Artificial intelligence and deep learning: considerations for financial institutions for compliance with the regulatory burden in the United Kingdom
| Date | 14 April 2023 |
| Pages | 259-266 |
| DOI | https://doi.org/10.1108/JFC-01-2023-0011 |
| Published date | 14 April 2023 |
| Author | Charanjit Singh |
Artificial intelligence and deep
learning: considerations for
financial institutions for
compliance with the regulatory
burden in the United Kingdom
Charanjit Singh
Holborn Chambers, London, UK and University of Westminster, London, UK
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 paceof technological innovation and the ability of AI systems to think like
human beings (simulate human intelligence), perform tasks independently,develop intelligence based on its
own experiences and process layers of information to learn ever-complex representations of data (ML/DL)
means that improvements inthe rates at which this technology can undertake complex, technical and time-
consuming tasks, identify people, objects, voices, patterns, etc., screen for ‘problems’earlier, and provide
solutions, provide astoundingbenefit in economic, political and social terms. The purpose of thispaper is to
explore advents in AI, ML and DL in the context of the regulatory compliancechallenge faced by financial
institutionsin the United Kingdom (UK).
Design/methodology/approach –The subject is explored through the analysis of data and domestic
and international published literature. The first part of the paper summarises the context of current
regulatory issues,the advents in deep learning, how financialinstitutions are currently using AI, and how AI
could providefurther technological solutions toregulatory compliance as of February 2023.
Findings –It is suggested that UK financial institutionscan further utilise AI, ML and DL as part of an
armoury of solutionsthat ease the regulatory burden and achieve high levels of compliancesuccess.
Originality/value –To the best of the author’s knowledge, this is the first study to specifically explore
how AI, ML and DL can continue to assist UK financial institutions in meeting the regulatory compliance
challengeand the opportunities provided for financial institutions by the metaverse.
Keywords RegTech,Regulation, Deep learning, Machinelearning, Artificial intelligence,English law
Paper type Research paper
1. Introduction
Artificial intelligence (AI), machine learning (ML) and deep learning (DL) are changing the way
in which organisations work. The rate of technological innovation and the ability of AI systems
to think like human-beings (simulate human intelligence), perform tasks independently,
develop intelligence based on its own experiences and process layers of information to learn
All persons who meet authorship criteria are listed as authors, and all authors certify that they have
participated sufficiently in the work to take public responsibility for the content, including
participation in the concept, design, analysis, writing, or revision of the manuscript.
Furthermore, the author certifies that this material or similar material has not been and will not be
submitted to or published in any other publication before its appearance.
Artificial
intelligence
and deep
learning
259
Journalof Financial Crime
Vol.31 No. 2, 2024
pp. 259-266
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-01-2023-0011
The current issue and full text archive of this journal is available on Emerald Insight at:
https://www.emerald.com/insight/1359-0790.htm
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