PARIS, 20 Sept. - (ANA) - AI technologies, particularly GenAI, are rapidly transforming the financial sector, offering significant benefits like greater productivity and better customer experience. However, these evolutions also amplify existing risks and create new challenges. 

 

Our latest report, Regulatory approaches to Artificial Intelligence in finance, examines regulatory approaches to artificial intelligence in the financial sector in 49 jurisdictions, based on an OECD survey. Some main insights:

 

- The vast majority of respondents reported that they have appropriate regulation in place, while acknowledging that there may be some gaps and more general guidance may be valuable. 

 

- Existing sectorial regulation continues to apply without necessarily explicitly referencing AI and given the technology neutral approach of OECD countries. Advances in technology do not render existing safety and soundness standards and compliance requirements inapplicable. 

 

- Policies that cover AI in (parts of) finance have been introduced in the majority of respondent countries, albeit in different forms: e.g. cross-sectorial legislation covering part of financial activity; binding rules or proposals issued by financial regulators, non-binding policy guidance such as principles, guidelines, white papers; clarifications released by financial regulators/supervisors (all non-mutually exclusive). 

 

AB/ANA/20 September 2024  - - - - -