SGGermany's financial regulator, Bafin, announced it will begin monitoring the use of artificial intelligence by banks and insurance companies following new legislation granting it expanded authority. This includes ensuring transparency in AI applications such as customer-facing chatbots and systems assessing creditworthiness. Bafin will also prevent the use of prohibited AI practices, such as collecting and analyzing sensitive personal data that might lead to unfair treatment. The regulator emphasized the importance of protecting individuals' fundamental rights and ensuring equitable access to financial services through AI oversight. Bafin President Mark Branson highlighted the need for trust in the system and fairness in AI-driven decisions.
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