Fighting money laundering: RegTech offers banks automated solutions that can speed up the process of vetting clients and transactions.
HONG KONG: Financial services firms are increasingly turning to digital technology to meet onerous regulatory demands aimed at fighting financial fraud, creating a niche tech market that is estimated to grow to around US$120bil (RM516bil) by 2020.
Regulatory technology, or RegTech, offers banks automated solutions that can speed up the cumbersome process of vetting clients and transactions, which is necessary to prevent money laundering and other financial crimes.
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