According to Cointelegraph, The United States Commodity Futures Trading Commission (CFTC) will look into how regulated entities might use artificial intelligence (AI) in their compliance efforts and other applications.
The CFTC is expected to look after AI applications in trading, risk management, compliance, cybersecurity, record-keeping, data processing, analytics and customer interactions. Sources revealed that AI can influence surveillance, Anti-Money Laundering (AML) and regulatory reporting functions.
It is believed that RFC will “further support the CFTC as we strategically identify the highest priorities and return-on-investment projects with AI use cases internally to optimise our data-driven approach to policy, surveillance, and enforcement,” Rostin Behnam, CFTC Chair, explained.
Commissioner Kristin Johnson mentioned that the call for feedback indicates an ongoing conversation involving various departments of the agency, including the market participant, clearing and risk, market oversight and data divisions.
(With insights from Cointelegraph)
