Regtech: What it is and How it Solves Business Problems

What is RegTech?

Regulatory technology, or RegTech, is a new industry that uses modern information technology to enhance regulatory workflows. RegTech applies modern technologies including artificial intelligence and machine learning to overcome regulatory challenges primarily in financial services. The UK Financial Conduit Authority defines RegTech as “a sub-set of FinTech that focuses on technologies that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities”.

The term is also used to describe the companies that have specialized in this business area. RegTech firms help the bigger companies with their regulatory compliance obligations, improving efficiency, reducing risks and augmenting user experience. With its main application in the financial sector, RegTech is currently expanding into other regulated business as well.

A brief history of RegTech

The global financial crisis in 2008 prompted regulators across the globe to revamped the standards of their oversight of big companies and financial institutions in bid to revive public trust in the financial system. Regulations, such as the Dodd-Frank Financial Reform Act in the US, came in bringing in a sea of change in the regulatory compliance space. Many of the provisions in the new compliance regulations proved cumbersome for financial institutions with their existing compliance workflows. There has been a strong requirement for the use of modern technology such as artificial intelligence, which already brought in radical changes in many industries, and companies started realizing the potential of such technology in the area of regulatory compliance.

RegTech emerged as a separate industry backed by the unprecedented regulatory burden post the global financial crisis. Financial institutions were initially sceptical of the potential of RegTech, particularly the relatively new technologies involved therein. Slowly but steadily, RegTech companies, which received immense support from global investors, managed to develop efficient solutions that can solve real-life regulatory compliance issues, and now have started going mainstream.

Global RegTech Market Size

Today, the RegTech industry is a fast-growing one across the globe. According to a research report by Facts & Factors, the global RegTech market is expected to grow at a CAGR of 21.27% to around US$33.1 Billion by 2026 from about US$5.31 billion in 2019. The report notes that the increasing trends for regulatory sandbox have provided RegTech companies to innovate their solutions further. In addition, the low entry barriers for SaaS-based solutions and the rapid growth in the applications based on artificial intelligence (AI), Machine Learning, and Blockchain would also help the industry.

Global investors pumped in a large sum of money into the RegTech sector recently. Global RegTech investment surged to US$8.5 billion in 2019, compared to US$1.1 billion in 2018, representing a CAGR of 66.7%, according to Fintech Global. The average deal size increased over 3.5x from 2015 to 2019 from just US$7.5m in 2015 to US$26.8m in 2019.

Possibilities with RegTech

In general, RegTech companies focus on speeding up data analytics, improving data quality and generating critical reports for sharing with regulators and using to aid the company’s decision-making process. By using modern technologies, RegTechs completely or partially automate regulatory compliance-related processes. At present, many of these processes are done using traditional techniques that requires huge costs and dedicated staff. By using cutting-edge technologies like Artificial Intelligence, Machine Learning, Big Data, Business Intelligence and Blockchain, RegTechs make regulatory compliance processes efficient and effective.

RegTechs have a large and still growing number of applications. Some of the business cases are given below.

  1. Know Your Customer (KYC)

This use case concentrates on compliance with regulations with regard to ensuring adequate knowledge of the customer when they are onboarded and throughout the customer lifecycle. Regulators enforce various KYC procedures to assess customer risk and prevent money laundering risk. By using modern technologies such as machine learning, deep learning and Big Data, RegTech companies can help financial institutions build robust KYC compliance programs.

  1. Transaction Monitoring

Transaction monitoring is the procedure in which financial institutions scans each and every transaction occurs through their systems for possible financial crime risk. While legacy transaction monitoring solutions, which are rules-based, becoming inefficient and ineffective with a large volume of false positives, new-age RegTech solutions can conduct proper assessment of risk factors and point out those really-risky transactions. Transaction monitoring solutions powered by AI and machine learning can both reduce false alerts to improve process efficiency and identify ‘unknown cases’ or anomalies that legacy systems cannot.

  1. AML screening

AML screening is one of the main pillars of AML compliance. It refers to the process of assessing the risk of existing or potential customers of financial institutions and transactions for possible criminal links. Financial institutions continuously screen their customer names (both individuals and businesses) against watchlists (sanctions lists, PEP lists, adverse media data). In addition, they also do transaction screening to verify customer identities and watch their transactions on an ongoing basis. This will help financial institutions to identify risk in senders and beneficiaries, along with other elements of a transaction.

  1. Compliance risk analysis

Largely meant of managerial purposes, compliance risk analysis is used to gather a detailed view of compliance risk involved in each applicable regulation. It also helps assess the effectiveness of the compliance risk control methods that are currently in use. The process provides a calculated level of residual risk along with recommended corrective actions to reduce perceived risk to an acceptable level.

  1. Data tracking and reconciliation

Data tracking and reconciliation have become challenging tasks for financial institutions due to a number of reasons including increasing process complexity, high transaction volumes, a large number of data sources, ever-changing regulatory requirements and the emergence of new asset types and structured deals. Regulations such as Basel III and MiFID II mandate increased depth and breadth in the reconciliation process. RegTech solutions can unify data from multiple sources and automate data matching and exceptions management to a large extent.

The Future of Regtech

In general, RegTech solutions are helping business in terms of efficiency gains, better process accuracy, greater internal alignment and improved risk management. The importance of these solutions are being realized by businesses and their adoption is steadily increasing. Meanwhile, RegTech firms are supported by increasing investments into the sector. RegTech companies such as Tookitaki are on the path to create a world where financial institutions can easily comply with regulations, while unlocking business value without compromising consumer experience. Tookitaki offers an anti money laundering software that can address financial institutions worries on all aspects of AML compliance.

If you want to know more about any of our RegTech solutions aimed at AML compliance and reconciliation management, please contact us.

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30 Years of FATF: Notable Facts About Global AML Watchdog

The Financial Action Task Force (FATF), the intergovernmental body formed in 1989 to combating money laundering, is celebrating its 30th anniversary this year. Since its inception, the global agency p...

Tookitaki Joins Aite Financial Crime Forum as Sponsor

Technological advances have fundamentally changed the operational landscape of financial institutions. However, there are also new risks emerging in forms of sophisticated financial frauds and complex...

Will Machine Learning Replace Compliance Professionals?

The impact of modern technologies such as artificial intelligence (AI) and machine learning on job security has been a widely discussed topic today. Of course, AI has advanced very quickly in the last...

6 Most Prevalent Cyber-Laundering Methods in APAC

Despite being a medium to exchange information in real-time and with scale, the Internet is being misused in several ways. Among the slew of financial crimes facilitated by the Internet, money launder...

What Made Us Earn the WEF Technology Pioneer Title

Tookitaki has bagged another global acknowledgement for its outstanding works in the regulatory compliance field. Our company was selected among hundreds of candidates as one of the World Economic Fo...

We Stay as a Team, We Win as a Team and We Flourish as a Team

“Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organizational objectives. It is the fuel that allows common people to a...

ABA Regulatory Compliance Conference: 10 Sessions You Can’t Miss

The 2019 edition of the American Bankers Association (ABA) Regulatory Compliance Conference is a few more days away. Organized by the Washington, D.C.-based trade association, the conference is touted...

Tookitaki AMLS Wins SBR Technology Excellence Award 2019

Tookitaki’s Anti-Money Laundering Suite (AMLS), an end-to-end machine learning-powered transaction monitoring and names screening solution, has bagged the inaugural Singapore Business Review Tec...

Watchdogs Grow Optimistic about AI Prospects at Banks

Proper regulation of banking operations is important as any failure in the banking system would affect the wider economy. Therefore, banking is one of the most regulated industries across the globe. F...

Pitfall of Black Box AI at Banks: Explaining Your Models to Regulators

The use cases of artificial intelligence (AI) and machine learning in front-office, middle-office and back-office activities at banks are growing slowly but steadily. The major areas of AI play includ...

AI for Regulatory Compliance at Banks: 4 Assessments Before You Okay the Solution Proposal

Banking is one of the industries where artificial intelligence and machine learning find their applications at a rapid pace. Regulatory compliance within banking is an area which has become a costly a...

We Believe in Innovation, the Key to Survival and Growth

“Innovation distinguishes between a leader and a follower.” -Steve Jobs What comes on the top of your screen when you google the meaning of the word innovation is – the introduction of somet...

Compliance Functions in Need of a Technological Overhaul. Can Machine Learning be the Game-Changer?

McKinsey in its latest compliance benchmarking survey found that compliance function at financial institutions has reached “an inflection point” and current compliance standards are in an “incho...

Tookitaki Raises US$7.5 mn Series A from Global VCs to Transform Regulatory Compliance

Tookitaki, a regulatory technology company that aims to enable financial institutions to develop sustainable compliance programs, has raised US$7.5 million in Series A round. The round was co-led by L...

From Wachovia to Danske Bank: Biggest Money Laundering Cases in Recent Times

Money laundering – the criminal activity of processing criminal proceeds to disguise their origin – is one of the gravest problems faced by the global economy, and its size is growing rapidly. It ...

A Modern Approach to Address the Reconciliation Challenges of Financial Services

Reconciliation of transactions is deemed critical for the smooth running of every financial institution. The speed and accuracy of data reconciliation can distinguish a successful institution from its...

Busting a Myth: Compliance Officer’s Job is All About Risk

Regulatory compliance has become a dreadful task for banks after regulators across the globe set stricter norms in the aftermath of the 2008 financial crisis in an effort to prevent financial crimes s...

SocGen Goes Next-Gen with Tookitaki Reconciliation Suite

Société Générale leveraged Tookitaki’s Reconciliation Suite to automate the bank’s existing break reconciliation system. Key Challenges Addressed The bank’s finance department was unable to ...

Attending ACAMS Conference in Singapore? Tookitaki Awaits You with Its Disruptive AML Solution

“In today’s era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility, that’s it.”- Jeff Bezos Singapore is hosting ACAMS’...

MAS’ Stress on Transaction Monitoring for Effective AML/CFT Compliance and Machine Learning is the Answer

Singapore is known for its top-notch AML/CFT regime created through up-to-date legislation, stringent policy and uncompromising supervision to safeguard against the abuse of the city state’s financi...

Mifid II and the Pressing Need for a New Reconciliation Approach

The financial services industry in the EU has been confused with the introduction of a revamped version of the Markets in Financial Instruments Directive (Mifid II). The ambitious regulatory reforms t...

Is Automated Reconciliation Next to Impossible in Today’s Complex Financial World?

The 2008 global financial crisis and fairly new regulatory requirements like Basel III asked financial institutions (FIs) to cut operating costs and adopt a lean operations structure, pushing FIs to r...

Modern Tech to Reshape US AML Compliance with Regulators’ Recent Handshake

George Bernard Shaw once said: “Those who cannot change their minds cannot change anything.” The past week has seen a significant change of mind from financial regulators in the US in their ardent...

Skills Development: We Have Talents and We Strive to Multiply Them

“Mastery lies on an infinite continuum, and as a result, we will never reach the end. We can, however, see to it that we are as far along that continuum as our circumstance allows.” ― Chris Mat...

It’s Our Fourth Founding Day; Taking a Pause to Cherish Our Simple but Awesome Journey

Today, as we step into our 4th year of foundation, I feel proud and honored to be leading Tookitaki that has been successful in creating added value to all its stakeholders. I was never a CEO and Took...

Tookitaki Expands into the US with New Office in Charlotte

SINGAPORE, Sept. 24, 2018: Tookitaki Holding Pte Ltd, a leading regulatory technology company, is pleased to announce the official opening of its North American office in Charlotte, NC, in the Unite...

We Tame Machines but We Unleash Human Spirits

We are well aware of the fact that our progress as an organization is in the hands of our employees. The more energy, time and attention we invest in them, the more yield we receive. So, we always mak...

5 Methods That Modern Money Launderers Use To Beat Detection

Society prepares the crime, the criminal commits it. DID YOU KNOW? Every year, an estimated amount in the range of US$800 billion-US$2 trillion (2-5% of global GDP) is being laundered globally Regulat...

Risk Management Conference: Positive Vibes from All Corners

The Risk Management Association’s (RMA) premier annual event, the Risk Management Conference, came to an end on 6 November, and Tookitaki had the privilege to attend the event which we believe was ...

Singapore Fintech Festival: Tookitaki to showcase advanced machine learning solutions in financial services

Singapore is assured of the Fintech world’s unwavering attention next week, as the city state, is hosting this year’s Fintech Festival during 12-16 November. Touted as the world’s largest platfo...

The RMA Clarion Call to Address Risks and the Tookitaki Way

Risk officers, doing your best today is good while preparing hard for tomorrow is extraordinary. Risk management at banks has become difficult due to operational and regulatory changes. The Risk Manag...