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Benefits and Limitations of Deploying Regtech to Fight Financial Crime

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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.

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