Compliance automation platform Ascent RegTech has revealed a new Federal regulators pack which supports compliance requirements of a number of legislations.
The new bundled solution now covers the compliance requirements from US-based regulating bodies including: FinCEN Chapter X (Financial Crimes Enforcement Network), OFAC (Office of Foreign Assets Control), CFTC (Commodity Futures Trading Commission), NFA (National Futures Association), FINRA (Financial Industry Regulatory Authority), SEC (Securities and Exchange Commission), FRB (Federal Reserve Board), FDIC (Federal Deposit Insurance Corporation), OCC (Office of the Comptroller of the Currency), CFPB (Consumer Financial Protection Bureau), and FFIEC Handbooks (Federal Financial Institutions Examination Council).
Ascent’s regulation AI service identifies and maps a customer’s specific regulatory obligations and ongoing rule changes, automating the roles of analyst and risk/compliance teams.
The RegTech company helps to accelerate the compliance processes. This was shown by its partnerships with ING and Commonwealth Bank of Australia which were able to augment their existing resources and speed up end-to-end obligations management processes for MiFID II and MiFIR.
Ascent RegTech founder and CEO Brian Clark said, “Banks are facing 18.5 times more regulatory changes every day compared to before the financial crisis. Big firms are continually hit with record fines and smaller firms are suffering from an inability to keep up with regulation due to fewer resources.
“The Federal Regulators Pack was created to help financial services firms of all sizes more easily understand and manage their obligations, and we are excited to release this product to the market to further our mission of helping our customers be more compliant.”
Ascent is an end-to-end compliance platform which uses natural language processing and artificial intelligence to convert regulatory text into workable tasks. Data is collected from a selection of channels and includes historical and real-time documents/rules directly from regulators, personalised for each business.
The RegTech company recently expanded its executive team with the addition of Arbela Takhsh as its new chief operating officer.