Artificial Intelligence in Brazil: A European Regulatory Framework as a Model

The development of artificial intelligence (AI) is increasingly pivotal to the global economy, offering vast opportunities for productivity enhancement and innovation. However, these advancements come with significant risks that require careful management. To address this need, the concept of responsible AI has gained traction, particularly in Brazil, where various tech companies are aligning themselves with European regulatory guidelines. The EU's AI regulation is viewed as one of the most comprehensive and adaptable frameworks for Brazil, providing a solid guide for traditional banks, fintechs, insurance firms, and credit cooperatives. According to Telma Luchetta from EY, 'While the Central Bank resolution 18 is crucial, EU regulations are much more complete and easy to implement.' This regulatory approach not only helps mitigate risks associated with AI but also promotes higher transparency and corporate social responsibility. It aligns with global trends in corporate governance and sustainability, which have gained prominence in international economic debates.