A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams

Bank of England to look closer at rise of AI in finance: Woods

06 Dec 2023, 11:58 · CNA · Join

LONDON : The Bank of England is looking closely at the growing use of artificial intelligence by financial firms but specific regulations that target AI may not be the best way forward, Deputy Governor Sam Woods said on Wednesday.

"We want to be technology-agnostic in all of our regulation," Woods said at a press conference after the BoE published its latest Financial Stability Report.

"AI-specific financial regulation may not be the right way forward," he added.