The China Payment and Clearing Association has released a self regulatory agreement for intelligent payment applications and established a KYA mechanism

The China Payment and Clearing Association has issued the "Self discipline Convention on Intelligent Agent Payment Applications" to regulate the behavior of member institutions in using artificial intelligence agents to initiate and execute payment instructions in payment scenarios. The convention requires banks, non bank payment institutions, and clearing institutions to implement network security, data security, and privacy protection, establish Know Your Agent (KYA), intelligent agent hierarchical management, and full chain identity transmission mechanisms, strengthen model robustness and traceability, anti money laundering and anti fraud control, and set strict authorization and risk control measures for the elderly and minors. The convention shall come into effect from the date of its publication.