In the November/December 2023 issue of Bankingnews (Bankingclub), Dr Jacob Wende, CEO of Regpit, sheds light on the potential of regulatory technologies (RegTech) in the fight against money laundering and the particular challenges in Europe.
While RegTech has long been an established topic in Asia, North America and the UK, many EU countries are still in the early stages of widespread implementation. The article shows how technologies can make processes, from KYC procedures to risk assessments, more efficient. However, it also shows where limitations exist: for example, when tools only cover partial areas or do not take sector-specific requirements into account.
The focus is on current regulatory developments, such as the European Single Rulebook with the new EU AML Regulation, the new AMLA (Anti Money Laundering Authority) and the closer networking of national and European supervisory authorities. In the article, Wende makes it clear that a holistic view of money laundering prevention is necessary and that RegTech can make a decisive contribution here.
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