How RegTech is lifting the burden from compliance demands

March 5, 2020

 

Whether it’s fraud, money laundering, bribery, insider dealing, or even financing terrorism, financial crime is a global problem – certainly not one limited to Asia. 

 

Over time, financial crime rates have not only risen higher, but they have grown to be more complicated and harder to detect. This has led to ever-greater regulation, heavier-handed  governance and the introduction of stricter compliance requirements.

According to Jessica Chuah, an industry expert on financial compliance, firms themselves need to be alert and attuned with changes in the financial landscape to better understand why delivering on regulatory requirements can help protect operations.

 

“With regulatory requirements continually changing, industry experts agree it’s imperative that financial firms review their business processes to evaluate compliance and ethics risks at least once a year, while always monitoring recent changes to regulations and laws,” Chuah told Tech Wire Asia.

 

However, with a rapid growth in fintech innovation, regulators are increasingly challenged to keep pace with the evolution. Aware that these new, tech-centric solutions represent the future of finance, regulators are pressured to find new guidelines that protect from financial crime, without stifling new industry growth. 

 

Players within the industry are being pushed to operate on risk-based compliance measures instead of rules-based models that were previously in place. In endorsing risk-based compliance, financial firms need to process a lot of data to ensure operational decisions have been assessed.

 

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