Banks adjust legal terms to avoid bearing the cost of AI agent errors

FinanceInternationalEl EconomistaOct 28, 2026, 1:00 AM40 s readAI summary

US banks including Morgan Stanley, JPMorgan, Bank of America and Citi have refused to assume the errors of AI agents acting on behalf of their clients, and the trend could spread to European institutions. Spanish banks' legal terms will incorporate the scope of these agents' actions, while Wells Fargo will apply from November 24 a clause deeming certain agent instructions authorized by the client. The CJEU ruled that for an unauthorized payment the provider must refund the amount by the next business day, unless there is a well-founded suspicion of fraud.

In 40 seconds

Major US banks do not want to pay for errors by AI agents acting on behalf of clients
Spanish banks' legal terms will specify the scope of AI agents' actions
Wells Fargo will apply from November 24 a clause shifting supervision of those instructions to the client

Read the full story at El Economista

IASummary generated by artificial intelligence from a story by El Economista. It may contain errors: the original source prevails.

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Banks adjust legal terms to avoid bearing the cost of AI agent errors

In 40 seconds

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Bogotá Ciudad Aeropuerto seeks to link El Dorado with the Metro and Regiotram

IMF backs economic rescue bill as Banco de la República calls for rigor in its review

Parks and attractions in Colombia generated US$1.095 billion in 2024, according to IAAPA

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