Small & Mid-Size Banks: Overcoming costs and complex challenges of regulatory compliance in KYC and EDD
Following the financial crisis of 2008, regulatory scrutiny has been stringent on banks: they were compelled to follow many rules. For the bigger players, it might be affordable, but for the small and mid-sized banks, regulatory compliance is a costly and complicated affair to manage.
With the entry of RegTech in the financial landscape, numerous solutions were introduced, making monitoring and reporting more accessible apart from automating the complex compliance procedures. Implementing RegTech solution indeed needs an upfront investment. Still, it can save a financial institution a lot of money and effort on the challenges posed by regulatory compliance in the long run. Download the eBook to learn more.