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Australian Regulators Cautiously Embrace AI to Boost Compliance

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Australian financial institutions.

Australian regulators are using artificial intelligence to address a lack of compliance across that nations financial sector.

Credit: Bloomberg

Australian regulators are cautiously using artificial intelligence (AI) to address criticism about a lack of compliance across that nation’s financial sector.

The Australian Securities and Investments Commission is funding studies to explore how natural language processing technology could spot misconduct and improve regulation of the sector.

One pilot program entails the deployment of software to examine financial planning documentation, online promotions, and ads to guarantee they do not include problematic advice or violate rules.

Separately, AI will be used to track and screen conversations between insurance agents and consumers to detect potential "hard sell" tactics or non-compliance with disclosure regulations.

From Financial Times
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