Thailand Issues New AI Guidance for Financial Services
On September 12, the Bank of Thailand (BOT) released its AI Risk Management Guidelines for Financial Service Providers, outlining AI governance best practices (e.g., fairness, ethics, accountability, and transparency principles) and AI system development and security controls. Recognizing potential risks related to data, model development, and cyber threats, financial service providers are encouraged to have robust internal AI risk management and governance structures in place to enable transparency and customer protection throughout the AI lifecycle. The voluntary document also encourages financial services providers to notify customers of AI involvement, with the option to opt out of AI use.
This approach aligns with BOT’s existing voluntary risk management guidelines. Thailand has also begun to reconsider a more horizontal approach to AI regulation under Electronic Transactions Development Agency (ETDA), which conducted a public consultation on Draft Principles of Thailand’s AI Law in August. Past drafts have indicated interest in aligning with the EU approach; however, ETDA has signaled that it is reassessing existing AI governance approaches to ensure Thailand’s approach remains fit for purpose.