August 2019
Intermediate to advanced
392 pages
14h 11m
English
Content preview from The REGTECH Book
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RegTech Outside Finance: Four Options, One Clear Choice
By Chionh Chye Kit
CEO and Co-Founder, Cynopsis Solutions Pte. Ltd.
Wait a minute. Isn’t RegTech only meant to help banks comply with ever-increasing regulations?
After all, banks are the ones with the most regulatory problems. They have the financial muscles to pick and choose from a variety of solutions – FinTech, RegTech, InsurTech, LegalTech, and so on. Who else needs RegTech?
This chapter discusses RegTech applicability outside of the financial services industry in respect of a specific regulation that has gained global attention of late.
In an abysmal web of anti–money laundering (AML) and counterterrorism financing (CTF) requirements prescribed by the Financial Action Task Force (FATF), more commonly known as the FATF 40 Recommendations,1 there are at least three recommendations that affect non-financial sector participants too. This sector is known as Designated Non-Financial Businesses and Professions (DNFBPs).
Who are DNFBPs?
Succinctly, these include casinos, real estate agents, lawyers, accountants, corporate service providers, precious metal and stone dealers, and trusts. It is a fairly large and diverse group.
I am sure your minds will wander to the glitzy casino scenes in Las Vegas and Macau where high rollers wager their bets at the tables, and then move quickly to well-suited real estate agents trying to sell high-end properties, and to lawyers and corporate service or trust providers structuring and incorporating ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.