Global regulators trail banks in AI as Mythos raises oversight concerns, report finds
A report by the Cambridge Centre for Alternative Finance found that financial regulators lag behind financial institutions in AI adoption, with only 2 in 10 regulators reporting 'advanced AI adoption'. The report highlights concerns over the ability of regulators to oversee emerging AI models like Anthropic's Mythos.
Financial regulators are significantly behind financial institutions in adopting artificial intelligence (AI), according to a report by the Cambridge Centre for Alternative Finance. The report surveyed 350 financial institutions, 140 AI vendors, and 130 central banks and financial authorities across 151 countries. Only 2 in 10 regulators reported 'advanced AI adoption', while 43% have no plans to collect data on industry AI adoption within the next two years. The report highlights concerns over the ability of regulators to oversee emerging AI models like Anthropic's Mythos, which poses significant challenges to the banking industry. Regulators must adopt agentic AI capabilities to match the systems they oversee, the report says. The research was prepared alongside the Bank for International Settlements and the International Monetary Fund.
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