In this Blog that I wrote for Hyarchis, I explain how Regtech optimizes CDD/KYC. What are the benefits of Regtech for Risk Management and in particular for the Customer Identification Program (CIP)? Time and cost savings, efficient and accurate use of existing data, better system integration and a holistic approach to risk management. Regtech prevents human error. New customers’ documentation is identified and screened against national and international sanction lists. Regtech prevents false positives. Artificial intelligence (AI) analyses data quickly and carefully. Machine learning helps to recognize unusual patterns without flagging the innocent as suspicious. Regtech solutions can be configured and scaled to meet a company’s specific needs and risk scoring can be quickly adapted to new CDD/KYC and Anti-Money Laundering (AML) laws and regulations……..
Click to read this Blog on the Hyarchis Website