Source : WAM
The Central Bank of the United Arab Emirates (CBUAE) has released a guidance note addressing consumer protection and the responsible adoption and use of artificial intelligence (AI) and machine learning by licensed financial institutions operating across the United Arab Emirates.
This initiative underscores the CBUAE’s proactive supervisory stance and its commitment to keeping pace with rapid advancements in digital transformation and smart financial services.
The guidance aims to provide a clear framework for financial institutions to deploy these technologies safely and responsibly, ensuring the protection of consumer rights, strengthening governance and transparency standards, and promoting fair and sustainable practices.
It outlines key principles to guide the optimal use of AI and machine learning, including governance and accountability, fairness and non-discrimination, transparency and explainability, effective human oversight, and robust data management and privacy requirements.
Through this guidance, the CBUAE reaffirms its commitment to building trust in financial innovation by balancing technological progress with consumer protection and financial stability. The note aligns with the UAE’s national artificial intelligence strategy and applies to all licensed financial institutions under the central bank’s supervision, supporting the resilience and long-term sustainability of the financial sector.
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said: “The guidance note establishes a clear framework for the responsible use of artificial intelligence and machine learning in the financial sector, enhancing consumer protection, reinforcing governance and transparency principles, and highlighting the importance of human oversight and data protection requirements.”
