PayPal Responds To U.S. Department Of The Treasury On AI In The Financial Sector
This week, PayPal submitted its response to the U.S. Department of Treasury Request For Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector. The Request For Information will inform Treasury on the uses, opportunities and risks presented by developments and applications of AI within the financial sector.
In PayPal's response, we share that our Responsible AI framework incorporates five core principles of Privacy, Security, Fairness, Transparency, and Explainability that help to ensure safe, transparent and accountable use of AI technologies. We also detail our enterprise risk management approach to AI, and how we are leveraging AI tools to enhance our capabilities to combat fraudulent activity and to improve processes related to our Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) program.
View the response here. The response submitted by PayPal can also be found on the Regulations.gov website.