- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-05-19T20:27:00
It is a good idea to regulate artificial intelligence (AI) programs like ChatGPT, the chief executive officer of the popular chatbot’s developer told lawmakers Tuesday.
Companies creating powerful AI should be required to follow safety mandates that include internal and independent testing before being released, said Sam Altman, CEO of OpenAI, before the Senate Judiciary Subcommittee on Privacy, Technology, and the Law. Lawmakers held the hearing to explore what rules and guidance might be needed to help regulate chatbots like the one OpenAI created.
ChatGPT can answer questions on thousands of topics and help write prose, computer code, school papers, and even legal documents. It has raised concerns worldwide for its potential to be abused and is now more accessible after launching on Apple iOS on Thursday.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
Federal lawmakers shined a spotlight on artificial intelligence this week, raising the possibility that Congress will—eventually—legislate some controls on the burgeoning technology should middle ground be found.
The Federal Trade Commission sent to ChatGPT developer OpenAI a list of questions seeking clarity on how the company monitors, collects, and retains user personal information and ensures control over its popular artificial intelligence chatbot.
Not all companies can rely on bans or restrictions to employee use of generative artificial intelligence like ChatGPT. Instead of telling people what they can’t do, focus on what they can do.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
