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

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 including organisational requirements. 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. The guideline establishes organisational requirements, such as the need for a well-defined AI strategy that reflects the entity's needs and risk appetite and mandates that senior management and the Board of Directors remain accountable for AI-related decisions and outcomes, requiring them to ensure adequate governance structures and oversight. This includes setting clear roles and responsibilities, conducting regular audits, and managing AI-related risks within the broader enterprise risk management framework.