From: Forbes | Opinion
Over the past decade there have been rapid global developments in the field of compliance, with a focus on fighting financial crime. To continue raising the bar in the tech era, financial companies could be using RegTech to boost their anti-money laundering (AML) regimes and aide the combating of financial terrorism (CFT).
Current global AML/CFT structures are suffering from two major weaknesses that are affecting the implementation of compliance laws and regulations.
First, both financial and law enforcement institutions have experienced wide-spread resistance when it comes to sharing information, especially across borders. This opens up the possibility of an exploitation of supervisory gaps. Major hindrances include data privacy laws, poor data quality and the absence of data structures and standards, which reduce quality analysis.
