Financial technology group urges regulators to collaborate on use of AI tools

The American Fintech Council is calling on the Treasury Department to help clear regulatory obstacles to the use of artificial intelligence in countering risks associated with digital assets such as money-laundering, in a proceeding mandated by the recently enacted “stablecoins” law.

“AFC respectfully recommends Treasury collaborate with the prudential banking regulators to incentivize the use of AI in financial services,” the industry group says in its Oct. 15 submission to the department.

“Also,” it says, “AFC recommends additional collaboration...