AI chatbots are progressively becoming more human-like in their creativity and intelligence. Predominantly, AI chatbots based on generative AI models such as Large Language Models (LLMs) and Large Multimodal Model (LMMs) are a significant breakthrough in AI, as they have become more accurate, creative, context-aware, and can better mimic human-like interactions. Generative AI is an umbrella term for all AI technologies used to generate contents, where LLMs can process and generate textual data, and LMMs can process and generate multiple types of data modalities which are also known as multimodal AI models. AI chatbots and multimodal AI models offer several benefits, such as speed, accuracy, creativity, efficiency, and versatility; therefore, they can be used in nearly every sector such as a content creator, proactive assistant, reliable companion, customer assistant, and business operations facilitator. Nonetheless, these AI chatbots and multimodal AI models have some limitations, specially, inaccuracy and hallucination; that can affect and limit their usage for any critical task in any application area. Therefore, human verification and supervision is required for its reliable, safe and guided use. Moreover, their use in any application area also requires appropriate ethical consideration and regulatory compliance, alongside the human verification of generated responses. This paper will present twenty-two applications of AI chatbots and multimodal AI models, which are organised into two categories: personal applications and organisational applications. Subsequently, it will also describe the crucial ethical consideration and regulatory compliance for each application area to emphasise its related ethics, regulations and other risks for humans.