Regulators take action
Banking regulators in the US and Europe are accelerating efforts to limit the risks artificial intelligence brings to the banking sector. According to Reuters, citing six sources, some officials fear that cyberattacks or rogue AI agents could shake the financial system.
Questions for banks
In the US, the Federal Reserve and two other bank regulators are asking banks about their use of AI and the associated risks. A similar questioning process is reportedly underway in Europe.
What is an AI agent?
An AI agent refers to software systems that can make decisions and take actions on their own. As such systems spread in banking, they raise new questions around oversight and security.
The move signals that oversight of AI use in the financial sector may tighten.
