Dutch challenger bank bunq has won a “landmark” victory over the country’s Central Bank (DNB) over the use of artificial intelligence (AI) for its AFC processes. The Dutch Central Bank had initially banned bunq’s use of AI and machine learning to conduct AML (anti-money laundering) monitoring. This led to the bank suing the Central Bank.
In a statement, bunq said DNB’s stance on AML was “antiquated and ineffective”, in contrast to the firm’s use of “modern technology such as AI to mitigate risks.” The Trade and Industry Appeals Tribunal ruled in favour of bunq on the appeal.
CEO and founder of bunq Ali Niknam said: “We made history today. The court has paved the way for progress.”
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