RegTech solutions and AML compliance: what future for financial crime?
ISSN: 1359-0790
Article publication date: 22 May 2020
Issue publication date: 18 April 2023
Abstract
Purpose
This study aims to discuss the growing use of RegTech solutions by financial institutions to comply more efficiently with regulation in terms of anti-money laundering compliance and more specifically its influence on the evolution of financial crime in the next ten years.
Design/methodology/approach
Based on two online Delphi surveys sent to a panel of international experts composed of eight specially recruited professionals and specialists of anti-financial crime compliance and RegTech, five main predictions have been developed.
Findings
It was found that artificial intelligence would become the most impactful technology for financial institutions to fight financial crime, and that there will be a strong positive correlation between ever-more elaborated compliance programs and the level of sophistication of methods used for money laundering. Furthermore, the panel designated regulators’ recommendations as likely to be less influential than RegTech solutions, and the time required to integrate RegTech solutions for AML compliance as the main future challenge.
Originality/value
These predictions are meant to provide financial institutions and regulators with useful outlooks. While the reviewed literature focused on the role of regulations on the evolution of money laundering, this study puts stress on RegTech solutions and their impact on both compliance and financial crime.
Keywords
Citation
Kurum, E. (2023), "RegTech solutions and AML compliance: what future for financial crime?", Journal of Financial Crime, Vol. 30 No. 3, pp. 776-794. https://doi.org/10.1108/JFC-04-2020-0051
Publisher
:Emerald Publishing Limited
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