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Regulators said on Monday they are monitoring the development of Anthropic's frontier AI model Mythos, which experts say could have the capability to be used to destabilise banking systems.

The vast capabilities of Mythos to code ​at a high level have given it a ​potentially unprecedented ability to identify cybersecurity vulnerabilities, experts say, prompting greater scrutiny from some regulators globally.

"ASIC is closely monitoring these developments along with peer regulators to assess possible implications for the Australian market," a spokesperson for the Australian Securities and Investments Commission (ASIC) said on Monday.

"ASIC engages closely with other regulators, government agencies and the financial sector to understand and respond to changing technologies."

ASIC said it expected financial services licencees to "be on the front foot" to safeguard their customers and clients.

The country's banking regulator, the Australian Prudential Regulation Authority (APRA) said it would "continue to assess the implications of these technological advancements to ensure the ongoing safety and resilience of the financial system."

South Korea's Financial Supervisory Service (FSS) said on Monday it held a meeting with information security officials from financial firms last Monday to review Mythos-related risks.

South Korea's Yonhap news agency reported that the country's Financial Services Commission (FSC) held an emergency meeting last Wednesday with chief information security officers from the FSS, banks and insurers to review the risks, citing unnamed industry sources.

The FSC was not immediately available for comment when contacted by Reuters.