Legal Regulation of Using the Artificial Intelligence Technology in the Banking

This research is devoted to the formulation of proposals for improving the legal regulation of the artificial intelligence’ use in banking activities. The main objectives of the research are: to analyze the possibility of creating a flexible system of legal regulation aimed at stimulation of the development of artificial intelligence as a technology and concept; to suggest reasonable proposals for creating the necessary legal conditions for the effective use of artificial intelligence in the banking sector. A wide range of methods was used to solve the tasks set in the study: formal-legal, system analysis, generalization and analogy. The main results of the research include conclusions about the structure of the regulatory platform for the use of artificial intelligence and the need to introduce special regulation in relation to its subjects and participants, provisions about the tools of “soft” regulation in order to prevent violations as well as the most problematic aspects of the engagement of artificial intelligence in the banking sector, including the need to implement measures aimed at reducing costs and losses, and applied directly in the process of a provision of banking and other financial services by lending institutions.