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.

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...

09 April 2024 /regulation /wealth

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 ...

14 March 2024 /regulation

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...

12 March 2024 /regulation

Harriet Christie Chief Operating Officer at Mirrorweb

FINRA Report 2024: Recordkeeping Takeaways

The Financial Industry Regulatory Authority (FINRA) recently released its annual regulatory oversight report for 2024. This has been shared to provide firms with key insights and observations from the regulator’s recent operations, with the aim of improving transparency and strengthening compliance programs for businesses in the finance sector. ...

26 February 2024 /regulation /wealth

Ben Parker CEO at eflow uk ltd

Navigating the perfect storm: global shocks, technological evolution, and the new regulatory maze

The global financial landscape is currently battling a variety of simultaneous shocks that have made it vulnerable to market abuse. In March of last year, Fabio Panetta, of the European Central Bank’s Executive Board, delivered a speech where he declared that we are in the wake of a series of global shocks. From events such as the pandemic, supply...

12 February 2024 /regulation /crime

Hugo Chamberlain Chief Commercial Officer at smartKYC

The Evolution of KYC to KYX: Understanding Your Counterparties

In the realm of financial services and beyond, ‘Know Your Customer’ (KYC) has long been a foundational principle. Initially implemented as a means of combating money laundering, terrorist financing, and fraud, KYC procedures have ‌traditionally centred around verifying the identity of individual customers. But, as the business landscape has grown ...

24 January 2024 /regulation /crime

Shahzaib Muhammad Feroz Digital Marketer at AKS iQ

Predicting the Unpredictable: AI Models Identify Unusual Trade Patterns Before They Happen

In the ever-evolving landscape of global trade, Artificial Intelligence (AI) models emerge as prescient fortune-tellers, predicting the unpredictable by identifying unusual trade patterns before they unfold. These advanced models leverage machine learning algorithms to analyze vast datasets, discerning subtle anomalies that might elude traditional...

12 January 2024 /regulation

Steve Marshall Director of Advisory Services, at FinScan

AML in 2024: Geopolitics, Regulation, and Data

Increasing geopolitical instability, regulatory developments, and technological advances are set to contribute to a rapidly changing anti-money laundering (AML) landscape in 2024. Here, we look at each of these key themes in more detail. Geopolitical instability Geopolitical instability, particularly the Israel-Gaza war, will have huge ramification...

10 January 2024 /regulation /crime

Steve Marshall Director of Advisory Services, at FinScan

FinCEN’s Beneficial Ownership Information Rule is Coming…But Questions Still Remain

Since January 1, 2024, the U.S. government now requires many firms to report information about who ultimately owns and controls them as an effort to ‘make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures’. The new requirement is enforced through the Beneficial Owne...

04 January 2024 /regulation /crime

Raktim Singh Senior Industry Principal at Infosys

What is RegTech

Introduction: The financial industry has been significantly transformed by the Regtech, which has brought about substantial changes to compliance procedures, risk administration, and regulatory disclosure. Regtech, an acronym for regulatory technology, is an emerging industry that makes use of cutting-edge technologies to bolster regulatory procedu...

29 December 2023 /retail /wholesale