Germany’s financial watchdog to monitor AI use at banks and insurers
12 Articles
12 Articles
Germany's financial watchdog to monitor AI use at banks and insurers
In the future, BaFin will control how banks and insurers use AI. New transparency obligations, specifications for high-risk systems and sensitive fines set clear limits. read more on t3n.de
The Federal Financial Supervisory Authority (BaFin) will henceforth supervise AI systems operated by companies in the financial sector. According to the authority, this is intended to promote innovation and protect fundamental rights. German lawmakers are expanding BaFin's mandate. The authority will now be responsible for market surveillance of AI systems directly related to regulated financial activities. The article "New Competencies: BaFin t…
A new AI law enters into force: The regulatory authority is thus responsible for market surveillance, complaints and innovation promotion within the meaning of the AI Act.
Algorithm supervisor: The Federal Network Agency is now managing the implementation of the European AI Regulation in Germany. The agency controls AI systems in sensitive areas such as human resources management or critical infrastructures and also serves as a central start-up and complaint office. President Klaus Müller wants to protect people's fundamental rights and at the same time promote innovations. The agency establishes an AI real labora…
In the future, the Financial Supervisory Authority will monitor with a legal mandate that insurers and banks comply with the requirements of the AI Regulation when using artificial intelligence. However, this is only about systems that directly affect financial activity.The last resort in AI must always be a human being, stresses Bafin CEO Mark Branson© BaFin/Matthias Sandmann The Financial Supervisory Authority has received new competences from…
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