Most financial compliance professionals still unaware of EU rules governing AI, warns study
Only one in four compliance professionals have any knowledge of EU guidelines governing the technology.
The number of financial services firms trialling or using artificial intelligence tools has fallen from 37% last year to 26% in 2025, a study of AI trends revealed, while only one in four compliance professionals have any knowledge of EU guidelines governing the technology.
The survey of compliance experts working predominantly in financial services organisations showed that 23% of respondents were familiar with the EU legislation today, compared to only 7% in 2024. Overall, awareness of the rules is still low, with 67% of compliance experts having either limited or no knowledge of the legislation.
The EU AI Act is a comprehensive legal framework on AI with the aim of fostering trustworthy AI in Europe and to address the risks of AI. The AI Act entered into force on August 1, 2024 and will be fully applicable on August 2, 2026, with some exceptions.
"The findings of our survey reflect a growing awareness and action on the governance of AI across the financial services sector, though progress is still in its early stages for many organisations. While our survey shows there’s been a notable increase in familiarity with the AI Act over the last year, it is worrying that only one in four are familiar with the legislation and that almost three in 10 are not," said Compliance Institute chief executive Michael Kavanagh.
"The reasons for this lack of familiarity could be simply because many compliance experts work in smaller organisations or in a specialist area that doesn’t deal with AI. All the same, given that the AI Act entered into force on August 1, 2024 and will for the most part be fully applicable across the EU on August 2, 2026, it is important that all compliance experts get up to speed with these new rules."
When the EU's AI Act is enforced next year, non-compliance with the act’s provisions could result in hefty fines ranging from €7.5m to €35m, depending on the severity of the infringement and the company’s size.
The fall in AI take-up suggests a more cautious approach towards the use of AI within organisations. Some 16% of compliance professionals surveyed said that an AI governance framework- with clear guidelines and standards to ensure that AI technologies are used responsibly - was already in place in their organisation, up from 7% in 2024. The percentage of organisations that have no plans to implement AI governance frameworks has largely remained the same over the last year - 27% in 2025 compared to 30% in 2024.
