New York City Bar Association Podcast

The New York Emerging Technologies Amendments to the New York Uniform Commercial Code are the result of a multi-year collaboration between the City Bar (led by the City Bar Presidential Task Force on Artificial Intelligence) and the Uniform Law Commission, including the New York State delegation to the Uniform Law Commission.

This significant legislation modernizes the New York UCC to address advances in technology and digital assets, ensuring that New York remains the preferred jurisdiction for innovations in commerce and finance.
In this episode, Task Force Co-Chair Jerome Walker sits down with City Bar stakeholders – including the City Bar Director of Advocacy (Elizabeth Kocienda) and two Uniform Law Commissioners from the Task Force (Ed Smith and Neil Cohen) – to talk about the years-long advocacy effort behind the passage of this bill, and to unpack the nuts and bolts of the bill’s changes to New York’s Uniform Commercial Code.

Together we’re celebrating a victory that preserves New York’s leadership in the world of commerce and finance.

Today we delve into the intricate world of AI assessment, review and audit methodologies, focusing on international frameworks and regulatory approaches. The discussion features experts from the City Bar Presidential Task Force on Artificial Intelligence and Digital Technologies, including Azish Filabi (American College McGuire Center for Ethics and Financial Services), Rim Belaoud (Forensic Risk Alliance), Nikhil Aggarwal (Deloitte Anti Money-Laundering), Lenka Molins (Oxford Internet Institute) and Jerome Walker (Task Force Co-Chair). They explore the definitions, methodologies, and challenges of AI audits across different jurisdictions such as the US, EU, Canada, and the UK, providing perspectives on issues related to methodologies, bias, transparency, and accountability. The episode also covers practical approaches for organizations to review AI models and highlights the importance of robust AI governance in various sectors, including financial services, AML, CFT, fraud, and export controls.

00:00 Introduction to the Podcast
00:50 Overview of AI Assessments, Reviews, and Audits
02:20 Key Definitions and Concepts in AI
05:44 Panelist Introductions
08:39 Discussion on Responsible and Trustworthy AI
18:33 Training AI Models and Explainability
22:33 Challenges in AI Assessments and Reviews
27:09 Global Perspectives on AI Audits
39:10 Practical Approaches for AI Model Reviews
53:57 Key Skills for AI Model Audits
59:27 Introduction and Areas of Practice
01:01:31 AI in Anti-Money Laundering and Counter-Terrorist Financing
01:07:36 AI Models in Fraud Detection
01:14:41 Export Control on AI Models
01:21:35 International AI Audit Methodologies
01:27:42 Challenges in AI Audits
01:42:10 Accountability in AI Audits
01:46:13 Conclusion and Final Thoughts

The Presidential Task Force on AI and Digital Technologies welcomes you to Wexford, a fictional city that has purchased AI-enabled law enforcement tools with a black box provision from a tech vendor. Task Force member Elizabeth Daitz moderates a discussion on the complexities of AI usage in criminal investigations and prosecution. Panelists Christian Quinn, Andrew Warshawer, Jerome Greco, and the Honorable Paul Grimm provide insightful perspectives on the significance of the black box provision, ethical and legal implications, and the need for transparency and coordination among stakeholders to ensure these tools are used effectively and justly in the criminal justice system.

00:00 Introductions

02:18 Fictional Case Study: Sentinel AI in Law Enforcement

03:31 Regulatory Landscape and Challenges

05:50 Bias and Explainability in AI

12:19 AI in Law Enforcement

18:01 Legal Implications of AI in Prosecution

35:52 Defense Perspective on AI Evidence

43:54 Challenging Unverifiable Evidence

46:57 Litigation Strategy and Expert Witnesses

49:00 Economic Barriers in Defense Technology

53:33 Judicial Perspectives on AI Evidence

01:13:53 Key Takeaways and Leadership in AI

01:22:11 Conclusion and Final Thoughts

Dana Lennon and Lori Nuckolls, co-chairs of the Subcommittee on Digital Technology Issues for Nonprofits, host an informative discussion on the use of digital assets in nonprofit organizations. Joined by subcommittee members Laura Angel Lalanne and John Bennett, alongside nonprofit leaders Kevin Scally and Zach Bronstein, they delve into different types of digital assets, their benefits for nonprofits, real-world applications, and the associated governance and legal considerations. The discussion includes practical advice on implementing digital asset strategies, addressing risk, ensuring transparency, and complying with emerging regulations and legislation.

Laura Angel-Lalanne is a Partner at Schulte Roth; John Bennett is a Senior Counsel at Simpson Thacher; Dana Lennon is the Director of Divisional Operations at Catholic Charities Community Services Archdiocese of New York; Lori Nuckols is a Public Policy Researcher; Zack Bronstein is Chief Operating Officer at Endaoment; and Kevin Scally is Deputy Chief Development Officer for Doctors without Border.

Want to further explore the latest developments in financial technology and associated regulatory changes? Join us at the City Bar’s upcoming FinTech Conference on September 9. (This program will be available on-demand thereafter.) Visit nycbar.org/events to find all of the most up-to-date information about our upcoming programs and events.

01:24 Understanding Digital Assets for Nonprofits

03:31 Kevin Scaly on Doctors Without Borders

05:52 Zach Bronstein on Endaoment

12:16 Implementing Digital Asset Strategies

18:35 Board Approval and Policy Considerations

24:57 Nonprofit Security Measures and Asset Management

29:28 Donor Information and Anonymity

33:07 Governance and Legal Considerations

44:04 Advice for Nonprofits on Digital Assets

What are the economics of the metaverse? Is your privacy safe when you make a financial transaction? What new scams and cons are criminals developing in the world of virtual reality? Flora Lau leads a cohort from the City Bar Presidential Task Force on Artificial Intelligence and Digital Technologies – Terry Dugan, Sabeena Ahmed Liconte, Alex Southwell, Irene Byhovsky, Clark Abrams, and Adam Scott Wandt – in a discussion covering regulatory implications, privacy concerns, national security issues, and cybersecurity challenges. They share detailed analysis, use cases, and potential solutions to ensure a balance between innovation and regulation, while also considering the broader implications for privacy and security. They also touch on the importance of regulatory sandboxes and future technologies that may reshape our digital interactions.

Want to learn more about developing standards and best-practices for emerging technologies? Join us at the City Bar’s upcoming FinTech Conference on September 9. (This program will be available on-demand thereafter.) Visit nycbar.org/events to find all of the most up-to-date information about our upcoming programs and events.

01:07 Defining the Metaverse
02:52 Economic Aspects of the Metaverse
05:20 Financial Activities in the Metaverse
14:33 Regulatory Considerations for Financial Institutions
36:36 Privacy and Data Concerns in the Metaverse
51:25 Child Privacy and Financial Risks in the Metaverse
52:25 Global Perspective on Metaverse Adoption
54:13 Recommendations for Metaverse Platforms on Privacy
56:36 Challenges of Age Verification and Regulation
01:00:06 National Security Concerns in the Metaverse
01:00:51 Money Laundering and Financial Crimes in the Metaverse
01:17:40 Cybersecurity in the Metaverse
01:31:34 Future of the Metaverse and Regulatory Considerations
01:39:48 Conclusion and Final Thoughts