Regulatory Alerts2024-08-19
Added · Updated
Consumer Protection in respect of Use of Generative Artificial Intelligence
The Hong Kong Monetary Authority issued this circular to establish consumer protection standards for authorized institutions utilizing generative artificial intelligence. It mandates that institutions implement robust governance frameworks to manage risks associated with generative AI applications, ensuring transparency, accountability, and fairness in their operations. The document further requires institutions to maintain adequate oversight mechanisms to prevent potential harms to consumers arising from the use of these technologies.