China Payment and Clearing Association Releases Self-Regulatory Convention for Intelligent Payment Applications

The China Payment and Clearing Association has issued the "Self-Regulatory Convention for Intelligent Payment Applications," which regulates the behavior of member institutions in initiating and executing payment instructions using artificial intelligence agents in payment scenarios. The convention requires banks, non-bank payment institutions, clearing institutions, and others to adhere to the principle of "who provides the payment service is responsible," implement cybersecurity, data security, and privacy protection, establish a "Know Your Agent (KYA)" mechanism, and implement tiered management of agents and a full-link identity transmission mechanism. The convention emphasizes model robustness and traceability, strengthens anti-money laundering and anti-fraud controls, and sets stricter authorization and risk control measures for vulnerable groups such as the elderly and minors. The convention will take effect from the date of its release.

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