Innovation: A compliance tool
As part of our core business we help banks, finance institutions and regulated industries stay compliant through innovative technology. This is our contribution in the fight against financial crime, but is does not stop us from wondering: How can we further fight money laundering? One of the answers is the Regulatory Sandbox for Fintech.
We see a clear need for companies like Quesnay to take an active role in the fight against financial crime. In the wake of the FINCen scandal it’s clear that Norway is not exempt from international money laundering scandals, but one of several prices used to launder money. Norway’s well-functioning financial institutions have on several occasions been used to launder illegal money, which can be attributed to complicated processes and inadequate compliance systems. The result is that many obliged entities do not know their customers well enough.
The background for our participation in The Financial Supervisory Authority of Norway’s Regulatory Sandbox for Fintech is the need for information about obliged entities customers. In 2018 obliged entities in Europe had to pay more than 903 million dollars in fines, due to inadequate work and specific violations. We know that unclear and new regulations can feel like an overwhelming workload, but the purpose of the law is clear: All obliged entities must contribute to fight financial crime. A healthy economic growth, stable property prices and fair taxes depend on regulations such as The Money laundering act. The question is how can we fight economic crime in an easier and more effective way?
In our project in the Regulatory sandbox, we explore technological solutions that can simplify the work of obliged entities. Through innovative systems that enable information sharing, and by democratizing access to information, we can improve KYC processes, compliance systems and not least detect money laundering attempts. When the availability of up-to-date, relevant data determines whether a financial institution is able to comply with the rules, and we offer secure sharing of such data, we increase the probability that all companies can be at the forefront when it comes to combating financial crime.
At Quesnay, we see the importance of contributing in innovation projects, sandboxes and forums that put the consequences of money laundering and terrorist financing on the agenda. Regtech software aimed at AML compliance has an estimated value of 2,7 billion dollars by 2025. It is clear that companies offering this type of service are driving the development and simplifying processes for a large number of customers. Cooperation between supervisory authorities, financial institutions, obliged entities and suppliers of compliance technology will further contribute to create the best solutions. We are constantly finding new ways to fight economic crime and Quesnay wants to speed up these processes.
Contact marketing by Isabella Giardina on firstname.lastname@example.org for more information about our participation in the Regulatory Sandbox for Fintech and our focus on innovation.
Want to know more about Quesnay and how we work? Sign up for the two free webinars we are participating in this November