TIRANA, June 4 – The Office of the Commissioner for the Right to Information and Personal Data Protection held a discussion titled “Personal Data Protection and Artificial Intelligence in the Financial Sector” with representatives from banking institutions, non-bank financial entities, the insurance sector, data protection officers, technology experts and information security professionals. The activity aimed to strengthen institutional capacities and improve dialogue between the supervisory authority and the financial sector. It also addressed the use of artificial intelligence in line with Law no. 124/2024 on personal data protection and European standards.
Meanwhile, Commissioner Besnik Dervishi said artificial intelligence is transforming how institutions process information and deliver services. He said it creates opportunities for automation and efficiency. However, he also pointed to challenges related to privacy, transparency, security and fundamental rights. He underlined that the financial sector is actively implementing artificial intelligence solutions. As a result, compliance with data protection legislation is becoming increasingly important. He said the principles of legality, transparency, data minimisation, processing security and accountability remain fully applicable, including in artificial intelligence systems. “Technological development must move in parallel with respect for fundamental rights. Data protection and innovation are not opposing concepts. They must be built on trust,” he said.
In addition, Professor Alessandro Mantelero from the University of Turin presented risks and benefits of artificial intelligence in the financial sector. He also addressed legal obligations for reducing risks linked to data processing. He said Albania has made progress in technology development and alignment with European data protection standards. Mantelero said artificial intelligence requires comprehensive risk assessment based on impact, probability and reversibility. He added that organisations should go beyond Data Protection Impact Assessments (DPIA) and also apply Fundamental Rights Impact Assessments (FRIA).
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