Using RegTech to meet compliance challenges

In this monthly update, we cover some of the latest exciting developments in RegTech — and how they can improve KYC compliance, particularly for wealth management firms.RegTech solutions offer a range of benefits, including automated data collection capabilities, streamlined customer onboarding processes and fraud detection systems — allowing businesses to reach compliance with relevant local and international regulations. With advanced analytics and machine learning algorithms, organizations can quickly identify suspicious activity and potential money laundering attempts and take appropriate action.

Here are the top 5 ways RegTech can optimize KYC/AML compliance for regulated businesses:

1. ID Document Verification (IDV)
2. CDD / AML Screening
3. Case management and workflow solution
4. Risk Scoring and Ongoing Monitoring
5. Transaction Monitoring and Crypto AML

For wealth management firms, robust KYC/KYB processes are essential for ensuring compliance with government regulations while maintaining secure relationships with clients through verification and trustworthiness. Historically, carrying out KYC/KYB/AML processes has been a time-consuming and resource-intensive endeavor for both parties.

However, thanks to the latest digital innovations in the RegTech space, wealth management firms can now offer a seamless and efficient digital KYC onboarding experience. This reduces compliance cost, onboarding time, and provides a better customer experience.

Interested in using KYC-Chain for your firm’s KYC onboarding needs? Get in touch and we’ll be happy to arrange a demo.