How is Regulatory Compliance Technology proving to be a worthy tool?

Regulatory Compliance | AML & CFT in banking | AML compliance system

How is Regulatory Compliance Technology proving to be a worthy tool?

Being dominated by manual work, the finance & banking industry is now slowly shifting towards technology to meet the growing regulations of AML in banking. Moreover, authorities have also fastened regulations of CFT in banking. Hence, existing anti money laundering systems are undergoing innovations. Artificial Intelligence and Blockchain are the foremost technology innovated by the Regulatory compliance technology firms. These are gradually meeting the compliance requirements of Prevention of Money Laundering Act by bringing a revolution in the financial industry.

Listen to a stimulating podcast brought to you by BizSoup Podcast Radio, featuring Shub Nandi, CEO and Co-Founder of PiChain. It covers all that you would need to know about the current reforms in AML regulations and FATF recommendations. Detailing the use of AML software solution, it traces how exactly the concept of cryptocurrency, bitcoins and other deep tech is giving rise to the financial revolution. The discussion highlights the various AML policy measures and importance of regulatory audits. 

John DeBevoise of BizSoup podcast radio puts forth all queries involving anti money laundering system and its reformation in the finance world. Being an entrepreneur himself, this initiative is aimed at helping all budding entrepreneurs to develop robust AML processes. Following the tagline of “If it’s in Business it’s Business Soup!”This podcast has come a long way and has helped numerous businesses to grow.

Starting with Shub’s experience in establishing a Regulatory Technology company, the discussion rounds up to how these AML checks can help small businesses.  Having an AML compliance system in place, they can easily deal with their complex compliance problems and financial crimes. Technology deployed for AML in banking is not just helping in compliance but also in the field of threat identification. The discussion covers the various frauds under the banner of Money Laundering and how the banking system becomes vulnerable to these Laundering threats.

Blockchain, being the token of cryptocurrency, has a very unique immutable property which ensures compliance to CFT in banking. The finance industry is currently going through a technological revolution with deep techs like AI and blockchain being at the forefront of change. The current pandemic has also pushed the financial industry to accept digital solution such as AML transaction monitoring. Needles to say, this is an industry that needs to be prepared for a huge bout of ups and downs to come out as a better and more secured version of itself. 

Know more about the reforms brought by regulatory compliance technology. Also, track the changes in the regulations of The Prevention of Money Laundering Act. Click below.

Regulatory Tech | Automated Compliance | Podcast

The Future of Banking Compliance Technology: Paypod and PiChain

Compliance Management Technology | Fintech Companies| Digital Banking

The Future of Banking Compliance Technology: Paypod and PiChain

Due to the spike in financial crimes due to COVID-19, there are continuous changes in the compliance regulations. This have accelerated the adoption of the Banking Compliance Technology. Banks and financial institutions have to become more vigilant for suspicious activities and follow SAR reporting system. Fintech companies are developing financial technology and compliance solutions to keep up with the latest regulations. The institutions are continuous monitoring transactions and suspicious transaction reports.

A worth listening podcast by Soar Payments on RegTech & sustainable compliance. Shub Nandi, CEO and Co-Founder of PiChain, provides great insights on how Regtech firms provide banks & various financial institutions with reliable & sustainable fintech services to adhere to compliance laws. PiChain is a RegTech company with the mission to make compliance sustainable. This episode elaborates how SAR reporting helps to deal the surging suspicious activity in the financial industry. 

Paypod, an amazing podcast, explores the Payments and Fintech industry. It is created by Soar Payments and will provide you with great insights directly from leaders in the Payments and Fintech startups. Scott, the Host of PayPod, interacts with business leaders and entrepreneurs across the field of fintech technology, security, mobile development etc. It covers the trends brought by cutting edge digital tech in sectors of credit card processing, Bitcoin and many more!

Starting with Shub’s journey in the tech and finance industry, the podcast moves on to the topics of sustainable banking compliance technology. It explains what make fintech solutions so necessary in today’s Banking and Financial Sector. He explains how and what builds up the pillars of successful implementation of compliance regulations. It touches upon the challenges faced by fintech industry and then dives in on how smart technology provide insights from suspicious transaction report.

We get to see some really valuable insights and numbers to the finance industry which otherwise most people are unaware of. To get more insight into the subject of SAR filing and complying with GDPR, listen to the podcast. Click below:

Leveraging RegTech Solution to combat Financial Crimes

AML Compliance Management System | Financial Crimes Technology | Regtech Solutions

Leveraging RegTech Solution to combat Financial Crimes

With the world getting digitized so fast and financial crime rate increasing, the need of financial fraud technology is increasing. Regtech solution which employs KYC compliance tech into the business operations and it helps to put robust checks. The AML compliance systems have completely transformed financial industry which otherwise majorly depends on manual work.

We are thankful to Anthony Muns from 8topod for having Shub, CEO of PiChain on their global podcast to discuss how financial fraud technology is helping the banks & financial institutions to fight against financial crimes. RegTech companies are leading the way by assisting these institutions to combat illicit activities and fund transfers via robust AML program. 

PiChain is one of the RegTech companies with the mission to make compliance sustainable. It is working on integrating technology in various mundane but necessary jobs in compliance. It has developed a full-fledged onboarding suite that includes VideoKYC, eKYC, AML Solution and E-Signatures approved by regulatory authorities. By using various technologies AI, Blockchain, it ensures real-time onboarding in less than 90 seconds. It assists Compliance and Regulatory Professionals to make better decisions by ensuring up to 93% reduction in False Positives.

The podcast discusses how RegTech firms like PiChain, are assisting to combat financial crimes and money laundering in banks. With AML regulatory technology, AI, blockchain and digitized identification processes, they are fulfilling BSA AML requirements with ease. 

As Shub said, the goal of PiChain is:

1) Increasing compliance confidence score

2) Reducing the cost of compliance

3) Repeating it YoY 

Along with the system in place, the firms need to update themselves with current happenings in the FinTech sector like changes in KYC compliance tech. Podcasts like 8topod engage with some of the thought leaders & innovators from various industries to understand the tactics, tools, and practices they are using to succeed. Anthony’s podcast helps many leaders & innovators to get the latest news, developments & trends within the finance and business spectrum. 

The podcast covers topics from Transaction Monitoring, Anti money laundering compliance, KYB/KYC AML policy and Regulatory Reporting to FATCA and CRS. It explains how the AML compliance systems help to counter economic crimes and different types of financial frauds. Increasing bank fraud types especially cyber financial crime is a great threat today.

Click below to listen to the interesting & insightful conversation on how PiChain is leveraging emerging technology to ensure sustainable compliance.

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