Russia issues AI ethics rules in finance

To ensure safety, the Central Bank of Russia requires financial institutions to conduct strict quality checks on data and AI systems, while maintaining the confidentiality of personal information.

The Central Bank of Russia has just marked an important step forward in the management of artificial intelligence (AI) technology when it officially issued a Code of Ethics on the Development and Application of AI in the Financial Sector.

The code, published on July 9, sets out five core principles to ensure the sustainable development of AI technology in the banking industry.

According to a VNA correspondent in Moscow, the code of conduct is built on five main pillars: People-centered, fair, transparent, safe and responsible risk management.

Although advisory in nature, the document is expected to enhance public confidence in new technology while minimizing potential risks in the development and application of AI.

Under the “human-centric” principle, banks are required to clearly inform customers when they interact with AI, while respecting users’ right to opt out of using the technology.

In particular, financial institutions need to pay attention to vulnerable groups such as the elderly, people with disabilities or those with limited education.

On the fairness front, the Code prohibits discrimination based on nationality, language, race, political opinion or religion in data processing and AI decision-making.

The transparency principle requires banks to publicly disclose information about the risks and conditions of using AI, including labeling AI-generated content.

To ensure safety, the Central Bank of Russia requires financial institutions to conduct rigorous checks on the quality of data and AI systems, while maintaining the confidentiality of personal information. Banks are required to establish AI quality assessment indicators and develop measures to protect sensitive data.

Regarding risk management, financial institutions are required to establish strict management processes, appoint a person in charge of monitoring compliance with the rules, and maintain a system to store information on AI models, risk assessments, and user feedback./.

(Vietnam+)

Source: https://www.vietnamplus.vn/nga-ban-hanh-quy-tac-dao-duc-ai-trong-linh-vuc-tai-chinh-post1048870.vnp