We will play in the regulatory sandbox!
Thursday, 30th of April, we woke up to some pretty good news from Norway’s FSA: Quesnay was elected as one of two (!) companies to take part in Norway’s first round of a regulatory sandbox for fintech.
If you have been to one or five of our seminars or conferences, you know how much we have advocated and longed for this initiative. The fact that we now are one of the chosen ones to influence how the future sandbox will look like is incredibly exciting. With a tool like this in Norway, we now have a unique opportunity to gain clarity in which laws and regulations our new technology applies to.
The elevator pitch
In short, the idea we pitched to the FSA is a solution that makes it possible for financial institutions to collaborate to fight money laundering and terror financing – without compromising any areas of privacy. The solution will facilitate financial institutions to meet cross-regulatory requirements in an even safer way while also streamlining the processes to prevent money laundering and other financial crime.
Why the sandbox
Our concept belongs in the regulatory sandbox because it represents a technological innovation that can improve anti-money laundering in the banking and finance sector. Because of the collaboration across institutions, the solution can also contribute to combating financial crime for the benefit of society. However, it involves regulatory issues that need to be clarified. In the sandbox, we can play around and test the concept in a controlled, yet flexible environment to gain clarity in which laws and regulations our technology applies to.
– The two chosen projects are technologically innovative, and it can be a great benefit for the public in general and the finance sector specifically, says the Director of the Norwegian FSA, Morten Baltzersen.
Quesnay works in a threefold segment where we combine technology, finance and law, and deliver solutions that help our clients to stay compliant. In order to be able to further develop our regulatory solutions, and to be able to deliver forward-looking systems, we rely on legal knowledge and expertise such as the FSA has. With the regulatory sandbox, we hope for greater access to this “frontline expertise”.
Would you like to know more?
Our Communications Advisor, Thea Høyer will be happy to help. Email her at firstname.lastname@example.org.