The Guernsey Financial Services Commission has released a policy statement expressing its support for the use of artificial intelligence (AI) in financial services firms.
The Commission said it is not proposing any specific rules or guidance in relation to the use of AI going forward, and said it “supports innovation and recognises the role AI, in all forms, could play in transforming the way financial services are administered, managed and delivered”.
It said: “The Commission’s position is to encourage the adoption of various AI tools and new technological developments, such as machine learning, large language models, agentic and generative AI, all of which can enhance operational efficiency and ease administrative burdens”.
It said innovations can be implemented within the existing regulatory framework without the need for specific approval or discussion with the Commission.
“Firms should treat the adoption of any AI tools as it would do so for any other technical or strategic project, taking into account the principles of the Finance Sector Code of Corporate Governance, in particular the principles relating to accountability and risk management, and the Minimum Criteria for Licensing as set out in the relevant regulatory laws”, it said.
It firms have uncertainty over how best to implement AI, the regulator recommended reading existing AI frameworks or guidelines such as the NIST AI Risk Management Framework, ISO/IEC 42001, or the NCSC Guidelines.
