Hong Kong Monetary Authority issues ART responsible AI guidance for banks

The Hong Kong Monetary Authority, the city’s banking regulator, announced an “ART” framework (accountability, resilience and trust) for banks’ use of AI on Oct. 15 and issued updated Supervisory Guidance for Responsible Adoption of AI, per the HKMA. The guidance sets nine principles across the three pillars and replaces the HKMA’s 2019 high-level AI principles, with more detailed expectations on board-level governance, risk management, and trust and transparency, The Standard reported. The HKMA said more than 60% of the use cases in the second cohort of its generative AI sandbox explored agentic AI, and that it will publish a discussion paper on supervising AI agents covering a registry of material AI agents and intervention mechanisms.