Central Bank of Russia Suggests Special AI Ethics Code for Financial Institutions

The Central Bank of Russia has developed and presented for review a «Code of Ethics in the Development and Application of Artificial Intelligence in the Financial Market» to Russian financial institutions.

This document issued by the CBR is advisory in nature and is built on five key principles: human-centricity, fairness, transparency, safety, and responsible risk management.

According to the CBR’s announcement, adhering to the AI code is expected to enhance trust among individuals and companies towards this emerging technology. For instance, banks should inform customers when they are interacting with AI and allow them the option to opt out of such interactions. Additionally, it is essential to label information generated using large generative models, including images, audio, and video materials.

The Central Bank has also recommended that financial institutions routinely assess the quality of their data sets and AI operations while paying attention to the protection of customers’ personal data and managing risks associated with various AI-based projects. The CBR believes that, given the current state of information technology development, a light touch regulation of AI in the Russian financial market is appropriate.

«We have examined global trends in AI regulation, discussed market practices with stakeholders, and concluded that, at this stage, a softer regulatory approach would be suitable for the Russian financial sector. We hope that the guidelines outlined in the Code of Ethics will contribute to making financial services that incorporate artificial intelligence more robust, secure, and user-friendly,» explained Stanislav Korop, head of the Financial Technology Department.