BoE probes banks on machine learning use

Risk Live: watchdog wants to know “how prevalent” ML models are, say execs

Using machine learning for AML

Model risk managers say a recent survey by the Bank of England on the use of machine learning techniques within financial services firms could augur formal guidance around the use and deployment of such techniques where they are adopted by banks for modelling.

The BoE, along with the Financial Conduct Authority (FCA), sent a survey on AI and ML adoption to more than 200 firms in March. Questions ranged from promising applications for the technology, as well as barriers to adoption – along with

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