AI News
US SEC to Host Roundtable on Artificial Intelligence in Financial Industry on 27 March 2025
On 20 March 2025, the United States Securities and Exchange Commission (US SEC) published an official announcement, Release No. 2025-56, detailing the agenda and panelists for its upcoming Artificial Intelligence Roundtable, scheduled for 27 March 2025 at the US SEC’s headquarters in Washington, D.C. The roundtable will explore the implications, opportunities, and risks associated with the use of artificial intelligence (AI) in financial markets and regulation. The schedule outlines a full-day programme featuring four expert panels focused on the benefits and costs of AI, fraud prevention and cybersecurity, governance and risk management, and future trends. The event will open with remarks by Acting Chairman Mark T. Uyeda, Commissioner Hester Peirce, and Commissioner Caroline Crenshaw, setting the tone for a discussion that aims to advance understanding of AI’s transformative potential in the financial ecosystem. The roundtable will bring together voices from across the public and...
US CFTC Warns Against AI-Driven Financial Scams in New Advisory on Generative AI Fraud
On 19 March 2025, the United States Commodity Futures Trading Commission (US CFTC) published an advisory titled "Criminals Increasing Use of Generative AI to Commit Fraud." The advisory released by Office of Customer Education and Outreach (OCEO) of the US CFTC discusses how criminals are now leveraging advanced artificial intelligence tools to create highly deceptive scams. From deepfake videos and manipulated live-stream calls to forged financial documents and fake trading platforms, fraudsters are using AI to make their scams more realistic and convincing than ever before. The advisory details how AI-generated images, voices, videos, and live-streamed video chats are being used to scam individuals and businesses. Fraudsters are also deploying AI-powered chatbots and social media profiles to gain victims' trust, solicit investments, and facilitate financial fraud. The advisory cites an FBI public service announcement that warns of AI’s increasing use in relationship investment...
Singapore Issues Joint Advisory on AI-Driven Scams Targeting Businesses
On 12 March 2025, the Singapore Police Force (SPF), Monetary Authority of Singapore (MAS), and Cyber Security Agency of Singapore (CSA) have issued a Joint Advisory on Scams Involving Digital Manipulation, warning the public about scams using Artificial Intelligence (AI) to create deepfake media. These scams target businesses by impersonating high-ranking executives through manipulated video calls, deceiving employees into transferring corporate funds to fraudsters. The advisory aims to create awareness about a new scam variant where fraudsters impersonate senior executives from victims’ companies using AI-generated digital manipulation. Victims receive unsolicited WhatsApp messages inviting them to a Zoom video call, where the scammers alter their appearance to mimic high-ranking executives. In some cases, fraudsters also impersonate MAS officials or potential investors. Once engaged, victims are instructed to transfer corporate funds under false pretences, such as business...
US SEC to Hold Roundtable on Artificial Intelligence in Financial Industry
On 28 February 2025, the United States Securities and Exchange Commission (US SEC) announced that it will host a roundtable discussion on Artificial Intelligence (AI). The event is scheduled for 27 March 2025 from 9 a.m. to 4 p.m. United States time at the US SEC’s headquarters in Washington, D.C., and will be open to the public for both in-person and virtual attendance. The roundtable will elaborate and discuss on the risks, benefits, and governance of AI in financial markets. US SEC Acting Chairman Mark Uyeda, along with Commissioners Hester Peirce and Caroline Crenshaw, are expected to deliver remarks on the evolving role of AI in regulatory frameworks and financial decision-making. The discussion will explore how AI is transforming trading, investment management, and compliance processes while also addressing regulatory challenges and ethical considerations. The US SEC has emphasised the importance of broad industry participation in shaping AI governance policies. As AI...
United States SEC Establishes Cyber and Emerging Technologies Unit to Strengthen Investor Protection
On 20 February 2025, the United States Securities and Exchange Commission (US SEC) announced the creation of the Cyber and Emerging Technologies Unit (CETU). This unit replaces the Crypto Assets and Cyber Unit and will focus on combatting cyber-related misconduct and protecting retail investors from fraudulent activities in the emerging technologies sector. The CETU will be led by Laura D’Allaird and will consist of approximately 30 fraud specialists and attorneys across multiple offices of the United States SEC. The establishment of CETU aims to enhance enforcement measures in response to the increasing risks associated with cyber-related fraud, artificial intelligence (AI), blockchain, and digital finance. The United States SEC’s CETU will leverage specialised expertise in fintech and cybersecurity to tackle securities violations in several high-risk areas. The unit’s enforcement focus includes fraudulent use of emerging technologies, such as artificial intelligence (AI) and...
IMF Publishes Blog on How Artificial Intelligence will Affect Asia’s Economies
On 5 January 2025, International Mometary Fund (IMF) published a blog titled ‘How Artificial Intelligence Will Affect Asia’s Economies’, discussing the implications of artificial intelligence (AI) on labour markets across the Asia-Pacific region. The blog, based on findings from the October 2024 Asia-Pacific Regional Economic Outlook, delves into how AI can enhance productivity and innovation while also posing risks of deepening inequality both within and across nations. The IMF’s blog published in January 2024 by IMF Managing Director Kristalina Georgieva and AI Preparedness Index served as a foundation for understanding the uneven readiness of countries to harness AI’s transformative power. The report revealed that advanced economies, such as Singapore, the United States, and Denmark, lead the way in AI adoption, scoring high on metrics such as digital infrastructure, human capital, and regulatory frameworks. These nations stand to benefit significantly from AI, with about 60% of...
BIS Insights on Regulating AI in the financial sector: Challenges and Opportunities
On 12 December 2024, the Bank for International Settlements (BIS) released a FSI Insights on policy implementation No 63 titled "Regulating AI in the Financial Sector: Recent Developments and Main Challenges." This information paper, authored by the Financial Stability Institute (FSI), provides an in-depth exploration of the increasing use of artificial intelligence (AI) in the financial sector. With AI’s transformative potential to revolutionise banking and insurance practices, the report examines the challenges posed by AI adoption and outlines a regulatory framework to mitigate associated risks while fostering innovation. The paper draws attention to the rapid expansion of AI technologies, particularly in areas such as customer support, fraud detection, and credit and insurance underwriting. These applications have enhanced operational efficiency, improved customer experience, and optimised decision-making processes. However, the exponential growth of AI adoption, particularly...
RBI Launches Framework for Responsible AI in Finance, Constitutes FREE-AI Committee
On 26 December 2024, the Reserve Bank of India (RBI) announced the formation of the Committee for the Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector. This initiative, introduced in the Developmental and Regulatory Policies Statement on 6 December 2024, aims to create a robust governance framework for the responsible and ethical adoption of artificial intelligence (AI) in India's financial ecosystem. By combining innovative technologies with stringent oversight, the RBI intends to address the challenges posed by AI while ensuring customer protection and operational resilience. The FREE-AI Committee will be chaired by Dr. Pushpak Bhattacharyya, Professor at IIT Bombay, and comprises distinguished experts from various fields including academia, government, technology, and finance. Notable members include Ms. Debjani Ghosh, a former president of NASSCOM and a Distinguished Fellow at NITI Aayog; Dr. Balaraman Ravindran, Head...
Swiss FINMA Issues Guidance on Governance and Risk Management in Artificial Intelligence Applications
On 18 December 2024, the Swiss Financial Market Supervisory Authority (FINMA) issued FINMA Guidance 08/2024 ‘Governance and risk management when using artificial intelligence’ for supervised financial institutions using artificial intelligence (AI). This move highlights FINMA's focus on addressing the operational, legal, and reputational risks associated with AI while promoting robust oversight practices in Switzerland's financial sector. The rapid adoption of AI has transformed financial markets, presenting significant opportunities but also risks that are often difficult to evaluate. FINMA’s guidance aims to ensure that supervised institutions adopt a proactive approach to identifying, assessing, and managing risks associated with AI. This effort reflects FINMA’s commitment to maintaining the reputation of Switzerland’s financial centre while helping institutions safeguard their business models in an evolving technological landscape. FINMA has observed that most institutions remain...
MAS Publishes Information Paper for Ethical Practices in Implementation of AI in Banking
On 5 December 2024, the Monetary Authority of Singapore published an information paper outlining good and ethical practices for Artificial Intelligence (AI) and Generative AI model risk management. The paper is based on the findings of thematic review conducted in mid-2024 that evaluated AI practices across selected banks. Through this paper, MAS discusses the importance of good governance, risk management systems, and development protocols for AI and Generative AI. The authority encouraged all financial institutions to adopt these practices to ensure responsible AI deployment and innovation. The information paper also elaborates on AI’s transformative potential in enhancing operational efficiency, customer engagement, and risk management. However, it also highlights the risks associated with its use, including financial, operational, regulatory, and reputational challenges. The review conducted in mid-2024 taken into account how banks are currently navigating these risks, with an...
Legal Advisory Report: Use of Artificial Intelligence in United States CFTC-Regulated Markets
On 5 December 2024, the United States Commodity Futures Trading Commission issued an advisory concerning the use of artificial intelligence in markets under its jurisdiction. The advisory, released by the Divisions of Clearing and Risk, Data, Market Oversight, and Market Participants, aims to guide registered entities and registrants in maintaining compliance with the United States Commodity Exchange Act and associated regulations while adopting artificial intelligence technologies. This advisory recognises the transformative potential of artificial intelligence in derivatives markets and highlights the responsibilities of regulated entities to integrate this technology without compromising their statutory and regulatory obligations. The advisory recognises the growing role of artificial intelligence in financial markets and the potential benefits and risks associated with its use. It draws on multiple sources, including public comments, industry engagements, and guidance from United...
MAS Publishes Financial Stability Review 2024: Global Risks, Embracing Technological Change, and Strengthening Resilience
On 27 November 2024, the Monetary Authority of Singapore published the Singapore’s 2024 Financial Stability Review, offering an incisive analysis of the challenges and opportunities in an increasingly uncertain global economic landscape. The document evaluates macrofinancial risks, corporate and household sector vulnerabilities, and the health of the financial sector, while also addressing emerging themes such as virtual assets, artificial intelligence (AI), and quantum technologies. The MAS FSR 2024 outlines the challenges posed by a volatile global macrofinancial environment. With geopolitical conflicts, trade tensions, and elevated debt levels across advanced and emerging economies, the probability of adverse financial shocks remains high. Key vulnerabilities include stretched asset valuations, fiscal imbalances, and the risk of sudden corrections in financial markets. While emerging markets in Asia are better positioned with stronger buffers, policymakers are cautioned to...
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