EU AI Act: AML and Fraud Detection AI Not ‘High-Risk’
Did you know that AI systems used specifically for Anti-Money Laundering (AML) and fraud detection in financial services are not classified as ‘high-risk’ under the EU AI Act?
This distinction is important for the financial and compliance sectors! Here’s the detailed scoop:
Analysis of EU AI Office stakeholder consultations on defining AI systems and prohibited applications
The Commission published a report analyzing stakeholder feedback from public consultations on the AI Act’s regulatory obligations regarding the definition of AI systems and prohibited AI practices, highlighting calls for clearer technical definitions and concrete examples of prohibited activities.
Second thematic review on the use of Artificial Intelligence in the Luxembourg financial sector
The Banque centrale du Luxembourg (BCL) and the Commission de Surveillance du Secteur Financier (CSSF) published today the second thematic report on the use of Artificial Intelligence (AI) in Luxembourg’s financial sector.
Building on a similar study conducted in 2023, this report examines the evolving adoption of AI within the sector, with a particular focus on the growing prevalence and associated risks of Generative AI (GenAI).
The report presents the findings of a survey conducted between June and August 2024, encompassing Investment Firms (IFs), Authorised Investment Fund Managers (IFMs/AIFMs), Credit Institutions (B), E-money Institutions (EMIs),
and Payment Institutions (PIs). This expanded scope represents more than a threefold increase in participation compared to the previous survey, which focused solely on Credit Institutions, E-money Institutions and Payment Institutions.
Key Insights from AMLA Chair Bruna Szego on Fighting Financial Crime in Europe
At the European Anti-Financial Crime Summit in Dublin, Ms. Bruna Szego, the inaugural Chair of the European Anti-Money Laundering Authority (AMLA), delivered a keynote speech, to an audience of public and private sector stakeholders,
highlighting the Authority’s strategic priorities and the urgent need for unified, cross-sector action against financial crime.
Ms. Szego presented AMLA’s immediate priorities, organized around three aspects, namely establishing operational foundations, building supervisory and FIU coordination capacity, and fostering a culture of cooperation in AML.
The full text of the speech is available on the
AMLA website.
Watch the video if you are interested in a short summary of Bruna Szego’s speech.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
CSSF 2025 AML/CFT Conference dedicated to investment firms
On 28 March 2025, the department of supervision of investment firms of the Commission de Surveillance du Secteur Financier (CSSF) held its annual AML/CFT conference at the Chamber of Commerce.
A redacted version of the presentation slides can be consulted on the
CSSF website.
Watch the video if you are interested in a short summary of the publicly available presentation slides.
Notice: This video was produced using AI technology. The audio content is entirely original and created by Bastian Schwind-Wagner, while the visual representation through the personalized avatar has been generated using AI to enhance the presentation.
The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.
