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 this circular to establish consumer protection standards for authorized institutions utilizing big data analytics and artificial intelligence. The document mandates that institutions implement robust governance frameworks to ensure the fairness, transparency, and accountability of their automated decision-making processes. It requires firms to maintain human oversight and provide clear explanations to consumers regarding the use of these technologies in service delivery.