Bank of England warns AI could pose financial stability risks

Careful monitoring' needed because of rapid pace of artificial intelligence and machine learning

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The Bank of England is launching a fresh review into artificial intelligence and machine learning amid fears the rapidly developing sector could pose risks to the UK's financial stability.

AI and machine learning have been used across the City for at least a decade, for example, to help detect fraud and money laundering. However, a recent increase in technological advances and available data, as well as falling costs of computing power, had sparked considerable interest" and more widespread use across the sector, regulators on the Bank's financial policy committee (FPC) said.