What is RegTech?
Regulatory Technology (RegTech) refers to the “use of technology to enhance risk management and regulatory compliance in financial institutions”. RegTech can be used for two main purposes: (1) combat money laundering (ML) and terrorist financing (TF), and (2) identifying suspicious activities.
Why is RegTech important?
Needless to say, Covid-19 has led to a significant increase in financial crimes. While financial institutions’ (FI) goal is to ensure business continuity and adapt to the change in operations, they also need to focus on tackling the emerging threats from financial crimes, such as ML, TF, frauds, etc. The pandemic creates more challenges for the FIs regarding how they conduct their risk management and compliance function.
An example of a challenge would be, companies face the issue of conducting anti-money laundering (AML) and know your customer (KYC) due to remote work arrangement and a possible change in approval protocol. However, with eKYC, remote digital onboarding of customers can be conducted.
Therefore, FIs need to embrace these RegTech solutions to curb the crimes.
How RegTech helps organisations achieve global regulation and compliance?
To achieve global regulations and compliance, organisations need to adopt the cutting-edge technology RegTech solution. These digital solutions leverage on data and knowledge from the experts – compliance officers – allow businesses to detect suspicious activities more accurately, efficiently, and quickly. As a result, embracing these RegTech solutions help curb financial crimes. Moreover, with the digitisation of RegTech, these solutions are becoming more cost-effective, scalable, and long-term to accomplish compliance.
How is Regtank contributing to RegTech and Why is RegTech important to us
At Regtank, we recognise the necessity of adhering to regulatory compliance responsibilities, as the cost of non-compliance would be higher. As a result, we seek to assist organisations in achieving regulatory compliance with our powerful one-stop compliance solution, which provides a 360° risk profile by utilising our unique smart risk assessment engine.
Learn how the Regtank Compliance Solution can help you and your business take preemptive measures to build a robust AML protocol and reduce the risk of money laundering activities.
Contact us at firstname.lastname@example.org for a demo!