The regtech and fintech explosion – what can the FinCEN files teach us?

Financial Crimes Product Director Read time: 1 min
As the recent FinCEN files news has shown, spotting and acting on dirty money is an on-going challenge in the financial sector. With the relentless growth in tech-enabled financial services, Peter Fisher looks at the impact of the cloud on the compliance space and explores how financial institutions can overcome common regtech implementation challenges to both comply and tackle money laundering
The regtech and fintech explosion – what can the FinCEN files teach us?Growth in technology among financial services organisations isn’t limited to customer-facing functions or services. It’s prevalent throughout every corner of financial services, in response to market disruption and the ever-evolving financial crime and regulatory landscape. 
 
For example, in 2019, over 220 international regulatory changes occurred every day – amounting to 80,000 updates that yeari. Regulations will continue to appear and evolve as security is tightened and due diligence against crime is improved.
 
Against this backdrop, and in light of issues raised by the recent FinCEN files news, it’s no surprise that financial institutions (FIs) are also turning to the latest ‘regtech’ to assist with regulatory compliance and improve the management of their regulatory processes.
 
 

i Financial-crime worries rise, Chloe Domat, Global Finance (Aug, 2020) 
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Peter Fisher Financial Crimes Product Director 30 September 2020