The current communication monitoring landscape is a ‘wild west’, and firms need to ensure their processes are nimble so they can adapt to new and evolving communication channels.
Transaction reporting is a necessary requirement for countless regulations, and yet Novatus Advisory co-founder Matthew Ranson believes many firms are getting this process wrong, and they might not even be aware of it.
In 2023, new technologies entered the market that brought new challenges for financial services firms to remain compliant, RegTech was given the opportunity to provide the solutions necessary to fix this issue. Whilst the industry may be still relatively unknown beyond the shores of finance, its importance cannot be understated.
As another year draws to a close in the RegTech industry, the sector is peering up at a new unexpected leviathan in its midst – Generative AI. The technology, virtually unknown in the mainstream at the start of this year, has created not just new opportunities but completely new challenges for the industry to grip its teeth into.
Founded in 2011, London-headquartered Encompass claims it enables banks and financial services organisations to improve customer experience, deliver revenue faster and demonstrate consistent compliance with real-time digital KYC profiles.
Money laundering is the lifeblood of organised criminals – put simply, without the ability to move and convert criminal proceeds into “clean” money to fund further crime and the lavish lifestyle criminals aspire to, organised crime gangs cease to function.
When the world went into lockdown in 2020 in a bid to stop the spread of Covid-19, many companies went into a state of survival. Many were forced to furlough staff and look for loans to ensure they could weather the storm. Building a new startup might have been the last thing some would think to do during this time, but Vall Herard did just that with Saifr.
A technology currently firmly having its moment in the sun is artificial intelligence. With the GenerativeAI platform ChatGPT taking the world by storm earlier this year, many onlookers are excited to see what comes next. The role of AI is evolving rapidly, and what is proving able to achieve.
A growing challenge that has been identified in the financial sector this year has been money muling.
For financial services companies that are looking to ensure a strong level of stability and regulatory compliance, technology is continuing to come up trumps as the route for them to become more efficient and effective.