Fonetic was at the American Banker’s RegTech event in New York recently where we had the pleasure to listen to regulation and compliance practitioners talking about their experiences streamlining and automating compliance chores and turning that investment into a competitive advantage in the process.
We heard some very interesting insights from Matt Van Buslirk, co-founder & CEO of Hummingbird RegTech, Livia Benisty, Head of financial crime and Regulatory Intelligence at Comply Advantage and Grapham Bailey, EVP and Deptuty BSA Officer of Financial Crime Risk Management at Wells Fargo in their session on The Future of Regulation: The FCA’s Bold Experiment.
This “bold experiment”, or rather tech sprint, was held in London in December 2017 and involved several startups and financial firms including Wells Fargo. The main conclusions were that regulations can be expressed as code and that rules can be created, read and executed by machines through Machine Learning algorithms.
“Less than 1% of financial crime is actually caught.” Speaker, RegTech 2018
We also heard from Robert Kilian, General Counsel and Chief Representative at N26 and Ben Richmond, Chief Executive at the International RegTech Association (IRTA) on how the key regulatory differences between Europe and the US will be the drivers of RegTech adoption in USA.
The sessions, and points raised, really highlighted that there is still a need for effective and reliable trade communications surveillance. Technology which is continuously learning, evolving and able to adapt to the client-specific environment and use.
“Financial fraud hits probably over $1 trillion globally” Speaker, RegTech 2018
The next event in the Fonetic calendar is the 1LoD summit in London on 15th November. Fonetic will be exhibiting their communication surveillance and Trade Reconstruction technology at a booth during the conference. For anyone who would like to talk about any of our services, please get in touch to book in some time with one of our representatives.If you enjoyed this, we think you may like the content below: