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 using generative artificial intelligence. The document updates previous guidelines on big data analytics and AI by addressing the specific risks and operational requirements associated with generative technologies. It mandates that institutions implement robust governance frameworks to ensure fairness, transparency, and accountability in their AI-driven consumer interactions.