China's Financial Regulator Issues AI Safety Guidance for Banks and Insurers on June 18

China's Financial Supervision and Management Bureau released guidance on safe artificial intelligence development and application for the banking and insurance sectors on June 18. The directive requires boards of directors at financial institutions to establish specialized committees overseeing AI management, develop strategic plans, and establish cross-departmental coordination mechanisms. Institutions must ensure AI applications align with their risk management capabilities and strengthen talent recruitment in the field.
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