In the dynamic realm of financial services, regulatory compliance has evolved into a complex and costly endeavor, Enter Regulatory Technology or RegTech.
In the dynamic realm of financial services, regulatory compliance has evolved into a complex and costly endeavor. Enter Regulatory Technology orin essence, entails the management of regulatory processes in finance through technology. It encompasses a cadre of companies employing software-as-a-service models to aid businesses in achieving regulatory compliance efficiently and affordably. The core functions of RegTech include regulatory monitoring, reporting, and compliance.
The surge in digital products has paralleled a rise in data breaches, cyber hacks, money laundering, and fraudulent activities. RegTech tools operate in real-time, scrutinizing transactions to swiftly identify issues or irregularities in the digital payment sphere, thereby mitigating risks for a company’s compliance department.
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