Regulatory Alerts2024-08-19
Added · Updated
Consumer Protection in respect of Use of Generative Artificial Intelligence
The Hong Kong Monetary Authority issued this circular on 19 August 2024 to establish consumer protection standards for authorized institutions utilizing generative artificial intelligence. The document mandates that institutions implement robust governance frameworks to manage risks associated with generative AI applications in banking services. It requires strict adherence to principles ensuring transparency, accountability, and the mitigation of potential harms to consumers arising from AI-driven decisions.