That’s according to a report from the Bank of England’s financial policy committee, warning that advanced AI trading models may learn to manipulate markets to “exploit profit-making opportunities” in a way that destabilizes financial industries or intentionally causes a crisis.
The report also warned that financial AI models could be manipulated by cyber attackers for money laundering schemes or funding terrorism.
The bloc isn’t walking back its landmark AI Act, but is hoping to bolster regional AI developments by making its regulatory environment less cumbersome to navigate. Plans announced by EU tech policy leader Henna Virkkunen include developing new guidance documents, standards, and a code of practice, alongside opening an “AI Service Desk” to guide businesses through compliance requirements.
The two companies are being probed over compliance with the bloc’s Digital Markets Act and are expected to face modest penalties for violations, taking the “geopolitical climate” into consideration. EU antitrust chief Teresa Ribera previously said she would issue her ruling in March but now says that “decisions could be adopted in the coming weeks” as the EU focuses on tariff negotiations with the US.
