Regulatory Technology (RegTech)
Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT)
High risk AML/CFT cases can be used to train machine learning algorithms to identify potential future cases.
Detection of Suspicious Activities
Cognitive computing and behavioural algorithms can be used to detect suspicious activities and possible misconduct.
Machine Learning and Natural Language Processing to Optimise Screening
With support from the MAS Financial Sector Technology & Innovation grant scheme, Standard Chartered partnered with Silent Eight to develop a “Screening Optimisation” solution that applies machine learning and natural language processing techniques to replicate how a human analyst would do name screening.
Positioning Regulation for Technological Innovation
Technology is transforming financial services and increasing the need for novel approaches in regulation that will promote the safe and responsible application of these technologies without stifling innovation.
Enhancing surveillance and compliance with RegTech
An increasing number of regulators and RegTechs are leveraging on technology to enhance the efficiency and effectiveness of surveillance and to boost compliance.
Risks in RegTech
Although RegTech provides opportunities in reducing risks, RegTech service providers must be cautious about potential technology risks of their solutions e.g. cyber criminals stealing customer information.
Sharpen Surveillance and Understanding of Risks
RegTech can leverage on data analytics to sharpen the surveillance and understanding of different risks, and to support more effective decision-making.
RegTech can be used to strengthen cyber security across the financial industry to make it safer to use new technologies and instil confidence in consumers.