This Guidance Note outlines principals and guidelines for the use of Artificial Intelligence (AI) systems and Machine Learning (ML) technologies by licensed financial institutions, including insurance providers (LFIs), in the United Arab Emirates (the UAE). It is focused on areas that may have bearing on consumers, with the aim of promoting consumer protection and good market conduct by all LFIs in their use of AI/ML.
Given the continued and rapid development of AI and ML, both generally and as adopted by LFIs, these broad principles and guidelines should not be taken to be static or fixed, but rather as flexible principles to be used to guide and inform responsible AI/ML use over time as the sector, deployment and use of AI/ML develops. Though this Guidance Note is focused on consumer protection in particular, the CBUAE urges LFIs to consider the consequences of AI/ML from a broader perspective, including financial and nonfinancial risk management as well.
The objective of this Consume...