Ethical Regulation of Artificial Intelligence as a factor of Financial and Banking Sector Security: China's Experience

Abstract

The object of the study is the relations in the field of ethical regulation of the use of artificial intelligence technologies in the financial and banking sector. The subject of the study is represented by China's regulatory documents that establish requirements for the deployment and application of artificial intelligence technologies. The features of the Chinese approach to the regulation of relations in this area are determined. General and special ethical requirements for artificial intelligence technologies are characterized. The article examines the activities of the financial regulator – the People's Bank of China in regulating relations in the field of ethics of artificial intelligence and fintech companies, identifies key aspects of security in respect of which ethical requirements are especially necessary. China systematically implements the state policy on the legal regulation of the digital economy through the regulatory inclusion of ethical requirements for artificial intelligence technologies legal mechanisms. Ethical regulations cover all aspects of relations and focus on the security of personal data, freedom of competition and responsibility of subjects. We especially note the emphasis of the Chinese authorities on the principle of non-discrimination of individual social groups and administrative-territorial entities, which will reduce and level the gap in the use of digital technologies on a national scale, and will also contribute to the unity of the nation. The financial regulator keeps the issue of ethics of artificial intelligence under control, developing appropriate regulatory acts for financial institutions. The People's Bank of China pays special attention to the "weak" aspects of the financial and banking sector in legal regulation: personal data protection and unfair competition.