The financial authorities decided to prepare Financial AI Guidelines to get ready for the era of artificial intelligence (AI) agents by overhauling the regulatory and supervisory framework and clarifying responsibilities and authority.
The Financial Services Commission held a field roundtable on AI transformation (AX) in the financial sector on the 18th, chaired by Vice Chair Kwon Dae-young, with attendance from financial holding companies, card companies, the money transfer industry and other financial sectors, related institutions, and researchers. The roundtable shared domestic and international trends and improvement tasks related to AX, including the introduction of AI agents in finance, and discussed policy improvement directions of the financial authorities.
In opening remarks, Vice Chair Kwon said, "AI is changing the framework of every industry," and noted, "Finance must no longer stop at supporting AI innovation but must lead AI innovation directly."
The financial authorities stressed the need to create a new regulatory and supervisory framework suited to AI's autonomy and learning ability and to set clear standards for responsible innovation. They will urgently ease network separation rules used by some financial firms for security and overhaul related regulations, including the personal credit information consent regime and data pseudonymization, that hinder AI training.
They also decided to prepare AI guidelines for the financial sector applicable to financial companies and Fintech firms involved in financial transactions. The guidelines include seven principles: governance, legality, subsidiarity, reliability, financial stability, good faith, and security. In addition, to protect consumers from issues of AI reliability and accountability, they will set up AI-specific supervisory measures.
The Financial Services Commission (FSC) plans to review detailed tasks in the second half, including identifying institutional improvements needed to push AX in the financial sector, risk management measures when introducing AI, and pilot operation plans to test AI agents and more, through a task force (TF) and other channels.