RegTech players gather to tackle financial crime

AUSTRAC yesterday held a RegTech Showcase in Sydney, bringing industry together with RegTech companies, to explore ways to harness regulatory technology to improve the ability of the private sector to combat money laundering, terrorism financing and serious financial crime, while reducing costs for businesses.

The event was attended by about 120 representatives from across the financial and gaming sectors, industry groups and anti-money laundering (AML) service providers. It featured presentations from a number of RegTech providers on innovative approaches to embedding AML and counterterrorism financing (AML/CTF) processes into business practices.

The showcase provided a platform for collaboration and to generate new ideas that could be deployed by industry to streamline compliance and better assess AML/CTF risks.

AUSTRAC Acting CEO Chris Collett said that harnessing new technologies is vital to improving our ability to protect Australia’s financial system from criminal abuse.

“AUSTRAC recognises the potential of RegTech to harden the financial sector against money laundering, terrorism financing and serious financial crime,” he said.

“We encourage the private sector to collaborate and identify better ways to assess risk and improve compliance with their obligations while at the same time reducing costs.

“AUSTRAC wants our objectives and that of our regulated community aligned, to create a financial system free of criminal exploitation.”

The RegTech Showcase is an AUSTRAC initiative to work with technology service providers to support industry to maximise regulatory efficiency and develop robust AML/CTF systems using new and innovative technology.

Image credit: ©iStockphoto.com/alengo

Please follow us and share on Twitter and Facebook. You can also subscribe for FREE to our weekly newsletter and quarterly magazine.