Russian Central Bank plans to publish advisory report on AI by end of year

MOSCOW. Sept 4 (Interfax) - The Central Bank of Russia (CBR) plans to publish an advisory report on artificial intelligence by the end of 2023 in order to discuss with financial market participants the scope of applying AI and the need for regulation, Central Bank First Deputy Governor Olga Skorobogatova said at the 10 Years of the Mega-Regulator: Yesterday, Today, Tomorrow conference.

"We want to issue an advisory report, and I think that we will do this by the end of the year in order to discuss with financial market participants for what they intend to use artificial intelligence, where they see risks, and in what business cases they want to utilize artificial intelligence," Skorobogatova said at the conference.

"Based on the results of feedback on developing approaches, we will see whether we should regulate or not," Skorobogatova added.

Skorobogatova said that the regulator was primarily interested in data security and customer transactions.

"As the Central Bank, we plan to create an AI expertise center, and we will begin actively discussing the topic and diving into it jointly with market participants," Skorobogatova said in early April during a meeting of the State Duma working group that was considering the CBR's report for 2022.