A survey conducted across banking sector indicated that 6 banks are already using AI/ML tools and while 2 other were planning to use the tools. The main use cases were as follows. 

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​• Cyber/Information Security:
 o Threat detection and prevention;
 o Data leakage prevention

 • Process automation:
 o AI Assistant to generate text and imagery
 o Optical Character Recognition for document validation
 o Manual Payment Automation
 o Financial Market Analytics

• AML/CFT:
 o Real-time customer screening,
 o Digital identity verification o Document validation
 o Transaction Monitoring

 • Fraud prevention/ detection:
 o Forensic image analytics   

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The use of AI brings several benefits for the financial sector but also poses numerous risks and challenges. The purpose of this group will be to exchange views and ideas on the best practices of the use of AI in the Financial Sector with a view to address the associated risks, safeguard the interest of consumers and at the same time foster innovation.  

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 Link to useful documents

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Regulating AI in the financial sector: recent developments and main challenges

Artificial Intelligence (AI) Model Risk Management