/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

US and UK sign agreement to regulate AI models

The governments of the UK and US have signed what they claim is the first international bilateral agreement to regulate the risks of artificial intelligence (AI) models.

Be the first to comment

US and UK sign agreement to regulate AI models

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The deal was signed in Washington by the UK technology secretary Michelle Donelan and the US commerce secretary.

According to Donelan, the agreement is needed to manage the next generation of AI models which she said could be “complete game-changers and we don’t know the full capabilities that they will offer yet”.

The agreement will see an exchange of research expertise between the UK’s newly established AI Safety Institute and the US equivalent, which is yet to start operating.

The aim of the agreement is to mitigate the risks of AI, including how to independently evaluate private AI models from organisations such as AI.

While the UK government has stated that it does not intend to regulate AI more broadly, the US has adopted a stricter stance. Meanwhile the EU is set to introduce the EU AI Act which will see guardrails placed on the development and use of AI models.
 

Sponsored [New Report] The Future of UK Fintech: 2015 - 2035 - An IFGS Special Edition - UK Fintech Week 2024

Comments: (0)

[Webinar] Cross Border Payments: Hitting G20 targets for speed, cost, and transparencyFinextra Promoted[Webinar] Cross Border Payments: Hitting G20 targets for speed, cost, and transparency