Section

Rules & Regulators

Regulation, supervision, lawsuits and policy on AI in finance.

Latest briefs

Today

00:18

Philippine anti-money laundering body tells banks to prove AI actually works

The Anti-Money Laundering Council's executive director, Ronel Buenaventura, said banks using AI to fight financial crime must be able to explain and audit how the systems work, from the data used to how decisions are checked, and show the tools actually help detect or prevent crime rather than just speed up compliance work. He said boards must receive and act on risks the technology flags, and human review stays mandatory.

NoteThe AMLC is doing what US federal banking regulators have so far avoided: setting explicit explainability and audit requirements for AI-driven compliance tools, ahead of the broader agentic AI rollout Philippine banks are only starting.

Source: Philstar.comShare

Yesterday

20:22

Rules & Regulators

State bank regulators publish their own AI examination playbook

The Conference of State Bank Supervisors released an AI Supervisory Framework on September 16 to help state examiners review AI use at state-chartered banks and state-licensed nonbank financial institutions, covering governance, AI inventories, generative AI, third-party risk and consumer protection. CSBS president Brandon Milhorn said AI "provides a powerful new tool for financial institutions to improve services, protect consumers, and increase operating efficiency."

NoteThe OCC, Federal Reserve and FDIC updated joint model-risk guidance in April but left generative and agentic AI out of scope, calling it too new to pin down. States just filled that gap themselves, so a state-chartered bank's AI exam can now be more specific than a federally chartered peer's.

Sources: CSBS, PYMNTS.comShare

15:12

SEA Desk

Singapore calls for a UN framework on AI safeguards

Foreign Minister Vivian Balakrishnan told the UN General Assembly on September 26 that Singapore wants countries to consider a UN framework convention on AI safeguards, with common methods for assessing AI risks, testing models and reporting serious incidents. He said human beings must remain in control and accountable, and that Singapore will share its own AI governance and testing tools with other countries, joining Finland and Norway in pushing for tighter global standards.

NoteSingapore, home to MAS and the region's financial hub, is trying to shape global AI rules rather than wait for them. If a UN framework moves forward, expect its risk-assessment and incident-reporting language to feed back into how MAS and other SEA regulators supervise agentic AI in finance.

Source: Fintech News SingaporeShare

15:11

Rules & Regulators

FTC chair says companies can't blame AI agents for their own actions

FTC Chairman Andrew Ferguson told a Reuters event on September 25 that giving software the power to act does not make the software responsible when something goes wrong. He said regulators will look at the instructions, permissions and controls a company built into its AI agents rather than treating a bad outcome as the agent's fault, and that he prefers applying existing law before writing new AI-specific rules.

NoteThis lands the same message banks have been pre-empting on their own: whoever deploys the agent owns the outcome. It reinforces the case for the audit trails and permission logs banks and card networks are already building into agentic commerce.

Source: PYMNTS.comShare

Wednesday, 23 September

09:34

SEA Desk

Indonesian lawmakers warn banks not to use digitalization and AI as cover for layoffs

At a hearing on Tuesday, parliament's finance commission, Komisi XI, asked OJK, Indonesia's financial regulator, to review bank governance so digital transformation isn't used to justify one-sided dismissals. The complaint came from the Maybank Indonesia workers' union, and member Amin AK asked OJK to evaluate the bank's performance improvement plan scheme, which he said had become a one-sided tool to pressure staff.

NoteThe politics of AI job cuts have reached Indonesian banking before most of the savings have. Banks planning automation now need a redeployment story ready, because that is the question legislators are asking.

Sources: DPR RI, DPR RI (Amin AK)Share