Enabling the Next Era of Regtech: How Technology Can Prove The Missing Link
Many business processes are still largely paper-based, relying on spreadsheets and physical documents. Data can be hard to track and exchange across multiple parties. Harnessing blockchain to greatly reduce transaction time and improve cross-organisational workflows and processes is the way forward.
That’s the view of Patrick Manasse, chief compliance officer and a co-founder at MonetaGo, the fintech pioneering a new era of fraud detection and prevention across financial services, using blockchain. He is also a trained attorney and prior to MonetaGo, was at boutique US law firm Guzov Ofsink.
Here, Manasse discusses the potential of regtech to help financial institutions move forward.
Scrutiny over the practice and frameworks surrounding financial institutions has grown significantly and the role of the regulator has in turn increased. From the financial crisis of 2007, prompting the introduction of Basel III, to the recent Anti-Money Laundering Act of 2020 in the US, regulatory measures today are a direct product of the financial services that they govern. However, the role and tools of the regulator has not undergone much change over the course of the past decade.
