The Bank of England has warned that rapid developments in artificial intelligence and machine learning could pose risks to the UK’s financial stability, triggering a fresh review into their use across the City.
AI and machine learning have been used by financial firms for at least a decade, for example, to help detect fraud and money laundering. However, a recent increase in technological advances and available data, as well as falling costs of computing power, had fuelled “considerable interest” and more widespread use across the sector, the Bank’s financial policy committee (FPC) said.
