WHAT IS REGTECH?
By definition, RegTech is the adoption of the latest technologies to facilitate compliance with the increasingly demanding and changing regulatory requirements. As a consequence, RegTech combines two very different areas: Regulation and Technology.
In addition, RegTech involves dealing with Anti-Money Laundering and Countering the Financing of (AML/CFT), FATCA or CRS, as well as the new European Payments Directive (PSD2) and the new Regulation of Data Protection (GDPR).
RegTech also consists of other significant areas of expertise, such as Big Data and Advanced Data Analytics, Artificial Intelligence and Machine Learning or Biometrics and Blockchain.
In short, RegTech is the Digital Transformation brought to the world of Regulation.