About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Benefits and Limitations of Deploying Regtech to Fight Financial Crime

Subscribe to our newsletter

Financial crime is rising exponentially, requiring financial institutions to review and renew client onboarding, Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. A panel discussion at A-Team Group’s recent RegTech Summit in London considered the challenges and inefficiencies of today’s onboarding, KYC and AML solutions and proposed how regtech deployment could improve the situation.

The panel was moderated by Denisse Rudich, strategic advisor in financial crime at Firedrake, and joined by Anu Ratan, senior global AML policy and advisory manager, Tier 1 banks; Targ Patience, group chief compliance officer at the Gibraltar Stock Exchange; and Aoife Harney, regulatory consultant at Fenergo.

The panel noted inefficiencies of manual processes used for client onboarding, KYC and AML, and noted the potential of regtech. Harney proposed regtech to provide a centralised data repository and technologies such as machine learning and artificial intelligence to support process automation and accuracy on an ongoing basis.

Patience described the Gibraltar Stock Exchange’s work with rechtech to provide a centralised client identity repository, but noted that it is not only necessary to know your clients, but also the businesses you are working with, which can be difficult considering often complex business ownership structures.

Ratan discussed the issues of bringing regtech solutions into live and legacy onboarding KYC and AML environments, and advised financial institutions to look at how regtech can fit into the environment, its cost and return on investment, and its effect on customer loyalty, before investment and deployment.

Listen to this podcast to hear the views of the panel on how to improve onboarding, KYC and AML as a means of fighting financial crime.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: In data we trust – How to ensure high quality data to power AI

Artificial intelligence is increasingly powering financial institutions’ processes and workflows, encompassing all parts of the enterprise from front-office to the back-office. As organisations seek to gain a competitive edge, they are trialling the technology in variety of ways to streamline and empower multiple use cases. Some are further than others along the path to achieving...

BLOG

Addressing Financial Crime and AML with RegTech: Insights from the RegTech Summit 2024

Since the Bank Secrecy Act (BSA) was enacted 54 years ago to prevent and detect money laundering and terrorist financing, the compliance obligation has evolved from a basic reporting requirement into a highly complex and continually evolving anti-money laundering (AML) regime. An expert panel at A-Team Group’s RegTech Summit (NYC) in November convened to evaluate...

EVENT

Data Management Summit New York City

Now in its 15th year the Data Management Summit NYC brings together the North American data management community to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Regulatory Data Handbook – Fifth Edition

In response to the popularity of the A-Team Regulatory Data Handbook, we have published a fifth edition outlining the essentials of regulations that are likely to have an impact on data and data management at your organisation. New to this edition is a section on RegTech, covering drivers behind the development of innovative regulatory technology,...