Self-Regulation of Entrepreneurial and Professional Activities : Textbook

Ershova, Irina; Aganina, R. N.; Zakharova, Maria; Enkova, E. E.; Ershov, D. V.; Leskova, Yu. G.; Lubyagina, D. V.; Svit, Y. P.; Тарасенко, О. А.; Shishmareva, Tatiana P.; Scherbakova, M. A.

doi:10.31085/9785392325641-2020-312

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“…As Artificial Intelligence (hereinafter referred to as AI) can optimize KYC (Know Your Customer)/CDD processes to reduce the compliance costs of financial intermediaries, it can also create more investment firms to provide services to investors [1]. This will increase competition in the market, allow for more financial innovation, and improve access to finance for consumers and investors [2]. The development of financial innovation will increase the growth rate of the country's economy; increase the availability of capital; strengthen the national position in the global economy [3].…”

Section: Introductionmentioning

confidence: 99%

Legal risks of using regulatory technologies in business and professional activities

Сушкова

2021

SHS Web Conf.

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When using artificial intelligence technology in RegTech or SupTech solutions to prevent, detect and control financial crimes such as money laundering, it is necessary to be aware that due to compliance costs, many online financial firms are prohibited from providing financial advice, especially if they process transactions on behalf of clients or provide p2p investment platforms. RegTech streamlines KYC/CDD processes and therefore has the ability to reduce compliance costs. This, in turn, will allow more firms to enter the market to offer services. The regulatory goal of ensuring market integrity directly conflicts with the rights of individuals and the Data Protection Acts. It is argued that data governance will need to be established to protect individual rights and public safety. Furthermore, the question remains unresolved as to whether fiduciary duties can be assumed by robo-advisors or consultants using algorithms. Fiduciary duties may also be modified and limited by the parties. The fiduciary duty concerns what the fiduciary (investment adviser) cannot do (conflict of interest) but should not do (act in the best interest of the client). Consequently, the use of common law principles to protect consumer investors is currently underdeveloped, particularly if the AI seeks to provide access to finance and fill gaps in guidance.

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Section: Introductionmentioning

confidence: 99%

Legal risks of using regulatory technologies in business and professional activities

Сушкова

2021

SHS Web Conf.

View full text Add to dashboard Cite

show abstract

Self-Regulation of Entrepreneurial and Professional Activities : Textbook

Cited by 1 publication

References 0 publications

Legal risks of using regulatory technologies in business and professional activities

Legal risks of using regulatory technologies in business and professional activities

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