Update: Playful in the regulatory sandbox
We have been playing, digging and building in The Financial Supervisory Authority of Norway’s regulatory sandbox for Fintech for four months. The essence of the project is the theory that sharing information through technology can simplify the fight against money laundering and terrorist financing. After three workshops and many hours of work, we have a broader basis for insight into how our solution can be optimized for the fight against financial crime.
The goal of the sandbox is to contribute to increased technological innovation and to contribute to innovative companies gaining increased knowledge of the regulations. In the work against money laundering and terrorist financing, understanding the purpose of the law is essential in order to be able to build systems with automation adapted to necessary incidents and work routines. Through the work with The Financial Supervisory Authority of Norway, we have gained unique insight into the framework of the Money Laundering Act and how technology should contribute to a more compliant and efficient everyday life.
We concentrate on two main areas in the sandbox:
1. Regulatory clarifications
The wording of the Money Laundering Act is being challenged in the regulatory sandbox. We systematically and carefully review legal instruments aimed at sharing information in order to help fight economic crime. To get an overview of the law's limitations and possibilities, we create scenarios and discuss which legal instruments apply in different situations. Together with The Financial Supervisory Authority of Norway, we get a unique opportunity to concretize the purpose of the legal instruments and we have left the workshops with a broader basis for insight. The importance of specifying the law's legal basis and purpose becomes clear when 60% of respondents in a survey conducted by ACAMS, answer that increased regulatory requirements are the biggest challenge in compliance work.
2. The possibilities of technology
Technological problem solving is our core competence in Quesnay. We have been developing fintech and regtech solutions for many years with the main focus on compliance, user-friendliness and efficiency. We assist our customers in the fight against money laundering, but in the regulatory sandbox we look at how our customers and other reporting entities can share information and cooperate to fight money laundering. In the sandbox, we explore technological innovations, which enable exchange of information, while maintaining privacy and security.
The next step in the project is the delivery of a final report and further work on the development of our solution. After months of development and insight, we look forward to concretizing the project's results and opportunities.
Do you want to know more about our participation in The Financial Supervisory Authority of Norway’s regulatory sandbox for Fintech?
Contact our marketing department: Isabella Giardina by mail or sign up for the online seminar "Regulatory sandboxes as a tool for digitization" where our compliance consultant Rikke Øksnes shares experiences from the project!