Financial institutes are a pro when it comes to leveraging various Anti- Money Laundering (AML) and compliance technologies. The strategic use of technology helps financial firms meet regulatory expectations and save costs. As we embrace the “new normal”, the upsides of utilizing Regtech solutions to meet compliance become even comprehensible. Amongst all the benefits Regtech offers, KYC regulatory compliance is a key differentiator in these stressful times.
As per the guidelines by the government, public safety is something we need to adhere to. This brings the need to introduce the digital onboarding process and rely on Regtech to take care of KYC checks. Even FATF emphasizes taking advantage of customer onboarding in light of social distancing measures. By automating repetitive tasks like data assembling, the digital process saves the organization’s time, money, and efforts while ultimately boosting productivity.
Compliance is solely focused on scrutinizing data and analytics. However, because of disinclination to steer away from the cumulative process, compliance is still paper-based.
Digital onboarding, on the other hand, negates the need for human interaction, which is no longer a requirement during this unprecedented time.
The FATF also highlights the benefits of a reliable digital identity for maximizing security, privacy, and convenience.
Regtech goes beyond all this and amplifies the regulatory compliance by managing comprehensive background checks. By joining hands with the right partner, firms can ensure business continuity, while minimizing AML and KYC-related risks.
Ending Notes!
The advent of remote working has maximized opportunities for cybercriminals. But, having the right technology in place can help financial institutions lessen the strain on employees. Financial firms have a major role to play in keeping up with the economy and income of individuals through this time, and Regtech has been a leader in contributing towards it.
