PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

EU Proposes Strict Regulations Restricting the Use of AI

By Tim Sloane
April 21, 2021
in Analysts Coverage, Artificial Intelligence, Biometrics, Compliance and Regulation, Digital Assets & Crypto, Emerging Payments
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
EU Proposes Strict Regulations Restricting the Use of AI

While it will take some time before the proposed rules are adopted, the proposed regulations prohibit use for live facial recognition in public spaces, and restrict usage in areas that threaten people’s safety or fundamental rights. One argument made for these restrictions is that AI decisions can’t be explained, but instead of preventing the use of AI the regulations might consider simply requiring AI tools used in specific use cases be explainable – a capability well within the AI technology available today.

The regulations should also enable individuals to opt-out. I want AI to be working alongside my doctors to review my MRI and X-Rays; AI never gets tired and is increasingly able to detect issues doctors may miss:

“Presented at a news briefing in Brussels, the draft rules would set limits around the use of artificial intelligence in a range of activities, from self-driving cars to hiring decisions, school enrollment selections and the scoring of exams. It would also cover the use of artificial intelligence by law enforcement and court systems — areas considered “high risk” because they could threaten people’s safety or fundamental rights.

Some uses would be banned altogether, including live facial recognition in public spaces, though there would be some exemptions for national security and other purposes.

The rules have far-reaching implications for major technology companies including Amazon, Google, Facebook and Microsoft that have poured resources into developing artificial intelligence, but also scores of other companies that use the technology in health care, insurance and finance. Governments have used versions of the technology in criminal justice and allocating public services.

Companies that violate the new regulations, which are expected to take several years to debate and implement, could face fines of up to 6 percent of global sales.”

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: AdoptionArtificial IntelligenceBiometricsFacial RecognitionRegulations

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    fraud passkey

    Why the Future of Financial Fraud Prevention Is Passwordless

    January 29, 2026
    payments AI

    When Can Payments Trust AI?

    January 28, 2026
    Contactless Payment Acceptance Multiplies for Merchants: cashless payment, Disputed Transactions and Fraud, Merchant Bill of Rights

    How Merchants Can Tap Into Support from the World’s Largest Payments Ecosystem

    January 27, 2026
    digital banking

    Digital Transformation and the Challenge of Differentiation for FIs

    January 26, 2026
    real-time payments merchant

    Banks Without Invoicing Services Are Missing a Small Business Opportunity

    January 23, 2026
    card program

    Should Banks Compete in the Credit Builder Card Market?

    January 22, 2026
    real-time payments, instant payments

    Getting Out in Front of Instant Payments—Before It’s Too Late

    January 21, 2026
    PhotonPay ClearBank

    PhotonPay Expands UK Local Payment Rails via New Collaboration with ClearBank

    January 20, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result