Regtech is a term used to refer to technologies designed to help companies comply with regulatory requirements. It is a portmanteau of the words “regulatory” and “technology.” In the financial space, it’s often used to refer to technologies that aid in anti-money laundering (AML), Know Your Customer (KYC), and customer due diligence (CDD) compliance, but it may take on a different meaning in other industries that are subject to their own regulations.
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Regtech
Frequently asked questions
What are examples of regtech?
In the financial industry, many different technologies can be considered regtech. Examples include:
Transaction monitoring tools
Record-keeping and reporting tools
Liveness detection solutions
Document/selfie capture solutions
What are the benefits of regtech?
Automated regtech solutions can help compliance teams operate more efficiently. This makes it easier for a business to grow while keeping a handle on cost.
Regtech also makes it possible for businesses to meet their customers and users where they are — on mobile phones, computers, and other devices — providing a better user experience.