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RegTech

Regulatory technology, is a new technology that uses information technology to enhance regulatory processes. With its main application in the Financial sector, it is expanding into any regulated business with a particular appeal for the Consumer Goods Industry. Often regarded as a subcategory under FinTech, RegTech puts a particular emphasis on regulatory monitoring, reporting and compliance and is thus benefiting the finance industry.

Nickii Mallia

Nickii Mallia Business Development Manager at Aqubix Ltd - KYC Portal

Best Practices for Implementing a KYC/AML platform in Financial Institutions

In the rapidly evolving financial landscape, implementing a robust KYC/AML platform is paramount for financial institutions. Effective processes not only ensure regulatory compliance but also enhance customer experience and streamline operations. This blog outlines the steps for a successful KYC/AML platform implementation, addresses common challe...

/regulation /crime

Harsh Daiya

Harsh Daiya Staff Software Engineer at Paypal

Fintech Fraud Prevention Regulatory Hurdles

As a result of the lightning-speed changes in financial technology (fintech), preventing fraudhas become increasingly important. In their bid to deliver the most streamlined and customer-friendly financial services, fintech companies face significant headwinds from fraudulent activities. Regulatory frameworks mold strategies that limit firms while...

/payments /regulation

Willem Lambrechts

Willem Lambrechts Managing Director at Drebbel

The regulatory sword of Damocles

The Critical Importance of Archiving Digital Contracts and Signatures in the Context of European eIDAS, NIS2, and DORA Regulations As digital transformation accelerates, the shift from paper to digital contracts and signatures has become ubiquitous. However, this shift brings with it significant regulatory obligations, especially within the Europea...

/regulation /startups

Harriet Christie

Harriet Christie Chief Operating Officer at Mirrorweb

The Generative Generation - AI, chatbots and financial compliance

In March 2023, SEC Chairman Gary Gensler described Artificial Intelligence as “the most transformative technology of our time, on par with the internet and mass production of automobiles". When any groundbreaking tool arrives, a period of adaptation is required. This is more pronounced for regulators, who need to quickly assimilate enough inf...

/ai /regulation

Joris Lochy

Joris Lochy Product Manager at Intix | Co-founder at Capilever

From Penalties to Best Practices: The True Cost of Compliance

Over the past two decades, the banking industry has faced staggering penalties for non-compliance, totaling an astonishing $387,559,149,283 (source: Violation Tracker). This colossal sum underscores a pressing issue: despite numerous efforts, the financial sector continues to grapple with compliance, with no signs of the penalties decreasing. Ever...

/regulation /crime

Kieran Holland

Kieran Holland Head of Technical Solutions at FinScan

Tackling Rising Data Volumes in AML

High-quality data is the bedrock of an effective anti-money laundering (AML) and watchlist screening programme. Incomplete or inaccurate data can lead to false negatives, potentially allowing illicit activities to go unnoticed. Conversely, it can trigger false positives, leading to unnecessary investigations and resource wastage. With data volumes...

/regulation /crime

Binh Dang

Binh Dang Marketing Executive at smartKYC

Integration and Implications of Natural Language Processing in KYC Procedures

In recent years, Know Your Customer (KYC) processes have become increasingly critical for financial institutions and other regulated entities to mitigate risks associated with money laundering, fraud, and terrorism financing. However, traditional KYC methods are often time-consuming, manual, and prone to errors The emergence of Natural Language Pr...

/ai /crime

Harriet Christie

Harriet Christie Chief Operating Officer at Mirrorweb

Whatsapp Compliance, Self-Reporting, and Ripping off the Bandaid

The Securities Exchange Commission (SEC) is trying to instigate deep cultural change around compliance following a high-profile crackdown on ‘off-channel’ communications. Many firms find themselves in a difficult scenario – a kind of regulatory purgatory where they know that they need to make significant changes to their recordkeeping infrastruct...

/regulation /wealth

Shahzaib Muhammad Feroz

Shahzaib Muhammad Feroz Digital Marketer at AKS iQ

Understanding Regulatory Frameworks for Trade-Based Money Laundering (TBML) Compliance

Trade-based money laundering (TBML) poses significant risks to the global financial system, requiring robust regulatory frameworks and international standards to combat this illicit activity. Compliance professionals play a crucial role in understanding and implementing these frameworks to ensure effective TBML prevention. This article will delve ...

/regulation

Shahzaib Muhammad Feroz

Shahzaib Muhammad Feroz Digital Marketer at AKS iQ

Why Detecting Trade based Money Laundering Matters?

Financial institutions protect the financial system and play a critical role in preventing money laundering, including the tough challenge of trade-based money laundering (TBML). In TBML, criminals exploit legitimate trade channels to conceal illegal money, thereby jeopardizing financial stability. Detecting and preventing TBML is crucial for main...

/regulation

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