Peru: Recent Progress in Tech Policy
Peru
In Peru, key focus areas include:
AI Risk Classification: Both the draft regulation and proposed bill highlight the need for a risk-based classification of AI systems, with a special focus on the high risk of AI systems involved in personal credit evaluations and data processing
Regulatory Oversight: There is a strong emphasis on creating monitoring bodies to oversee AI systems' deployment, ensuring they adhere to legal, ethical, and security standards.
AI in Financial Services: Bill 8969/2024-CR represents an effort to integrate AI into the financial system increase efficiency, reduce costs, and improve decision-making while also safeguarding AI biases and ensuring data security.
Below are some of the key policy areas that are shaping Peru’s approach to tech policy:
1. Law No. 31814 (2023): AI for Social and Economic Development
Law No. 31814 is Peru's foundational legislation on AI. It promotes the use of AI to drive social and economic development in the country, emphasizing the potential for AI to improve public and private sector efficien contribute to innovation, and boost economic growth.
The law lays out broad principles but leaves more detailed regulatory frameworks to be established in subsequent regulations.
2. Draft Regulation of Law 31814 (May 2024):
In May 2024, the Secretariat of Government and Digital Transformation of the Government of Peru published the draft regulation for Law No. 31814, outlining how the law’s provisions will be implemented.
This draft regulation is aligned with regional (Latin American) and EU regulatory trends, creating specific monitoring bodies to oversee AI use in Peru by classifying AI systems based on their risk levels.
The regulation also emphasizes the need for oversight of high-risk AI applications. Notably, AI systems used for personal credit risk evaluation are classified as "high risk" under this framework.
In late October 2024, the Secretariat of Government announced that the regulation would face additional delays due to objections raised during the regulatory impact analysis stage.
3. Draft Bill 8223/2023-CR (June 2023):
In June 2023, Congressman Flavio Cruz Mamani presented Bill 8223/2023-CR, which seeks to regulate the development, implementation, and use of AI in Peru.
4 Draft Bill 8969/2024-CR (September 2024): AI in the Financial System
On September 19, 2024, Bill 8969/2024-CR was introduced to promote AI in Peru’s financial system. This legislation aims to optimize financial processes
The bill also seeks to address AI biases in financial processes and protect data security. It mandates that the Ministry of Economy and Finance disseminate the law and ensure its effective application across the financial sector.