The rise of RegTech: how technology can lighten the regulatory load for many financial institutions

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Content 

By integrating RegTech solutions, financial institutions can not only reduce the burden of compliance and enhance their crime-fighting capabilities but also improve overall operational efficiency and customer satisfaction. Technology can significantly lighten the regulatory load for financial institutions by improving efficiency, accuracy, and compliance. Here are five key themes where technology plays a crucial role:

• Automation of Compliance Processes: RegTech can automate many of the compliance-related tasks that are traditionally done manually. This includes monitoring transactions for suspicious activities, validating customer information against watch lists, and ensuring that documentation and reporting are done in compliance with the relevant laws and regulations. Automation reduces human errors and the manpower required for compliance tasks. For instance, technologies like Robotic Process Automation (RPA) can automate the gathering, processing, and filing of regulatory reports. This not only speeds up the process but also reduces human error, ensuring that the reports are accurate and compliant with the regulations.

• Enhanced Risk Management: By utilising advanced data analytics, machine learning, and big data technologies, RegTech tools can analyse vast amounts of data quickly and with high accuracy. This capability allows financial institutions to identify potential risks and unusual patterns that may indicate criminal activities such as money laundering, fraud, or terrorist financing. Machine learning models, for example, can predict potential compliance violations by analysing transaction patterns. This proactive approach can prevent breaches before they occur and help institutions stay within regulatory guidelines.

• Improved Reporting and Transparency: RegTech solutions facilitate more efficient reporting by automating data collection and report generation. This not only speeds up the process but also enhances the accuracy of the reports submitted to regulatory bodies. Accurate and timely reporting is crucial for maintaining transparency and adhering to regulatory requirements.

• Cost Reduction: By streamlining compliance processes and reducing the workload associated with manual compliance and monitoring, financial institutions can significantly lower their operational costs. This includes savings from fewer regulatory penalties due to non-compliance and reduced need for large compliance teams.

• Adaptability to Regulatory Changes: Financial regulations are often subject to changes and amendments. RegTech solutions are typically designed to be flexible and can be updated as regulations evolve, helping institutions remain compliant without constantly overhauling their internal processes

• Customer Onboarding: RegTech can expedite the customer onboarding process while ensuring that it meets all regulatory requirements. This includes automating background checks, KYC (Know Your Customer), and AML (Anti-Money Laundering) processes, making the onboarding process quicker and more efficient, which enhances the customer experience.

• Cross-jurisdictional Compliance: For financial institutions operating in multiple countries, complying with various regulatory environments can be challenging. RegTech can help manage and reconcile these different regulatory requirements through sophisticated software that understands and adapts to various legal frameworks.

Presenter

Sandip Patel FCIArb KC Barrister at Law at 33 Bedford Row

Sandip specialises in cross border civil and commercial dispute resolution, fraud, white collar crime, and regulatory proceedings. He represents individuals, businesses and Governments in complex disputes with an overlap between civil and criminal laws especially in the areas of fraud, corruption, money laundering, tax evasion, and asset recovery.  In the “Leading silks” list, The Legal 500 United Kingdom guide to outstanding silks nationwide said this about him, “He has a pleasing and reassuring courtroom manner”, “a very good all-round advocate, who is quick on his feet in court”. Described as “a truly exceptional lawyer with a phenomenal eye for detail”. Exclusive IR advisor for White Collar Crime in England since 2020. IR Global is a multi-disciplinary professional services network that provides legal, accountancy, financial advice to companies and individuals around the world.