인공지능에 대한 금융법의 규제방향 -금융에의 이용과 그 너머의 과제들- = Regulatory Direction of Financial Law for Artificial Intelligence - the Financial Use of AI and Tasks Beyond Challenges -

다국어 초록 (Multilingual Abstract)

Artificial intelligence refers to having more than a certain level of autonomy, consisting of a combination of computer programs as software and systems as hardware, for the purpose of problem solving in place of human intellectual ability. Artificial intelligence was initially a virtual idea, but it is gradually becoming a reality, and with the recent emergence of general-purpose and generative artificial intelligence, active legal discussions are also being developed.
Finance is an area where a large amount of digitalized information is generated and the decision-making structure is clear in terms of profitseeking, so it is relatively easy to access and use artificial intelligence. In fact, in finance, artificial intelligence is actively used in each business sector such as banks, securities, and insurance. However, contrary to the reality of finance, discussions are slow in terms of financial law, and supervisory authorities such as the Financial Services Commission are preparing guidelines as soft law.
Common obstacles to the use of artificial intelligence in finance, like other regulatory laws, are issues such as fairness, transparency, and accountability of artificial intelligence. In addition, special problems include financial law's transaction regulation (face-to-face, human), business regulation (human and material requirements), and supervisory regulation (action and actor responsibility). In the big framework for these obstacles, key matters in fairness, transparency, and accountability need to be regulated by the hard law in accordance with principle-based and risk-based principles, and other matters need to be left in the realm of soft law. On the other hand, individual revisions and supplements are also required for some of the business regulations and sales regulations for the use of AI in finance.
With the development of artificial intelligence, problems that have not been experienced before may arise, including macroscopic problems such as market stability and platform dominance, financial exclusion and discrimination in banks, and inequality of weapons in securities. For this, it is necessary to predict the regulatory pattern according to the development of artificial intelligence for each and prepare an appropriate regulatory system in advance. On the other hand, it is necessary to consider actively using artificial intelligence as a new technological means such as RegTech and SupTech, which are both a crisis and opportunity in terms of financial regulation. However, this study mainly focused on the use of artificial intelligence in finance industry, and the use of artificial intelligence as a regulatory means will be a future research project.