The payments industry has witnessed a rapid surge in the adoption of Artificial Intelligence (AI) and Machine Learning (ML) models in recent times, all aimed at enhancing accuracy, efficiency, and customer satisfaction. However, as the use of AI becomes more prevalent, there are valid concerns regarding the legal implications and potential regulatory, risk, and ethical considerations that may arise from its implementation.  This informative session will dive into the potential promises and pitfalls of implementing AI models in the payments industry. It will shed light on the various types of bias, fairness, explainability issues that could potentially manifest in AI models, and approaches that legal practitioners can take to mitigate risks.