AML and assurance – Can RegTech define a better path

718A 2017-10-18T14:00:00.000Z

Conference Room 1
Head of FCC for Americas
Standard Chartered
IBM General Manager, Watson Financial Services Solutions Industry Platforms,
Associate policy advisor
Institute of International Finance

The cost of compliance continues to climb, yet money laundering and terrorist financing operations continue unabated. Banks face a two-fold challenge: adapting to evolving regulatory requirements while applying yesterday’s technology to the AML landscape of today and tomorrow. Clearly something has to give – but what? Can RegTech transform AML in the same way FinTech has reshaped payments, insurance and investment management? Can technology make processes and controls more accurate and effective? As a non-competitive area, could collaboration help provide innovative solutions and improve results? If third-party service providers offer independent assurance that institutional controls are working, will regulators accept the results?