At JWG we are pleased to announce our involvement with the FCA this month at their AML & Financial Crime International TechSprint.
This TechSprint will attempt to increase understanding of how to increase the hit rate of detection of $1.6 trillion of illicit proceeds up from 1%. Clearly, there are real benefits to be had!
The spirit of collaboration and innovation is impressive in its global nature this time round, with firms and regulators from across the globe getting involved in the efforts. For more on the CFTC and UK collaboration see here.
RegTech has emerged to provide the efficiency and transparency necessary for complying with regulatory obligations that legacy systems cannot. The FCA described RegTech as ‘the adoption and use of technology to assist financial services firms to understand and meet their regulatory requirements more efficiently or effectively’.
JWG’s mission is to help FS regain control of global regulatory change by adopting a technology-enabled, standardised and collaborative approach. We work with over 75 individuals from global regulators, firms and technology providers the RegTech Council’s KYC track and run regular RegTech special interest groups. In our meetings we crowdsource the implementation heatmap and propose innovative solutions that can be underpinned with RegDelta, our state of the art regulatory change management platform for financial services.
Team JWG will provide participants access to the RegDelta platform at the TechSprint to understand and simplify large quantities of unstructured texts that define obligations and turn them in actionable rules.
We can’t wait to get involved in this latest round of collaboration, check back here soon for our post-game report.