Ireland’s central bank has recently implemented a ban on the use of the artificial intelligence (AI) chatbot ChatGPT by its employees. This decision aligns with the institution’s cyber security policies, as reported by the Irish newspaper, The Business Post.
A spokesperson for the Central Bank of Ireland stated that they have "implemented appropriate and relevant technical and organisational measures to ensure the ongoing protection of the organisation." Additionally, three major banks in Ireland—AIB, Permanent TSB, and Bank of Ireland—are reportedly considering similar restrictions.
Since its launch in November 2022, ChatGPT, which generates text and images from user prompts, has sparked concerns within the financial services sector. Recently, JP Morgan prohibited its employees from using the chatbot for internal communications, a move echoed by several Wall Street firms, including Goldman Sachs, Citigroup, Wells Fargo, Bank of America, and Deutsche Bank.
These restrictions follow significant fines imposed on banks for the unauthorized use of social media in employee communications. In the United States, the Securities and Exchange Commission has levied over $1 billion in penalties against various Wall Street firms and has urged several hedge funds to monitor their employees’ devices for the use of messaging apps like WhatsApp for conducting business transactions.