Vol. 3 No. 2 (2023): Journal of AI-Assisted Scientific Discovery
Articles

Enhancing Regulatory Compliance Monitoring with AI

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  • Dr. Chukwuemeka Eneh
Dr. Chukwuemeka Eneh
Professor of Electrical Engineering, University of Benin, Nigeria
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Published 03-08-2023

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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

How to Cite

[1]
D. C. Eneh, “Enhancing Regulatory Compliance Monitoring with AI”, Journal of AI-Assisted Scientific Discovery, vol. 3, no. 2, pp. 534–548, Aug. 2023, Accessed: Dec. 25, 2024. [Online]. Available: https://scienceacadpress.com/index.php/jaasd/article/view/213

Abstract

Ensuring regulatory compliance remains a significant issue for the financial services sector. Regulatory pressures on financial organizations to ensure that legislation, regulatory requirements, and standards are adhered to have increased the prominence of data and technology in financial compliance. Although non-compliance can lead to substantial penalties, supervision costs, and reputational damage, many financial institutions are still struggling to demonstrate that they are meeting regulatory obligations. Traditional manual intervention in surveillance and monitoring processes results in ever-increasing levels of data to examine and ever-declining levels of attention per item. There is a need for new innovative approaches to improve the compliance management process. Regulators and the industry have expressed high interest in the potential and use of artificial intelligence and machine learning technologies in the area of regulatory compliance. AI is expected to play a transformative role in ensuring compliance.

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