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 LinkedIn

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 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

    identity theft protection services

    The Missing Piece in Banks’ Identity Protection Strategy

    July 24, 2026
    African cross-border payments

    Africa’s Payment Problem Isn’t What You Think It Is

    July 23, 2026
    remittance platform

    The Case for Not Building Your Own Remittance Stack

    July 22, 2026
    instant payments fraud, business payments

    When Faster Isn’t Better: The New Rules of Business Payments

    July 21, 2026
    Gen Z banking

    For Gen Z, Banking Loyalty Begins with Payments

    July 20, 2026
    syria visa mastercard

    Visa’s Stablecoin Platform Marks the Next Phase of Digital Payments

    July 17, 2026
    cross-border payments

    Beyond Pix: The Cross-Border Layer Latin America Is Building Next

    July 16, 2026
    digital euro

    Can the Digital Euro Be the Difference Maker the EU Needs?

    July 15, 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

    ©2026 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