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SEC Utilizes AI to Combat Financial Fraud and Manipulation: A Game-Changer in Market Surveillance

AI/MLSEC Utilizes AI to Combat Financial Fraud and Manipulation: A Game-Changer in Market Surveillance

Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC), revealed during a Senate oversight hearing on September 12, 2023, that the SEC is currently utilizing artificial intelligence (AI) technologies to monitor the financial sector for signs of fraud and manipulation. While it had been mentioned in a speech he gave before the National Press Club on July 17, 2023, this explicit use of AI by the SEC had not been widely known.

Gensler explained that the SEC is already using AI in some market surveillance and enforcement actions to identify patterns in the market. He also stated that the SEC had requested greater funding from Congress in 2024 to bolster its technology budget for emerging technologies.

The exact form of AI being used by the SEC is not specified in the report. However, it is mentioned that the SEC is likely generating analysis reports related to the use of AI and algorithmic trading by various actors within financial markets.

This development underscores the growing importance of AI in regulatory and surveillance efforts within the financial industry. AI technologies can help regulatory agencies detect unusual trading patterns, market manipulation, and potential fraudulent activities more efficiently than traditional methods.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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