Abstract
The intended automation in the financial industry creates a proper area for artificial intelligence usage. However, complex and high regulatory standards and rapid technological developments pose significant challenges in developing and deploying AI-based services in the finance industry. The regulatory principles defined by financial authorities in Europe need to be structured in a fine-granular way to promote understanding and ensure customer safety and the quality of AI-based services in the financial industry. This will lead to a better understanding of regulators’ priorities and guide how AI-based services are built. This paper provides a classification pattern with a taxonomy that clarifies the existing European regulatory principles for researchers, regulatory authorities, and financial services companies. Our study can pave the way for developing compliant AI-based services by bringing out the thematic focus of regulatory principles.
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