Banks seek a carve-out from new AI regulation
Key Points
- Why it matters: Banks are embracing AI but are sensitive to how it might be regulated.
- The industry wants the government to recognise that AI use is already covered by many existing laws.
The banks have urged the Albanese government to assess how every existing law might capture the use of artificial intelligence before drafting new ones, to protect the financial industry’s AI rollout from unintended regulatory delays.
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 Department of Industry, Science and Resources, which is considering a new regulatory regime to govern AI, to “consider whether the legislation needs to apply to specific, highly regulated sectors such as the banking sector”.
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