The Central Bank of Luxembourg and Luxembourg's Commission for the Supervision of the Financial Sector (CSSF) have published a second thematic report on the use of artificial intelligence in Luxembourg’s financial sector, with a particular focus on the growing prevalence and associated risks of generative AI. The report summarises findings from a survey run between June and August 2024 covering investment firms, authorised investment fund managers, credit institutions, e-money institutions and payment institutions. Participation more than tripled compared with the 2023 exercise and the survey achieved an 86% response rate across 461 financial institutions. The analysis covers firms’ digital strategies, investments and organisational and technical arrangements for AI, maps reported AI use cases with a comparison of generative AI and machine learning applications, and reviews trustworthiness controls including bias management, explainability, auditability and human oversight. It also provides an initial classification of use cases against the EU AI Act risk categories and flags areas requiring further consideration.
Central Bank of Luxembourg2025-05-16
Central Bank of Luxembourg and CSSF publish second thematic report on AI use focusing on generative AI risks
The Central Bank of Luxembourg and Luxembourg's Commission for the Supervision of the Financial Sector published a thematic report on artificial intelligence in the financial sector, focusing on generative AI risks. The report, based on a survey of 461 institutions, examines digital strategies, AI investments, and trustworthiness controls, and classifies AI use cases against EU AI Act risk categories.