The Bank of Russia has unveiled an ethics code for the development and application of artificial intelligence (AI) within the financial market, Vedomosti reports.
This initiative by the Bank of Russia to integrate an AI ethics code into financial practices seeks to foster a transparent, responsible, and human-centric environment for the advancement of digital technologies. The document, presented on July 9, 2025, was developed in collaboration with market participants and outlines key principles: human-centricity, fairness, transparency, security, and accountability, notes Valery Tumin, member of the Expert Council for Digital Economy Development under the State Duma Committee on Economic Policy.
This means that financial institutions relying on AI are obligated to inform clients of its use and provide them with the option to decline automated decisions, and actively avoid discrimination while ensuring the review of decisions when necessary. This approach aligns with the state’s broader strategy of not merely stimulating digitalization but also ensuring it is secure and oriented towards safeguarding citizens’ rights, the expert clarifies.
“AI is already being actively implemented in banking scoring, anti-fraud systems, personalized investment recommendations, and insurance. However, these technologies necessitate particular oversight to prevent unjustified rejections, biased decisions, or breaches of confidentiality. It is precisely here that the Ethics Code serves as a soft regulatory instrument, establishing a framework for development without administrative pressure,” concludes Valery Tumin.