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Janet Yellen warns AI in finance poses ‘significant risks’

Treasury Secretary Janet Yellen is expected to warn bankers and tech executives on Thursday that while artificial intelligence could open the door to vast rewards for the financial system, the technology also threatens to introduce new dangers, according to speech excerpts shared first with CNN.

Treasury Secretary Janet Yellen is expected to warn bankers and tech executives on Thursday that while artificial intelligence could open the door to vast rewards for the financial system, the technology also threatens to introduce new dangers, according to speech excerpts shared first with CNN. A Treasury official told CNN that the conference is expected to include a mix of regulators, tech executives, asset managers, insurers, academics, civil society organizations and small and large banks. “We’ve engaged with the public and private sectors on using AI to detect some of the greatest risks we face, from money laundering, to terrorist financing, to sanctions evasion,” Yellen plans to say.

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