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The Regtech industry is undergoing a major transformation as the FCA’s new consumer tax regulations take effect in less than two months. This presents an opportunity for financial institutions to adopt a new approach to compliance and regulation. AI and ML technologies are being incorporated to help regulators promote financial inclusion, keep up with rapid technological innovation, and enhance regulatory oversight. AI and ML algorithms can help identify potential risks and behavioral patterns, monitor regulatory compliance in real time, and detect potential instances of fraud and financial crime.