On June 8 and 9, lawyers from our firm participated in the IX Cashless Congress organized by the Foundation for the Development of a Cashless Market.
During the Congress
The Congress was held simultaneously on two stages. The main stage was a place to discuss the changes in the economy, which were initiated by the technological revolution. The second stage was dominated by the well-known in our Firm topics of legal regulations and technical solutions in the field of “open banking”.
The most important issues
This year the AIS (Account Information Service) was of particular interest. Issues related to obtaining data on payment account holders through this service were particularly raised. Also, fintech start-ups that use or plan to use this solution in their business models presented themselves on stage.
The biggest controversies
The subject of artificial intelligence (AI) was also the most controversial. The reason? On April 21, the European Commission published a draft regulation establishing harmonized rules for artificial intelligence (Artificial Intelligence Act). AI is quite a broad topic, and the technology itself also has a huge impact on the financial sector.
In response to AI
The draft regulation assumes – well known from the regulations on personal data protection (RODO) and anti-money laundering (AML) – a risk-based approach. This, combined with the maximum penalties of EUR 30 000 000 or up to 6% of the total annual worldwide turnover in the preceding financial year, as provided for in the regulation, will force certain entities applying AI solutions to review and adjust those solutions to the requirements developed in the regulation.