Online compliance and regulatory solutions
With fast changing, continously updated and revised financial regulations, RegTech is becoming more and more important to all financial services firms.
The implementation of FinSA, FinIA, the associated regulations, MiFID II, GDPR, new anti-money laundering (AML) directives and other assorted pieces of regulation all add to the in-house compliance burden. FinSA and FinIA will likely be the driver for a comprehensive reassessment on how Switzerland conducts financial regulation in practice, which will mean material changes to the way oversight and regulation is conducted, implemented over the next several years and beyond.
Keeping up with regulatory requirements and managing compliance means using technology to best effect. Recent research shows the RegTech market growing ca. 25% p.a. in recent years with turnover expected to reach 4 Billion USD by 2024. Due to the standardised, largely rules-based approach regulators are taking, which lends itself to a digital approach, more and more financial services firms are using RegTech solutions to manage rising compliance requirements.