Connecting’s the dots in RegTech | 2023 #16
Weekly news up to Tuesday, 23th of October, 2023
Welcome to this week's edition of Connecting the Dots in RegTech, your trusted source for staying informed on the latest regulatory technology trends and developments. In this issue, we're diving deep into the transformative role of artificial intelligence (AI) in compliance and regtech, exploring its impact on reshaping regulatory landscapes and ensuring a safer financial ecosystem. We'll uncover how AI is revolutionizing the way we approach compliance and regulatory technology, making our financial systems more efficient and secure.
Furthermore, we'll unravel the key updates surrounding the Markets in Crypto Assets (MiCa) regulation, set to revolutionize the crypto industry, and the European Union's Anti-Money Laundering (AML) package, designed to enhance financial transparency and combat illicit financial activities. Stay tuned for insightful analysis, expert perspectives, and the latest industry insights as we connect the dots in regtech.
REPORT
AU10TIX released its Q2 2023 Global Identity Fraud Report. Drawing insights from millions of transactions processed in 249 countries from April to June 2023, the report identifies emerging regional and industry-specific patterns of ID fraud.
👀 NEWS HIGHLIGHT
Fourthline has developed a technological suite that enables financial service providers to automatically and compliantly perform KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures in accordance with local requirements.
😎 SPONSORED CONTENT
📰 ARTICLE
The European Union's regulatory body expressed concerns over the potential for global cryptocurrency firms to exploit regulatory discrepancies among member states.
This came to light before the Markets in Crypto Assets regulation (MiCA) was slated to be in effect by December 2024.
A wide-angle view of how we approach AI, why it is increasingly important for financial institutions, and some key considerations to keep in mind.
On one hand, many industry players believe it will usher in decades of innovation and be as transformational as the internet itself. On the other hand, a number of observers are uneasy about the technology and its potential for negative, or even catastrophic, consequences.
💡INSIGHTS
The regtech market revenues were estimated at US$ 8.2 Billion in 2021 and is anticipated to grow at a CAGR of 16.2% from 2022 to 2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 45.3 Billion. Market revenue through cloud-deployed RegTech grew at a CAGR of 22.6% from 2015 to 2021.
🎤 PODCAST
🧐 ANALYSIS
In 2023, regulated firms face increasing regulatory pressure, an explosion of data, and, in some cases, sophisticated criminal networks that have become wise to old compliance processes. Simultaneously, Artificial Intelligence (AI) has experienced a step change in its capabilities. Now, AI is more than experimental, it is ready to be applied across a wide variety of use cases across a range of industries.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 REGTECH HIGHLIGHTS
⭐️ Nymcard improves fraud management with ACI Worldwide.
⭐️ Rabobank and SurePay introduce Fraud Risk Indicator.
⭐️ JPMorgan Payments selects Trulioo to provide global ID verification.
⭐️ Singapore said to inspect Credit Suisse, others in money-laundering scandal.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Sumsub is partnering with NayaOne to support financial institutions across Europe and the United States with their compliance processes.
EUROPE 🇪🇺
The European Parliament and Council are finalising their views on the European Commission's Anti-Money Laundering (AML) package proposal.
USA 🇺🇸
Darwinium announced it has raised $18 million in Series A financing led by U.S. Venture Partners (USVP), with participation from seed investors: Blackbird, Airtree Ventures and Accomplice.
Mastercard has announced its First-Party Trust program, with AI-powered insights, to combat the surging trend in first-party or 'friendly' fraud, where genuine transactions are mistakenly or intentionally challenged by cardholders.
Jumio unveiled at Money20/20 USA Jumio 360° Fraud Analytics, its new fraud-fighting technology that uses AI-driven predictive analytics to identify fraud patterns with more sophistication and accuracy than ever before.
LATAM
AirPak is proud to announce its partnership with ThetaRay. The collaboration aims to strengthen AirPak's Anti-Money Laundering (AML) program, a crucial step towards ensuring trust in global remittances.
Thales has partnered with SoyYo, a Colombian startup that offers digital identity services to the financial services sector, on a solution that integrates passkey technology.
MOVii has partnered with Belvo, the top open finance platform in Latin America. The core objective of this partnership is to address online payment authentication issues and fraud.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.