AI For Compliance: What, Why, How - DataScienceCentral.com

With the constant rise and use of technology, Artificial Intelligence (AI) has become a great companion to compliance. Compliance is one of the biggest playing fields and plays a pivotal role in banking institutions. It aims to identify, diminish, and manage risks such as insider trading, spoofing attacks, exploitation of the market, front-running, and more by ensuring that banks operate with integrity and adhere to policies, laws, and regulations during the decision making process. In this post, I will dive into the concept of Artificial Intelligence and compliance, and share some thoughts about why it matters and how to achieve better compliance with AI. In relation to financial services such as Banks, the compliance department is the body responsible for ensuring that the institution as a whole remains in accordance with set rules or standards.