The Bank of Russia has introduced a Code of Ethics for AI in Finance, emphasizing principles such as human-centricity, fairness, transparency, security, and responsible risk management. This advisory code aims to boost confidence among people and businesses in artificial intelligence (AI).
According to the guidelines, clients should be informed when interacting with AI and have the option to opt out. The Bank also suggests that financial institutions regularly assess AI quality, adhere to personal data confidentiality requirements, and implement AI risk management.
“We studied worldwide trends in AI regulation, discussed the practices used by market participants, and reached the conclusion that soft regulation for applying this technology will be the most appropriate option for the Russian market at the current stage. We hope that the objectives formulated in the Code of Ethics will help enhance the quality, security, and convenience of AI-based financial services,” stated Stanislav Korop, Acting Director of the Financial Technology Department.
The Bank of Russia believes that sharing experiences and best practices regarding ethical recommendations is crucial for trusted and responsible AI use in finance. The regulator expressed readiness to support this initiative.
