How has Regulatory and Compliance Solution revolutionized the world?

Compliance Management Solutions | Regtech Solutions | Regulatory Technology

How has Regulatory and Compliance Solution revolutionized the world?

Compliance function has now become a part and parcel of any financial organization. All transactions, asset exchange, and management protocols are governed by a set of compliance regulations. Failing to comply with the regulations might invite legal penalties and fines. Many severe frauds and engagement in illicit activities lead to the permanent shutdown of the company. All of these ramifications are quite disastrous for a company. Thus, in order to deal with such situations, fintech startups have introduced automated compliance solutions for banks which led to the evolution of regulatory and compliance solution. The financial compliance system is growing in the market with a rise in number of Indian fintech companies. 

A thought-provoking podcast brought to you by Compliance Time discusses the whole domain of compliance laws. It highlights how the efforts have already begun in the field of GRC technology to confront several roadblocks. 

Pivoting the area of financial compliance system, Densita, the host, interviews Shub Nandi, CEO and Co-Founder of PiChain. The discussion takes place around the upcoming revolutions in the area of compliance solutions for banks. The podcast series covers topics related to fintech startups, banking compliance regulations and dives deep into the other terms associated with it. Updating us on the ongoing happenings, this podcast will also fill you in with requirements for complying with GDPR regulations.

The discussion starts with how AI and Blockchain, two prominent technologies, are being used by RegTech & Fintech startups to achieve sustainable compliance in the forms of confidence scores, costs, and efficient utilization of regulatory capital. The discussion then exhibits ideas and thoughts of compliance officers and what worries them most in the field of regulatory and compliance solution. 

Shub answers the question of “What makes good compliance?” and presents a model where good and sustainable compliance is actually cost-effective. Creating solutions in line with international standards, he also elaborates the GDPR services which are extensively used.

Indian fintech companies are also catering compliance solutions to a lot of non-financial companies as well. Commomly referred to as Regtech services, Regulatory and compliance technology still plays a critical role in running an organization. To get more insights into how the banking compliance technology works & the GDPR audit process, click on the link below.

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

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