German banks and insurers warned to avoid AI shortcomings
By Maciej Boguslawski and Martin Coyle ( July 29, 2026, 16:44 GMT | Insight) -- Banks and insurers in Germany have been cautioned over their use of artificial intelligence as the country’s financial regulator warned of multimillion-euro fines for shortcomings. An official at BaFin said the regulator is on the look out for firms not complying with the EU’s AI Act, and that in "extreme" cases, it could can impose fines of up to €35 million or seven per cent of annual turnover.Banks and insurers in Germany have been cautioned over their use of artificial intelligence as the country’s financial regulator warned of multimillion-euro fines for shortcomings....
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