Artificial Intelligence and Deep Learning: Considerations for Financial Institutions for Compliance with the Regulatory Burden in the United Kingdom

Singh, C. 2024. Artificial Intelligence and Deep Learning: Considerations for Financial Institutions for Compliance with the Regulatory Burden in the United Kingdom. Journal of Financial Crime. 31 (2), pp. 259-266. https://doi.org/10.1108/JFC-01-2023-0011

TitleArtificial Intelligence and Deep Learning: Considerations for Financial Institutions for Compliance with the Regulatory Burden in the United Kingdom
TypeJournal article
AuthorsSingh, C.
Abstract

Purpose: Artificial intelligence (AI), machine learning (ML) and deep learning (DL) are having a major impact on Banking (FinTech), Health (HealthTech), Law (RegTech), and other sectors such as Charitable Fundraising (CharityTech). The rate of technological innovation, the ability of AI systems to think like a human-beings (simulate human intelligence) and perform tasks independently and develop intelligence based on its own experiences and process layers of information to learn ever-complex representations of data (ML/DL) means that improvements in the rates at which this technology can undertake complex, technical, and time-consuming tasks, identify people, objects, voices, patterns (etc.) and screen for ‘problems’ earlier and provide solutions provides astounding benefit in economic, political and social terms. The purpose of this article is to explore advents in AI, ML and DL in the context of the regulatory compliance challenge faced by financial institutions in the United Kingdom (UK).
Design/methodology/approach: The subject is explored through the analysis of data, domestic and international published literature. The first part of the article summarises the context of current regulatory issues, the advents in deep learning, how financial institutions are currently using AI, and how AI could provide further technological solutions to regulatory compliance as at February 2023.
Findings: It is suggested that UK financial institutions can further utilise AI, ML and DL as part of an armoury of solutions that ease the regulatory burden and achieve high levels of compliance success.
Originality: The work is original because it is the first to specifically explore how AI, ML and DL can continue to assist UK financial institutions in meeting the regulatory compliance challenge, and the opportunities provided for financial institutions by the Metaverse.

KeywordsArtificial Intelligence, Criminal Justice, Deep Learning, Machine Learning, Financial Crime,
JournalJournal of Financial Crime
Journal citation31 (2), pp. 259-266
ISSN1359-0790
Year2024
PublisherEmerald Publishing Limited
Accepted author manuscript
License
CC BY-NC 4.0
File Access Level
Open (open metadata and files)
Digital Object Identifier (DOI)https://doi.org/10.1108/JFC-01-2023-0011
Publication dates
Published online14 Apr 2023
Published in print2024

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