News

The Economic Crime Strategic Board (ECSB) met for the first time on 14 January and is set to convene twice a year to set priorities, direct resources, and scrutinise performance against the government’s Serious and Organised Crime (SOC) strategy.

Preventing and detecting money laundering is one of the key problems facing banks, law enforcers, security agencies, and governments worldwide, and anti-money-laundering (AML) technologies are a RegTech hotspot.

Regulatory technology (RegTech) providers aim to help businesses comply with regulatory change in the financial services sector. However, with the tremendous increase in data volumes, manual processing has become expensive and time consuming.

Regulatory technology (RegTech) providers aim to help businesses comply with regulatory change in the financial services sector. However, with the tremendous increase in data volumes, manual processing has become expensive and time consuming.

The global market for regulatory technology (RegTech) will nearly triple in value from $4.3 billion last year to $12.3 billion by 2023, representing a compound annual growth rate (CAGR) of 23.4 percent.

Chris Middleton explains the size of the challenge – or is it opportunity? – facing the UK financial services and RegTech sectors this year.