The Impact of artificial intelligence systems on financial transactions. Legal and economic aspects
Article Sidebar
Main Article Content
Abstract
This study examines the transformation of financial transactions under the influence of artificial intelligence (AI) systems and distributed ledger technologies (DLT/blockchain). The European Union, through the implementation of Regulation (EU) 2024/1689 (the AI Act), introduces a horizontal, risk-based regulatory framework specifically related to applications concerning credit-risk assessment, fraud prevention and the automated provision of investment recommendations. In parallel, the recent revision of the EU framework on liability for defective products strengthens the protection of injured parties against digital products and software incorporating AI, while the decision not to advance a specific horizontal directive on non-contractual AI liability underscores the importance
Article Details
Issue
Section
I hereby assign to the Association of South Eastern Europe Economic Universities (ASECU) the copyright in the article present and future. In particular, this provides ASECU with the exclusive right to reproduce and/or distribute the article (including the abstract) throughout the world in printed, electronic or any other medium now known and hereinafter invented, and in turn to authorize third parties to do the same. Furthermore, I agree that ASECU may publish the article in the above journal, and sell or distribute it within the journal, on its own, or with other related material. These rights are assigned for the full legal term of copyright.
If the said article has been written in the course of my employment, and with the express authority of my employers, I hereby assign to ASECU the copyright in the article present and future. In particular, this provides ASECU with the exclusive right to reproduce and/or distribute the article (including the abstract) throughout the world in printed, electronic or any other medium now known and hereinafter invented, and in turn to authorize third parties to do the same. Furthermore, I agree that ASECU may publish the article in the above journal and sell or distribute it within the journal, on its own, or with other related material. These rights are assigned for the full legal term of copyright.
Notes on Dissemination and Reprints: Licensing of publication rights to one central organization will ensure the widest possible dissemination of the work. It will allow requests by third parties to be handled efficiently and consistently. All requests to reprint the work, in part or full, will be subject to your approval (which we will assume is given if we have not heard from you within four weeks of your approval being sought).
References
Regulation (EU) 2024/1689 (Artificial Intelligence Act), EE L 12/7/2024.
T. Marwala, LG Mpedi, (2024), Artificial Intelligence and the Law, Spinger, pp. 1-25
Shavell, S. (2004) Foundations of Economic Analysis of Law. Cambridge, MA: Harvard University Press.
Werbach, K. and Cornell, N. (2017) ‘Contracts Ex Machina’, Duke Law Journal, 67, 313–382.
BJ Kim and al, (2025), AI Governance in the Context of the EU AI Act, IEEE.
Posner, R.A. (2014) Economic Analysis of Law. 9th ed. New York: Wolters Kluwer.
T. Braun al., (2025) Legal, Regulatory and Ethical Non–binary Choices of the AI Act, Taylor and Francis, Oxford.
Regulation (EU) 2016/679 (GDPR), in particular, Article 22, EE L
CJEU, Ruling of 7 December 2023, C-634/21, SCHUFA Holding AG
K. Kalampouka, Artificial Intelligence, Business Platforms and the New Competition Framework, Business and Company Law, vol. 7, 2023, pp. 862-872.
Law 4961/2022 (Government Gazette A’ 146/27.07.2022), Articles 49–51.
Article 31 Law 4961/2022 (Government Gazette A’ 146/27.07.2022)
Article 49 Law 4961/2022 (Government Gazette A’ 146/27.07.2022)
Article 50 Law 4961/2022 (Government Gazette A’ 146/27.07.2022)
Article 51 Law 4961/2022 (Government Gazette A’ 146/27.07.2022)
Woebbeking, M.K. (2019) ‘The Impact of Smart Contracts on Traditional Concepts of Contract Law’, JIPITEC, 10.
De Filippi, P. and Wright, A. (2018) Blockchain and the Law: The Rule of Code. Cambridge, MA: Harvard University Press.
European Law Institute (2022) ELI Principles on Blockchain Technology, Smart Contracts and Consumer Protection. Vienna: ELI.
K. Kalampouka, Artificial Intelligence, Business Platforms and the New Competition Framework, Business and Company Law, vol. 7, 2023, pp. 862-872.
Szabo, N. (1997) ‘Formalizing and Securing Relationships on Public Networks’, First Monday, 2(9).
Werbach, K. and Cornell, N. (2017) ‘Contracts Ex Machina’, Duke Law Journal, 67, 313–382.