AI Regulation for Financial Services in Hong Kong
16/01/2025 5:30pm - 9:00pm
The Hong Kong Monetary Authority (HKMA) issued High-Level Principles on Artificial Intelligence in November 2019, and this year launched a GenAI Sandbox (August 2024), published a Research Report on Generative AI in the Financial Services Space (September 2024), and is requiring certain banks conduct and report on a feasibility study and implementation plan on adopting AI in their money laundering and terrorist financing monitoring systems to enable them to stay effective and efficient (September 2024).
The Securities and Futures Commission (SFC) issued an circular on use of generative AI language models (LLMs) on November 2024 effective immediately. The SFC expects responsible adoption of AI LLMs by securities and asset management firms using a risk-based approach based on the 4 core principles of (1) senior management responsibilities, (2) AI model risk management, (3) cybersecurity and data risk management and (4) third party risk management.
This session will be opened by guest speakers, and panel will discuss opportunities, challenges and emerging best practices for responsible adoption of AI in finance in Hong Kong.
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