to align with emerging standards and gain competitive advantages in key sectors like healthcare, autonomous systems, and data analytics.
The paper discusses the debate on whether frontier AI regulation should focus on the core technology (AI models) or its uses, highlighting the challenges of both model-based and use-based approaches. It proposes an alternative approach: entity-based regulation that targets the large business entities developing powerful AI systems, aiming to better address the unique risks posed by frontier AI.