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ADGM: FSRA and MBZUAI sign MoU to develop AI regulatory compliance tools
On November 16, 2023, the Abu Dhabi Global Market (ADGM) Financial Services Regulator Authority (FSRA) announced that it had signed a Memorandum of Understanding (MoU) with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to develop artificial intelligence (AI) technology tools to assist in regulatory compliance tasks within the financial services sector.
Compliance automation
In particular, the FSRA noted that the tools would leverage AI to generate insights and information from financial regulations and rules, which can be used by financial services firms to optimize and automate their decision-making processes in relation to regulatory compliance.
Risk Analyzer platform
Notably, the FSRA highlighted that it would enhance the FSRA's 'Risk Analyzer' platform which employs AI to sift through documents related to a supervised firm and provide insights about the firm to FSRA supervisors to assist in the FSRA's assessment and decision-making. The FRSA stated that an industry-facing version of the Risk Analyzer would be introduced to enable financial firms to develop their regulatory submissions or assess their compliance with FSRA's regulations and standards.
You can read the press release here.
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