Blockchain created a revolution in Regtech industries because of their increased transparency, improved record-keeping and enhanced security through cryptography.
In the Regtech industry, technology is utilised to disrupt regulations. In simple words, Regtech can be considered as a tool to solve compliance and regulatory issues. Using Regtech software and solutions, a company can identify and predict the lending risks in a few seconds. It automates the tasks of analysts in the form of Customer Due Diligence, Anti Money Laundering and Entity Investigation. This helps to save time since manual labour involved in an investigation can be reduced which leads to increase in efficiency.
Blockchain created a revolution in Regtech industries because of their increased transparency, improved record-keeping and enhanced security through cryptography.
Developed product should allow transfer and conversion of complex data and into ready to use information.
Quick configuration and generation of reports is crucial in all Regtech company .
Easy customizable features, powerful integrations and ability to comply with regulatory changes are essential in all Regtech software.
Conducting systematic tests in an intended way is possible by arranging regulations, laws, or principles according to a plan.
Assessment of risk through compliance testing and recommending solutions based on analysed data or set regulations.
Determination and management of data like (KYC, EM, IM) within the context of given risk area.
Tracking dynamic data and other analytics data as source of potential risk.
To develop a compliance system to view, report and to comply with regulations specific for RegTech industry.
To comply with requirements of particular institutions and to facilitate high level data security.
To identity frauds, find and track problems, mitigate risks, and to follow compliance responsibility.
When your organisation require analytical and reporting tools to convert huge data into useful information.
Regtech company utilises blockchain for the following use cases
AML and KYC Regulations
Anti-Money Laundering (AML) and KYC regulations which need to be updated regularly for existing counterparties are the most important use cases for blockchain apps in RegTech industry.
Monitoring
Blockchain ensures better traceability and quicker analysis of digitized assets. It helps to monitor and prevent the money laundering in virtual currencies.
Record Keeping
Regtech firms apply blockchain to create transparency in data, a distributed ledger internal use, data protection and documentation for audit purposes.
RFM
Assets tokenization is an example of blockchain technology in the Regtech industry.
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