German Financial Regulator BaFin to Monitor Banks’ AI Use

Germany’s financial regulator wants to pay closer attention to the banking sector’s artificial intelligence (AI) use. This move by the Federal Financial Supervisory Authority (BaFin), announced Wednesday (July 29), comes after the watchdog was granted new powers under the European Union’s AI Act. “We will look into how banks, insurers and other financial entities use AI in direct connection with regulated financial activities,” Jens Obermöller , director-general for cyber risks and technology in