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The AMF Releases New Paper on Artificial Intelligence and Calls for Collective Discussion in 2024

MONTRÉAL,
Feb. 12, 2024
/CNW/ – The Autorité des marchés financiers (the “AMF”) today published an issues and discussion paper entitled

Best practices for the responsible use of AI in the financial sector

for the purpose of engaging in an open dialogue about the opportunities and issues associated with the use of artificial intelligence (AI) in the industry.

Logo de l’Autorité des marchés financiers (CNW Group/Autorité des marchés financiers)

“Artificial intelligence carries very significant benefits for the financial sector and consumers, but it also brings with it new and complex risks and issues that should be of concern to all industry players,” said AMF President and CEO
Yves Ouellet.
“The responsible use of AI is one of the major challenges of the coming year and meeting it draws on our ability to work together to maintain a financial sector that warrants public confidence.”

Invitation to all financial stakeholders

To stimulate discussion and reflection with Québec financial players, the AMF outlines 30 best practices for the responsible use of AI that draw from ethical principles and legislative and regulatory projects put forward in a number of jurisdictions. 
These practices relate to consumer protection, transparency for consumers and the public, the appropriateness of AI systems, AI design and use oversight, and the management of AI-associated risks.

The purpose of this document is not to implement a new framework or modify an existing one. None of the proposed practices constitute a new obligation for financial institutions and other players in the financial sector. Rather, the AMF is seeking input from industry players on the opportunities and challenges involved in deploying AI in the financial sector. The results of this initiative will inform future work by the AMF to enhance existing or develop new frameworks, as needed, so that the risks involved are clearly understood and properly managed.

In this call for collaboration, Québec financial players are invited to request a meeting with the AMF contact persons so that they can submit their comments and answers before
June 14, 2024. 
The AMF will also be organizing round tables and discussion forums in the coming months in order to obtain additional feedback and deepen understanding and reflection on the use of AI in the financial sector.

AMF work relating to AI and the digital transformation

In its role as regulator, the AMF works to maintain a financial sector that is dynamic, operates with integrity and warrants public trust. 
It regulates, in whole or in part, activities in the following sectors: insurance, securities and derivatives, distribution of financial products and services, deposit institutions, mortgage brokerage and credit assessment.

Information
:

Media only:
Sylvain Théberge: 514-940-2176

Information Centre:

Québec City: 418-525-0337

Montréal: 514-395-0337

Toll-free: 1-877-525-0337

Website:

www.lautorite.qc.ca


 


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@lautorite 


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Autorité des marchés financiers (Québec)

SOURCE Autorité des marchés financiers

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Leah Sirama
Leah Sirama
Leah Sirama, a lifelong enthusiast of Artificial Intelligence, has been exploring technology and the digital realm since childhood. Known for his creative thinking, he's dedicated to improving AI experiences for all, making him a respected figure in the field. His passion, curiosity, and creativity drive advancements in the AI world.
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