You can see the rules and regulations in other jurisdictions.
The CFPB has unveiled an initiative to utilize artificial intelligence (AI) and machine learning in different financial projects. 1
Many financial organizations have already assessed the benefits of using AI. They are encouraged to employ relevant regulatory technology items for ensuring BSA/AML compliance and OFAC screening procedures. Today, AI is widely used in the area of lending and credit underwriting processes.1
At this stage, any financial goods or services that make good use of AI require certain rules and regulations relevant to the corresponding sector.1
Almost all national regulatory authorities have already developed an initiative specializing in the promotion of fintech innovative solutions and simplifying the introduction of efficient AI and other relevant practices in the field of finance.1
The key aspects regarding the employment of AI in the finance sector and how regulatory authorities see AI's role in the over-regulated spheres of credit scoring and underwriting for lending processes depend on an explanation of AI's structure. Financial companies can use a black-box test version of their AI to inform regulatory authorities of their present state of affairs.1
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