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Washington Finance & Banking AI Compliance Checklist
Compliance Checklist for finance & banking businesses operating in Washington. Based on SB 5426 — AI Accountability Act (Enacted).
Risk Level
Very High
Max Penalty
Civil penalties up to $7,500/violation
Deadline
January 1, 2027
Status
Enacted
Disclosure & Transparency
☐Publish AI usage disclosure per SB 5426 — AI Accountability Act
☐Add AI-generated content labels where required
☐Notify finance & banking customers/users of AI involvement
☐Document all AI systems in use
Risk Assessment
☐Conduct impact assessment for AI systems affecting finance & banking
☐Evaluate bias risk in automated decisions
☐Document data sources and training methods
☐Assess third-party AI vendor compliance
Governance & Policy
☐Draft internal AI acceptable use policy
☐Assign AI compliance officer or point person
☐Establish AI incident response procedures
☐Schedule regular compliance reviews (quarterly minimum)
Technical Requirements
☐Implement human oversight for high-risk AI decisions
☐Enable audit logging for AI-assisted decisions
☐Ensure data minimization in AI processing
☐Test AI outputs for accuracy and bias
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Compare the cost
How much does AI compliance cost?
Lawyer
$200-500
per hour
Enterprise tool
$10K+
per year
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