Vol. 3 No. 2 (2023): African Journal of Artificial Intelligence and Sustainable Development
Articles

AI in Optimizing Financial Compliance Processes

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  • Dr. Pierre Bourque
Dr. Pierre Bourque
Professor of Geomatics Engineering, Laval University, Canada
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Published 03-07-2023

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

How to Cite

[1]
D. P. Bourque, “AI in Optimizing Financial Compliance Processes”, African J. of Artificial Int. and Sust. Dev., vol. 3, no. 2, pp. 435–443, Jul. 2023, Accessed: Dec. 18, 2024. [Online]. Available: https://africansciencegroup.com/index.php/AJAISD/article/view/213

Abstract

In an environment where financial markets operate under close scrutiny, financial compliance is essential for maintaining an organization’s adherence to regulatory mandates. The stock market and banking sector are required to comply with a large, diverse, and constantly changing collection of regulations. Every day, the two sectors generate terabytes of raw transaction data. Noncompliance can have severe consequences such as criminal charges, negative publicity, heavy fines, and needless costs. The growing body of complex and extensive regulations alone is enough to compel financial and enforcement professionals to question current regulatory and compliance regimes. Compliance officers' challenge thus becomes clear: to help their organizations survive and prosper in an environment of regulations that affect everything while avoiding the fines and slowdowns that can result from noncompliance by failing to monitor and possibly control misconduct.

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