With the financial technology space undergoing a fast-paced revolution, growing adjacent to this are the challenges and opportunities for regulatory requirements.
In a recent discussion, Martin Nordh, co-founder and CEO of Acuminor, Tom Littlechild, Associate General Counsel, International, Financial Crimes at Wells Fargo, Rachel Woolley, Head of Financial Crime Regulation at Palantir Technologies, Emma Hardaker, Head of Financial Crime and Compliance at Lloyd’s of London and Richard Hyde, professor of law, regulation and governance at the University of Nottingham discussed such challenges and opportunities.
How can regulators and financial organisations work together to maximise the effectiveness of AML and FinCrime detection?
On this point, Hardaker stated, “Where I think regulators could really help institutions to maximise their effectiveness is to move away from focusing on the current regulatory review structure that they have where they can become very focused on ticking boxes.
“It’s a regulatory regime that has engendered a system where ticking boxes is seen as the way to achieve compliance. Martin previously spoke about a more principles based approach, and that’s where I think that the UK regulators, who are supposed to be principles based regulators could lift up and take that higher look.”
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About the Professional RegTech Certificate
The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators’ perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.
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