Qatar: Implemented Artificial Intelligence Guideline on Regulating the use of Artificial Intelligence by QCB Licensed Entities including authorisation requirement

On 4 September 2024, the Qatar Central Bank (QCB) issued the Artificial Intelligence (AI) Guideline on Regulating the use of Artificial Intelligence by QCB Licensed Entities. In particular, the guideline regulates the use of AI by entities licensed under its jurisdiction and aims to ensure that AI is used safely, securely, and efficiently within the financial sector. It applies to all QCB-regulated entities that develop, purchase, or outsource AI systems, with the overarching goal of aligning AI usage with sound governance, risk management, and ethical standards. Furthermore, for high-risk AI systems, QCB approval is required before deployment, and entities must maintain comprehensive records, including details of AI system life cycles, data governance practices, and security measures. Entities must also maintain registers of information on their AI systems and disclose the criteria they use for determining if a system is high-risk or not.