October 2023 - Legasis

Legist Newsletter

October 2023

For Private Circulation Only

Welcome readers, to this year’s Tenth issue of Legist.

Artificial intelligence (AI) is revolutionizing the landscape of compliance mechanisms across various industries. By harnessing the power of machine learning algorithms, natural language processing, and data analytics, AI has emerged as a critical tool in automating and enhancing the effectiveness of regulatory compliance. This transformative technology not only streamlines the monitoring and enforcement of compliance standards but also enables organizations to proactively identify and address potential risks and violations, ultimately fostering a more efficient and resilient regulatory environment. In this era of rapid digitalization, the integration of AI into compliance mechanisms represents a pivotal step towards ensuring regulatory adherence and safeguarding organizational integrity.
With this backdrop, Legasis brings to you diverse angles of AI usage in legal field through multiple write ups based on the theme of “AI and Compliance”.
We hope the readers will enjoy the intellectual feast.
Have a Happy reading!

The Role of AI i Strengthening Anti Money Laundering (AML) compliance in India

Dr. Mayura Sabne & Ms. Gouri Konapure (Knowledge Management Team)

(6 minutes read)

To prevent illegal financial activity, anti-money laundering (AML) compliance is crucial in the financial sector. The ability of financial institutions to identify and stop money laundering has considerably improved in recent years because of the rapid breakthroughs in artificial intelligence (AI). This article examines how AI might improve AML compliance in India by giving a general description of the AML environment there, examining the difficulties it confronts, and examining potential solutions. The article also discusses several noteworthy application cases and India’s legal framework for AI in AML compliance.
Hope the article will imbibe fresh insight into the readers to understand the role of AI in strengthening the AML compliance in India.
Have a Happy Reading!

Regulatory Steps for AI Innovation: A Contemporary Analysis

Dr. Mayura Sabne & Ms. Gouri Konapure (Knowledge Management Team)

(4 minutes read)

Systems with artificial intelligence (AI) have grown in popularity over the past ten years because of their enormous potential to unlock economic value and to address social problems. As a result, there has been an increase in both the development and application of AI globally in recent years. This rising tide of AI needs a systematically planned and executed regulatory framework to govern the usage of AI so that it can be explored to the best advantage of humanity.
The present article delves into the comparative analysis of regulatory framework across the globe and within India and attempts to provide practical solutions for adoption of effective regulatory framework.
Have a Happy Reading!

Navigating Regulatory Challenges posed by AI/ML in Financial Services

Ms. Gouri Konapure (Knowledge Management Team)

(4 minutes read)

The deployment and usage of AI/ML technologies in the financial sector has been growing quickly, driven by fintech companies. The financial industry has recently adopted technical innovations like big data and cloud computing, and these developments, along with the growth of the digital economy, have made it possible to implement AI/ML systems effectively. These adoptions have posed new challenges before the regulatory mechanisms which needs urgent attention on priority basis to safeguard the integrity and safety of financial ecosystem.
In the instant article, we have explored the regulatory challenges posed by AI/ML in financial services and attempted to suggest a way out for successful usage.
Have a Happy Reading!

Ethical Considerations in AI Deployment

Dr. Mayura Sabne & Ms. Gouri Konapure (Knowledge Management Team)

(5 minutes read)

Technologies based on artificial intelligence (AI) have the potential to fundamentally alter society and people’s lives in every sphere. AI-based technologies can promote inclusive economic growth and assist with scientific discoveries that expand mankind’s understanding of the natural world. However, there are concerns associated with AI technology that could have a harmful effect on people, groups, organizations, communities, society, the environment, and the entire planet. Therefore, there must adoption of AI with responsibility and accountability.
The present article throws light on the ethical considerations involved in the AI deployment and attempts to analyse the impact and future development.
Have a Happy Reading!

The Role of AI i Strengthening Anti Money Laundering (AML) compliance in India

Regulatory Steps for AI Innovation: A Contemporary Analysis

Navigating Regulatory Challenges posed by AI/ML in Financial Services

Ethical Considerations in AI Deployment

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About Legasis

Compliance Management

Risk Management

Legal Solution

IPR

Corporate Governance

Consulting

Learn More

Connect with us

Contacts