AI in the Luxembourg Financial Sector ¦ Highlights from the Second Thematic Review

AI in the Luxembourg Financial Sector ¦ Highlights from the Second Thematic Review

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.

The report provides detailed analysis of digital strategies, investments in innovative technologies, and the organisational and technical setup supporting AI adoption. It highlights reported AI use cases, with a comparative overview of GenAI and Machine Learning (ML) applications. Furthermore, the report assesses key trustworthiness aspects of AI implementation, including bias management, explainability, auditability, and human oversight. Notably, the report includes an initial analysis of the risk classification of the use cases according to the EU AI Act, identifying areas requiring further consideration.

The full report is available on the CSSF website.

Watch the video if you are interested in a short summary of the Second Thematic Review.

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.

« Key Insights from AMLA Chair Bruna Szego on Fighting Financial Crime in Europe
Bastian Schwind-Wagner
Bastian Schwind-Wagner Bastian is a recognised expert in AML/CFT, compliance, data protection, risk management and whistleblowing. He spent 21 years working for fund management companies where he held senior positions in these areas.
comments powered by Disqus
Newsletter
Your registration could not be saved. Please try again.
We have sent you an e-mail to confirm your subscription.

We use Brevo as a marketing platform. By submitting the form, you agree that the personal information you provide will be transferred to Brevo for processing in accordance with Brevo's privacy policy.