Banking industry analysis reveals that while the EU AI Act establishes the world's first AI regulation in 2024, U.S. financial institutions face a 'fast-moving target' for compliance as regulatory frameworks remain unsettled. The assessment highlights SEC efforts to address AI conflicts of interest for investment advisors while emphasizing that loose regulatory frameworks create significant risks if AI isn't implemented diligently. This practitioner-focused piece underscores how compliance officers must monitor evolving AI requirements to protect data safety and security amid shifting national and global regulatory concerns.