MACAU SAR, CHINA Law and Practice Contributed by: João Nuno Riquito, Nelson de Azevedo, Belmiro Leong and Kimberley Cheong, Riquito Advogados
8.3 Liability Exposures Arising From AI Use Under the Macau legal framework, although there is currently no specialised legislation specifically target - ing AI, similar to the EU’s AI Act, the legal liabilities faced by directors and officers arising from the use of AI stem from the duty of diligence under the Commer - cial Code. Please refer to 3.6 Legal Duties of Direc- tors/Officer s. 8.4 Key Disclosure Requirements for AI Use There is currently no specialised law that requires companies to provide specific disclosures regarding their AI strategy, governance or risks in annual reports or prospectuses.
In the regulated banking sector, the AMCM issued the revised Guideline on Management of Risk in Electronic Banking (Circular No 005/B/2023-DSB/ AMCM) in 2023. This guideline clarifies the principles for managing key risks and provides guidance for authorised institutions to identify, assess and manage risks associated with electronic banking from both technical and operational perspectives. These revi - sions include enhancing security measures for provid - ing financial products and services to customers via online banking, self-service terminals and telephone banking channels, as well as adding requirements for establishing fraud monitoring mechanisms to identify, mitigate and reduce risks brought about by fraud. 8.2 AI Use-Related Risks There are no specialised AI governance frameworks or specific developments in this area in Macau. AI- related strategy and risk oversight are generally man - aged by the board under existing commercial and data protection laws, as currently there is no govern - ance framework for AI-specific functions, aside from the standard regulation for the banking industry.
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