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.
CIR
Current
Issue Date:
19 Aug 2024
20241125-2-EN.pdf (162.1 KB)
Topic:
Banking Conduct & Enforcement - Consumer Protection
Group:
All Authorized Institutions
Directly related Document
Cross referenced Document
Version History
Superseded Document
Directly related Document
CIR
Current
19 Aug 2024
Consumer Protection in respect of Use of Generative Artificial Intelligence
Annex
Current
19 Aug 2024
Annex 1 - Guiding Principles in the HKMA circular “Consumer Protection in respect of Use of Big Data Analytics and Artificial Intelligence by Authorized Institutions” dated 5 November 2019
CIR
Current
19 Aug 2024
Consumer Protection in respect of Use of Generative Artificial Intelligence
Annex
Current
19 Aug 2024
Annex 1 - Guiding Principles in the HKMA circular “Consumer Protection in respect of Use of Big Data Analytics and Artificial Intelligence by Authorized Institutions” dated 5 November 2019
Cross referenced Document
Version History
Superseded Document
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