RegTech is the use of technology to enhance risk management and regulatory compliance in financial institutions.
"Upholding values, attitudes and behaviours that protect the interests of our customers is crucial for continued trust and confidence in Singapore’s banks."
Mrs Ong-Ang Ai Boon, Director, The Association of Banks in Singapore
New Industry Steering Group to Elevate Culture and Conduct Standards for Banking Industry
New Industry Steering Group to Elevate Culture and Conduct Standards for Banking Industry
Use Cases of RegTech
Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT)
High risk AML/CFT cases can be used to train machine learning algorithms to identify potential future cases.
Detection of Suspicious Activities
Cognitive computing and behavioural algorithms can be used to detect suspicious activities and possible misconduct.
MAS Initiatives
Guidelines on Outsourcing
The MAS Guidelines on Outsourcing provide guidance on sound practices on risk management of outsourcing arrangements, including cloud.
Technology Risk Management Guidelines
The MAS Technology Risk Management Guidelines set out risk management principles and best practice standards to guide financial institutions in establishing robust risk management framework as well as operating processes to manage these risks.
Machine Learning and Natural Language Processing to Optimise Screening
With support from the MAS Financial Sector Technology & Innovation grant scheme, Standard Chartered partnered with Silent Eight to develop a “Screening Optimisation” solution that applies machine learning and natural language processing techniques to replicate how a human analyst would do name screening.
Full Case Management Tool to Manage End-to-end Customer Onboarding Process
Cynopsis Solutions, one of the finalists of 2018 MAS FinTech Awards, has developed Artemis, a simple, cost-effective one-stop automation of complex regulatory requirements on KYC/AML/CTF.
RegTech 101
Positioning Regulation for Technological Innovation
Technology is transforming financial services and increasing the need for novel approaches in regulation that will promote the safe and responsible application of these technologies without stifling innovation.
Enhancing surveillance and compliance with RegTech
An increasing number of regulators and RegTechs are leveraging on technology to enhance the efficiency and effectiveness of surveillance and to boost compliance.
Risks in RegTech
Although RegTech provides opportunities in reducing risks, RegTech service providers must be cautious about potential technology risks of their solutions e.g. cyber criminals stealing customer information.
Benefits of RegTech
Sharpen Surveillance and Understanding of Risks
RegTech can leverage on data analytics to sharpen the surveillance and understanding of different risks, and to support more effective decision-making.
Enhanced Cybersecurity
RegTech can be used to strengthen cyber security across the financial industry to make it safer to use new technologies and instil confidence in consumers.