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HKMA Guidance on Consumer Protection when using GenAI

23 August 2024

HKMA Guidance on Consumer Protection when using GenAI

The Hong Kong Monetary Authority (HKMA) published new Guidance for firms on ensuring Consumer Protection when using of Generative Artificial Intelligence (GenAI)

 

The Guidance has been published with the HKMA’s acknowledgement that although the adoption of GenAI in the banking sector is in its infancy, the technology could be extensively adopted in customer-facing activities.

Information is provided on:

  • Governance and accountability;
  • Ensuring consistent, ethical and fair outcomes to customers;
  • Transparency and disclosures; and
  • Data privacy and protection.

Firms in Hong Kong should review the latest HKMA Guidance as the testing and adoption of new GenAI capabilities continues to grow across financial sectors.

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