Feel Free Read The RegTech Storm is Coming: The ultimate guide to Regulatory Technology by Planet of finance (Planet of finance Investor Insights Book 4) PDF
RegTech is the contraction of “Regulatory Technology” which has come to describe the group of companies that are using technology to address regulatory challenges in the financial services sector. The aim is to bring both operational and cost efficiencies to the processes currently in place to comply with financial regulations.Regulators are one of the key players in this system. Whilst technology has underpinned some of their backend workflows and processes over the last couple of decades, it is in response to post-2008 finance regulation, coupled with the more recent birth of FinTech, that has forced regulators to evolve into tech savvy, data-driven organizations. As new technologies have emerged, the growth in resulting data has been phenomenal and regulators find themselves turning to RegTech to find solutions to collect, analyse and digest this data. From a private sector perspective, firms operating in the financial sector are struggling to keep pace with frequent changes in regulations and the verification process. KYC (Know Your Customer), AML (Anti- Money Laundering) and DD (Due Diligence) guidelines help to prevent financial institutions from being used for criminal activity such as money laundering. Applying all these checks and adhering to the guidelines is an extremely timely, costly and laborious process for wealth managers. Those who fail to successfully adhere to compliance legislation can find themselves at the mercy of unforgiving finance regulators. Fines into the millions, legal fees, damages to reputations and even personal liability for senior management or compliance officers are absolutely not unheard of. Despite FinTech and RegTech solutions being adopted by finance institutions and wealth managers, the sheer velocity of ever-changing legislation remains a key challenge.In this guide we will ask the following questions: - What is regtech and how does it impact wealth management? - How can artificial intelligence improve client onboarding? - How can regtech give powers back to customers? We are seeing a flurry of smaller start up companies and large multinationals looking at and developing new solutions within RegTech. Whether tackling a single component of source of wealth verification or providing instant 360 access to client information, firms are finding new ways to capture, verify and share data fast whilst complying with a multitude of cross border laws and regulations. Money-ID aims to do just that. Aimed at delivering cost efficiencies, time-savings and improved trust.There is a multitude of new and exciting ways to invest your money today. Here at Planet of finance we keep track of the most relevant developments to signal them for you. We are the ultimate meeting place to discover, connect and learn about the latest topics relating to your financial wealth.Visit us on www.planetoffinance.com
