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Monetary Authority of Singapore outlines planned AI guidance for financial sector

( July 18, 2024, 09:08 GMT | Official Statement) -- MLex Summary: The Monetary Authority of Singapore is putting together a set of good practices for addressing artificial intelligence models, technology and cyber risks, according to Managing Director Chia Der Jiun. He said the regulator is also considering supervisory guidance next year. An industry-led AI Governance Handbook to aid the development of good AI governance practices is also targeted to be finalized then. These will build on the MAS-led open-source Veritas toolkit to enable the responsible use of AI in the financial sector released last year, as well as the Project MindForge paper published in May on the emerging risks and opportunities of generative AI for banks.    Excerpts of the speech follow:...

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