Regulatory Alerts2019-11-05
Added · Updated
Consumer Protection in respect of Use of Big Data Analytics and Artificial Intelligence by Authorized Institutions
The Hong Kong Monetary Authority issued guiding principles requiring authorized institutions to ensure consumer protection when utilizing big data analytics and artificial intelligence. The framework mandates robust governance, fairness, transparency, and data privacy measures, including board accountability, model explainability, and compliance with the Personal Data (Privacy) Ordinance. Institutions must adopt a risk-based approach to validate models, disclose BDAI usage to customers, and implement privacy-by-design practices to safeguard personal data.