A short compliance guide that explains in which ways fintechs, start-ups, insurers, banks, and brokers could benefit from Regulatory Technology.
Financial institutions have been under increasing pressure to implement strategies that protect their business from fraudsters and from the risk of being non-compliant. As non-compliance results in reputational and financial damage, banks have been forced to invest heavily in compliance. This requires growing overhead expenses to screen, detect, prevent and investigate suspicious transactions. Established banks have the resources to scale up their personnel in response to new regulations, but for small Fintech start-ups, the mounting pressure of compliance demands can become a potential roadblock.
Regtech enables fintechs to focus on innovation without having to worry about compliance
Financial institutions need a reliable compliance strategy that offers protection against financial and reputational risk. Non-compliance leads to expensive lawsuits, and large fines from regulatory bodies………..
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