In the November/December 2023 issue of Bankingnews (Bankingclub), Dr. Jacob Wende, CEO of Regpit, highlights the potential of regulatory technologies (RegTech) in the fight against money laundering and the specific challenges within Europe.
While RegTech is already well-established in Asia, North America, and the United Kingdom, many EU member states are still in the early stages of broad implementation. The article illustrates how technologies can make processes — ranging from KYC procedures to risk assessments — more efficient. However, it also points out limitations, such as when tools only cover specific areas or fail to address industry-specific requirements.
The focus is on current regulatory developments, such as the European Single Rulebook with the new EU AML Regulation (EU-AML-VO), the establishment of the new authority AMLA (Anti Money Laundering Authority), and the closer cooperation between national and European supervisory authorities. Wende emphasizes in the article that a holistic approach to anti-money laundering is essential — and that RegTech can make a decisive contribution in this area.
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