AI in finance: results of Bank of Russia paper discussion
The key areas of artificial intelligence (AI) development in the financial market will be soft regulation and the creation of trusted data sharing platforms. These conclusions were made by the Bank of Russia following the discussion of its paper Artificial Intelligence in the Financial Market: Current Status and Prerequisites for Further Development.
Market participants believe that AI development requires accessible infrastructure solutions, high-quality data for AI training, trust in AI technologies, and favourable regulatory conditions.
The Bank of Russia will continue to follow a technology neutral approach, which allows market participants to deploy innovations and develop AI. Furthermore, the regulator believes it important to maintain the framework architecture of cross-sectoral regulation of AI use as it factors in the nuances of various industries, the current level of AI adoption there, and risks specific to each sector.
The market already follows the recommendations contained in the Ethics Code for Artificial Intelligence Development and Use in Finance. In 2026, the Bank of Russia, jointly with financial institutions, plans to compile a collection of best practices used to ensure compliance with the said code.
Market participants supported the regulator’s proposals to create trusted data sharing platforms that are intended to enable financial institutions to train AI in collaboration with each other to counter fraud, assess risks, and improve customer services.
The Bank of Russia will draft proposals regarding the regulation of such platforms’ operation. The regulator will also make efforts to remove barriers to the application of privacy enhancing technologies in the financial market.
The Bank of Russia, in cooperation with relevant agencies and market participants, will continue creating an environment conducive to AI development in the financial market and monitoring AI use by financial institutions.