Global regulatory agencies are calling for stronger oversight of AI in the financial sector.

As artificial intelligence accelerates its penetration, global regulatory agencies have warned that the increasing autonomy of AI systems may exacerbate risks in the financial system and have called for the establishment of new control measures. A report released on Wednesday by the Financial Stability Board, a global standard-setting body, "strongly" encourages institutions to consider implementing protective measures to mitigate the risks posed by AI, including those brought by "autonomous AI". Autonomous AI refers to systems that can plan, reason, and perform tasks under limited human supervision. Financial institutions have already used autonomous AI for fraud detection, customer service, and back-end operations. A survey conducted at the Cambridge Centre for Alternative Finance showed that among respondents in the financial industry, 52% are actively adopting autonomous AI, with 23% already scaling up or in the process of transitioning, and 29% still in the pilot phase. Since Anthropic released Mythos, regulatory agencies and global standard-setting bodies have increased their warnings about the risks associated with the widespread adoption of AI in the financial sector. Experts believe that Mythos has brought significant cybersecurity challenges to the banking industry. The FSB states that autonomous AI may bring risks that could manifest "very quickly", including unauthorized or illegal activities, data breaches, and disruptions to interconnected systems.