Digitalisation of finance
Report published by the Basel Committee on Banking Supervision as its own text. Dated 2024-05.
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- Digitalisation of finance Basel Committee on Banking Supervision (Bank for International Settlements) · published 2024-05 · Retrieved for the candidate pack on 2026-11-02 (SHA-256 e9858665f0859ef0380fcd817df114090fcd361a73db4b3bd0a276886f6d0fff). Retrieved again at admission on 2026-11-06 (same file). PDF as served on 2026-11-02 (requested at https://www.bis.org/bcbs/publ/d575.pdf, redirected to the landing page whose PDF link is the address given)
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- AI and money: what central banks and financial authorities have said, 1997–2026 →4 records on this document
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Articulates · 3
Propositions whose criterion a passage of this document meets. The record says what the text states, in its register; it is not evidence that the proposition is true.
- Reliance on a few AI providers creates concentration riskThe Basel Committee’s report ‘Digitalisation of finance’ of May 2024 states that concentration risks may arise from foundation AI models and from third parties such as cloud service providers and AI model developers, and that broad adoption of generative AI may lead to greater third-party concentration risks.2024-05 · publication · Stated in source · Supported Inspect claim & evidence ↗Reliance on a few AI providers creates concentration risk: propositions page →
- AI increases cyber, fraud and operational risks in financeThe Basel Committee’s report ‘Digitalisation of finance’ of May 2024 states that fraudsters can use deepfakes, synthetic media generated with AI, to commit account takeovers, loan fraud or wire fraud against bank customers.2024-05 · publication · Stated in source · Supported Inspect claim & evidence ↗AI increases cyber, fraud and operational risks in finance: propositions page →
- The opacity of AI models complicates risk management and supervisionThe Basel Committee’s report ‘Digitalisation of finance’ of May 2024 states that generative AI models are complex and opaque, which can make their outcomes harder to explain, and that lack of explainability makes it difficult to assess the conceptual soundness of an AI/ML approach.2024-05 · publication · Stated in source · Supported Inspect claim & evidence ↗The opacity of AI models complicates risk management and supervision: propositions page →
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- Existing financial rules broadly cover AIThe Basel Committee’s report ‘Digitalisation of finance’ of May 2024 states that some supervisors have clarified that existing requirements on operational, technology, model, IT/cyber and outsourcing risk apply to AI, and that a few jurisdictions have issued specific AI/ML principles or guidance.2024-05 · publication · Stated in source · Supported Inspect claim & evidence ↗Existing financial rules broadly cover AI: propositions page →
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