Regulatory technologies ‘a game changer for banks’
Use of ‘Regtech’ - new technological tools to solve regulatory and compliance requirements, could be a game-changer for banks, according to a top expert. Utilisation of Regtech AKA regulatory technology is one of the ways in which banks can boost its competitiveness, according to Chairman of the Bahrain Association of Banks (BAB) Adnan Ahmed Yousif.
He was speaking during the BAB Annual Forum which is in its first edition and being held under the theme ‘Fintech: Opportunities and Challenges’. “Regulatory and compliance requirements are becoming more complex, lengthy, and costly. Regulatory Technology- (RegTech), defined as “the use of new technologies to solve regulatory and compliance requirements more effectively and efficiently”, could be a real game-changer for banks.
“Through digitization and automation of routine compliance obligations, Regulatory Technology can help improve efficiency, reporting accuracy, and transparency in the financial sector by addressing a wide array of requirements related to regulatory reporting, effective implementation of KYC and AML/CFT measures, and data protection regulation,” he said.
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