As part of the Jersey Financial Services Commission’s strategic commitment to digital transformation, they have launched a new AI-powered regulatory chatbot in beta.
The chatbot, named Reggie, provides users with a self-help platform providing humanlike answers to regulatory questions.
Like other large language models, the tool makes use of generative AI to provide helpful and conversational responses to user queries. Reggie is, however, bespoke to the Jersey Financial Services Commission (JFSC) and only bases its answers on trusted sources, providing a level of reassurance to users.
Users can prompt the tool’s output to meet their specific needs, from individuals looking for layperson summaries of regulation, to compliance specialists looking to quickly locate specific source material.
The chatbot currently uses the regulatory codes of practice and the anti-money laundering, countering terrorist financing and countering proliferation financing handbook as its source material. The beta launch, which in essence is the next phase of user testing, will guide the further development of Reggie. Based on its success, additional source material will be added over time, further increasing the tool’s potential application.
Chief Risk officer Chris Gedrych (pictured) said: “The regulatory landscape is complex, and we are keen to find ways to support individuals and businesses in understanding it. Reggie is an important part of this work, and a strong demonstration of how we can use technology to support regulatory effectiveness.
“While not a substitute for fulfilling regulatory obligations, Reggie will be a useful tool for individuals from various backgrounds looking for a first port of call for answers to their regulatory questions. Reggie will continue to be developed over time in response to user feedback to ensure it remains a helpful tool.”
