AI in the financial sector

As early as 2016, various initiatives were advanced by the AMF in connection with the digital transformation of the financial sector.One of the objectives sought was to anticipate regulatory and consumer protection issues.

In November 2021, the AMF strengthened its position as leader for the responsible use of artificial intelligence by signing the Montréal Declaration for responsible AI development and publishing the report Artificial intelligence in finance – Recommendations for its responsible use. This report sets out 10 recommendations to promote the responsible development of AI in finance.

Issues and Discussion Paper - Best practices for the responsible use of AI in the financial sector

To provide a basis for  open dialogue about the opportunities and impacts associated with the use of artificial intelligence in the industry, this issues and discussion paper (pdf - 1 MB)This link will open in a new windowUpdated on February 8, 2024Since 2016, the AMF has undertaken various mission-aligned initiatives relating to the digital transformation of the financial sector to, in particular, anticipate regulatory and consumer protection issues. In November 2021, it made a clear statement of its interest in the responsible use of artificial intelligence (AI) by signing the Montréal Declaration for responsible AI development and by publishing the paper Artificial intelligence in finance – Recommendations for its responsible use (the 2021 Report), a report prepared at the AMF’s request by Algora Lab, an interdisciplinary lab of the University of Montréal and the Institut québécois d’intelligence artificielle (Mila). The 2021 Report sets out 10 recommendations to promote the responsible development of AI in finance: three directed toward the AMF and seven toward the industry. presents 30 best practices for the responsible use of AI in the financial sector, drawn from ethical principles and legislative and regulatory projects, which are grouped under the following themes:

  • Practices related to consumer protection
  • Practices related to transparency for consumers and the public
  • Practices related to the appropriateness of AISs
  • Practices related to responsibility
  • Practices related to AI design and use
  • Practices related to managing AI-associated risks

Download the paper (pdf - 1 MB)This link will open in a new windowUpdated on February 8, 2024Since 2016, the AMF has undertaken various mission-aligned initiatives relating to the digital transformation of the financial sector to, in particular, anticipate regulatory and consumer protection issues. In November 2021, it made a clear statement of its interest in the responsible use of artificial intelligence (AI) by signing the Montréal Declaration for responsible AI development and by publishing the paper Artificial intelligence in finance – Recommendations for its responsible use (the 2021 Report), a report prepared at the AMF’s request by Algora Lab, an interdisciplinary lab of the University of Montréal and the Institut québécois d’intelligence artificielle (Mila). The 2021 Report sets out 10 recommendations to promote the responsible development of AI in finance: three directed toward the AMF and seven toward the industry.

Participate in the discussions

Beyond the best practices described in the paper, we are seeking input from industry players on the opportunities and challenges involved in deploying AI in the financial sector. 

  • Which cases of AI use in finance present the most risks?
  • Could implementing the practices inhibit innovation?
  • How does one regulate employee use of AI?  

These are just some examples of issues that may be raised.

Interested parties are invited to submit their comments on the proposed practices and their answers to the list of questions in the issues and discussion paper before June 14, 2024.

There are three ways you can participate:

  1. Through an on-line meeting This link will open in a new window
  2. By participating in discussion tables This link will open in a new window
  3. By submitting a document

References

Montréal Declaration for responsible AI development This link will open in a new window

Artificial Intelligence and Data Act This link will open in a new window

Réflexion collective sur l’encadrement de l’intelligence artificielle This link will open in a new window (available in French only)

Documentation

2021 Report

Artificial intelligence in finance – Recommendations for its responsible use (pdf - 32 MB)This link will open in a new windowUpdated on March 8, 2022The accelerating digital transformation in the financial services industry is resulting in major changes in the processes of many businesses. Technological innovations such as advanced analytics and artificial intelligence (AI) are being deployed at a rapid pace and are contributing to an increase in the number of options available to consumers. Moreover, access to big data on consumer profiles and patterns means it is now possible to pinpoint the needs of consumers more precisely and to offer them personalized financial products and services. Although this profound transformation is yielding tangible benefits, it is also bringing to light significant