AML and assurance – Can RegTech define a better path
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?