Thematic review on the use of Artificial Intelligence in the Luxembourg Financial sector
Press release 23/09
The Banque centrale du Luxembourg (BCL) and the Commission de Surveillance du Secteur Financier (CSSF) would like to announce the publication of a joint Thematic Report on Artificial Intelligence.
Artificial Intelligence (hereafter “AI”) is an innovative technology that can positively affect the financial sector by enabling, for example, improved processes, enhancing fraud detection mechanisms, new customer insights, fostering inclusion, etc. Nevertheless, AI also brings new challenges and risks to be considered both by the regulator and the entities using this technology.
In order to gather information about the usage of AI (and Machine Learning in particular) in the Luxembourg financial sector and the particular use cases being implemented by credit institutions, payment institutions and e-money institutions supervised by the CSSF, the BCL and the CSSF launched a joint survey in October 2021. The aim of this joint initiative was primarily to assess the level of adoption of these technologies by supervised institutions and to analyse the implementation of AI (“use cases”) with their related challenges, including AI trustworthiness aspects (e.g. explainability, ethics, bias and fairness, auditability, etc. …).
The present joint Thematic report on Artificial Intelligence reproduces a summary of the main findings from the survey.