Compliance automation platform Ascent RegTech has launched seven new regulators into its platform.
The new regulators are: US-based FFIEC (Federal Financial Institutions Examination Council), FRB (Federal Reserve Board), OFAC (Office of Foreign Assets Control) and FinCEN Chapter X (Financial Crimes Enforcement Network). Singapore-based SGX (Singapore Exchange Limited) and MAS (Monetary Authority of Singapore) and Australian regulator ASIC Corporations Act (Australian Securities and Investments Commission).
Ascent is an end-to-end compliance platform which uses natural language processing and artificial intelligence to convert regulatory text into workable tasks. Data is collected from a selection of channels and includes historical and real-time documents/rules directly from regulators, personalised for each business.
The platform extracts specific obligations from the regulatory texts and boils it down to workable tasks. Its solution gives a targeted feed of new regulations and rule changes which apply to the client, and indicates how their daily tasks, controls and policies and procedures will be impacted.
The platform supports regulating bodies around the globe and is always adding more to the platform.
The RegTech startup recently joined the Wells Fargo Startup Accelerator, alongside connected wearable device developer. Wells Fargo launched its accelerator in 2013 and has 23 startups in its current portfolio. Participants are eligible for funding of up to $1m.
In an interview with RegTech Analyst, Jeff Heine, chief revenue officer at Ascent Technologies said that RegTech can bring benefits to a range of sectors outside of financial services; however, regulators could do more to raise awareness for the burgeoning space.
Last year, Ascent RegTech was again listed in the RegTech 100 list, its second consecutive year of making the 100.
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