Tag: Artificial Intelligence (AI)

AI’s ability to process large volumes of data with speed and accuracy can potentially transform regulatory compliance — but not without attendant risk and challenges.  In the short term, the technology can be used to assist business leaders to understand compliance requirements easily and take apposite action, but circumventing human intelligence and our ability to think ethically and abstractly makes AI’s role in compliance controversial and complex.

New Guidance From CFPB and Others Seeks to Tackle Bias in AI Tools in Financial Services

Emerging technologies help companies compete and scale, while providing consumers with speedy access to innovative or safer products. And there’s certainly a role for AI and algorithms in fraud prevention. And yet, regulators are increasingly interested in how emerging technology may — perhaps inadvertently — negatively impact consumers.

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Q&A: For Effective Financial Crime Prevention, Build a Better Mix of Machines and Humans

To police financial crime, more businesses are incorporating artificial intelligence — machine learning, in particular — into monitoring, prevention and compliance programs. CCI interviewed Leslie Bailey, vice president of financial crime compliance strategy at LexisNexis Risk Solutions, who insists the most effective programs are built on a foundation of advanced ...

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Trustero Emerges From Stealth With Seed Funding, New RegTech Platform

California-based Trustero is making a RegTech splash, announcing that it has exited stealth, raised $8 million in seed funding and achieved SOC2 type 1 certification for its newly available compliance-as-a-service platform. Zetta Venture Partners led the round with participation from Engineering Capital and Vertex Ventures. “As software industry veterans and ...

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Can Regulators Keep Up with Innovation?

Disruptive technologies like AI, cryptocurrency, biometrics and blockchain have taken the world by storm, but fintech regulations have struggled to keep pace. While technological advancement is often propelled by the private sector — such as big tech, startups and venture capital funding — regulatory change is constrained by lengthy and convoluted legislative processes.  Although the ...

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