Europe’s new AI Act threatens supervisory ‘chaos’ for banks

Policy-maker says new role for European Commission could collide with ECB model risk regulation

Europe AI Act montage

Policy insiders say banks in the European Union could find themselves caught in a supervisory turf war, because the recently agreed Artificial Intelligence Act will create new regulators purely for the technology. Existing financial regulators such as the European Central Bank already oversee the use of AI by EU banks as part of their supervision of model risk.

Kai Zenner, head of office and digital policy adviser to Axel Voss – a member of the European parliament who was shadow rapporteur for

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

Modernising compliance functions with regtech

Regtech addresses the complexities of regulatory requirements, offering innovative tools to modernise compliance functions, streamline processes and enhance efficiency. This article explores its role in compliance and reporting within the banking sector,…

Most read articles loading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here