Is RegTech the Silver Bullet to Fighting Financial Crime or is there more to it?
The 2016 Global Terrorism Index reported a 650% increase in deaths from terrorism amongst OECD member countries. In this environment, it is no surprise that governments are making a strong attempt to counter terrorist financing. Although we welcome new anti-money laundering and anti-terrorist financing regulations that have been introduced to tackle the issue, how can banks keep pace with the latest rules and adapt with evolving legislation, while simultaneously driving a competitive advantage? Standards are greater, and if organizations fail to comply they are at risk of huge fines. Between 2009 and 2015, the U.S. government fined banks $5.2 billion.