Despite elaborated systems, financial crime is still an omnipresent topic for many companies. The increasing popularity of so-called direct banks presents compliance with a new challenge.
At full throttle, the European Union is moving forward with the establishment of a legal framework to combat money laundering and terrorist financing. The 5th EU Money Laundering Directive was published in June 2018. Instead of the usual time frame of 24-months, member states are prompted to implement the 5th EU Money Laundering Directive into national legislation by January 10,
At the risk of making it sound simple, RegTech is largely what its name implies: Regulatory Technology. That means the use of new technologies to facilitate compliance with regulatory requirements. In other words, RegTech aims to provide easy-to-integrate and cost-effective compliance solutions. Banks are currently facing the big challenge of coping with the flood of new regulatory requirements, which has
The financial sector is one of the first domains to drive interest in using artificial intelligence (AI), even before high computing machines were available. With the release of Louis Bachelier’s thesis Théorie de la Spéculation (Theory of Speculation) in 1900, advanced mathematics in the financial field originated and the rise of statistical modelling marked the beginning of primitive AI in