Big EU banks must set out AI risk plan, top ECB official

The European Central Bank's top supervisor, Claudia Buch, ordered the EU's largest banks to submit action plans by the end of October addressing risks from advanced AI models, citing concerns that systems like Anthropic's Mythos could disrupt the financial system.

BRUSSELS — The EU’s biggest lenders should set out how they will tackle risks from cutting-edge artificial intelligence models by the end of October, the bloc’s top banking supervisor said today. Chair of the supervisory board of the European Central Bank, Claudia Buch, told lenders to put in place action plans outlining how they will strengthen their internal systems and ensure external technology providers are fit for purpose. The order comes amid fears AI models such as Mythos, which Anthropic claims has unprecedentedly powerful cyber capabilities, could wreak havoc on an unprepared financial system.