The European Fintech Association (EFA) has published today its position paper on the Artificial Intelligence (AI) legislative proposal by the European Commission. The EFA welcomes the proposal and highlights the importance of the use of AI in the fight against financial crime. The position paper stresses the impact that the regulation will have on innovative small and medium European businesses, including FinTechs. Finding the right balance within the regulation will help European FinTechs to fight Money Laundering( by providing new and innovative solutions such as Know-Your Customer (KYC) processes.
Please find the EFA position here.