Regulators propose AI audit controls for banks

Financial institutions, including banks and payment companies, have increasingly integrated artificial intelligence into their core operations over recent years. These AI systems are utilized for critical functions such as fraud detection, credit underwriting, customer service, and anti-money laundering efforts. However, the rapid deployment of these technologies has outpaced the development of robust governance structures. In response, regulators are now proposing new audit-ready controls to ensure these AI systems are managed responsibly and transparently, aiming to mitigate risks and maintain financial stability.