Financial institutions are increasingly using AI technologies for a variety of purposes, including marketing, process automation, and back-office functions. The EU AI Act will regulate the development and deployment of AI in financial services, particularly for high-risk use cases such as credit assessment and insurance underwriting. Financial institutions may seek exclusion from high-risk status if they can demonstrate that their use of AI does not pose significant risk. The Act introduces new obligations and requirements, such as technical documentation, data governance measures, risk management, and transparency rules. Financial institutions can integrate some of their AI-related obligations into their existing regulatory frameworks. Proper preparation for compliance is important due to the complex dimensions of AI in finance.