PayPal Responds To European Commission Consultation On AI In The Financial Sector
This week, PayPal submitted its response to the European Commision's targeted consultation on artificial intelligence in the financial sector. The consultation will inform the European Commission on market developments and risks related to AI.
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 European Commission website.