LONDON (Reuters) - Banks' increasing dependence on 'RegTech' technology to automate fraud checks and send data to regulators may need common rules to encourage wider use, the European Union's banking watchdog said on Tuesday.
Part of a wider trend of digitalising finance, RegTech is used by banks to comply with anti-money laundering checks on customers, monitor transactions for fraud, send data to regulators about levels of capital, and assess if customers can afford a loan.
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