21 October 2016
Since Deloitte published the report on RegTech is the New FinTech, a lot of people have discovered the fact that large Banks and other Financial Institutions are spending a HUGE amount of money on Compliance and not to forget fines for not being compliant. Although it is true that there is a lot of new regulation coming towards the Financial Services Industry, that is not the reason why they spend so much money on Compliance.
Why do large banks spend so much money on Compliance and KYC ? The main reasons why large Financial Institutions are paying so much money on Compliance have nothing to do with the Regulators. Why ?