Banco de Portugal Building in Braga
The Artificial Intelligence tool will screens initial to detect creators of content that are not transparents about conflicts of interest to the financial products they promote.
Banco de Portugal (BDP) is developing an Artificial Intelligence (AI) tool to identify financial influencers, known as “finfliercrs”, which Promote financial products on the fringes of the rules.
The new platform, which should start to be used in 2025, aims to reinforce supervision In a digital environment where the risks of conflicts of interest and disseminate incorrect information multiply, according to the.
BDP administrator Francisca Guedes de Oliveira explained that AI tool will monitor social networks such as Tiktok, Instagram, LinkedIn and Facebook to identify potential violations. “It will make a first screening and put here some bells playing Each time something goes out of our criteria, ”he said during the official BDP podcast.
Although AI offers an initial screening, the final decision on any sanctions will always be human. If influencers are being paid by supervised institutions and promote financial products without exposing conflicts of interest, the BDP may apply fines. If the influencers themselves sell financial products without permission, the sanction may be more severe, including the cessation of the activity.
In addition to the BDP, the Securities Market Commission (CMVM) has also expressed concern. Although CMVM has no competence to supervise the quality of shared information when the contents are only of financial literacy, it has reinforced the alerts about the risks associated with “finfluencers” that promote investments without transparency about their earnings.
Deco Proteste, a consumer protection organization, also underlines the importance of regulating financial influencers and introducing obligatory financial literacy in schools.
According to recent data, the Age range between 16 and 24 years It stands out for using social networks as the main source of financial information, reinforcing the importance of ensuring that the disclosed content is reliable and transparent.
Currently, the “finfluencers” that only share educational content about finance are not subject to supervision BDP or CMVM. However, financial advice, which involves specific investment recommendations, continues to require formal authorization from CMVM.
