Who made the RegTech100 list?

7th annual RegTech100 launches revealing the tech companies transforming compliance

Entering its seventh year, RegTech Analyst has unveiled its latest version of the RegTech100, offering a look at the key players making waves in the industry. Read the full story here.

Research highlight

Compliance decision makers brace for increase in financial crime in 2024

A recent survey conducted by Comply Advantage highlighted some key insights from compliance decision makers from the US, Canada, UK, France, Germany, Netherlands, Singapore, Hong Kong, and Australia.

Given the bleak economic outlook, compliance professionals are preparing for heightened fraud and criminal activity. According to Comply Advantage, 59% of these professionals are prepared for an increase in financial crime. The global economic downturn in 2023 is disrupting the financial crime and compliance landscape. Surprisingly, despite predictions of a "roaring twenties" as economies reopened and the "Great Resignation" reshaped workplaces, 99% of organizations globally are re-evaluating their risk appetite due to the economic environment. A significant portion (57%) is doing so "to a great extent." This conservative approach and the heightened customer due diligence it requires will add pressure to the expectation of smooth and frictionless access to financial services. Meeting this demand while managing stricter risk appetites will necessitate investments in technology.

Furthermore, underlying industry caution stems from the expectation that, as in previous economic downturns, financial crime levels will increase. This increase may not solely come from seasoned criminals; economic pressures are likely to push previously legitimate actors into riskier behavior, some of which may cross into financial crimes. The UK's Financial Conduct Authority (FCA) has also warned that rising living costs will lead to criminals exploiting people through loan fee fraud and authorized push payment scams. Notably, firms reported more suspicious activity reports (SARs) in 2022 compared to 2021, with 83% reporting an increase. This suggests that the volume and variety of financial crimes being reported to law enforcement are already on the rise, even before the full impact of the economic downturn is felt.

RegTech news

• How Flagright is seeking to revolutionise data analysis with AI Forensics -?A technology currently firmly having its moment in the sun is artificial intelligence. With the GenerativeAI platform ChatGPT taking the world by storm earlier this year, many onlookers are excited to see what comes next. The role of AI is evolving rapidly, and what is proving able to achieve. Read the full story here.
• How can RegTechs fight back against money muling? - A growing challenge that has been identified in the financial sector this year has been money muling. The practice, which involves people being persuaded to let cash flow through their bank account in exchange for gifts, has been a key hub for the rise of financial crime. How can RegTechs act as the first line of defence? Read the full story here.
• Understanding the intricacies of money laundering typologies - In a recent post by RegTech firm Alessa, the company outlined how best to understand the intricacies of money laundering typologies.?Read the full story here.

Regulation news

• Singapore and China bolster financial cooperation with new initiatives -?The Monetary Authority of Singapore (MAS) and various Chinese financial entities have strengthened their partnership with a raft of new initiatives.?Read the full story here.
• ESA’s further enhance sustainability disclosures in finance - The European Supervisory Authorities (ESA’s) have released their final report, introducing amendments to the draft RTS that supplement the SFDR. Read the full story here.
• Bank of England to assess AI’s impact on financial stability in 2023 - The Bank of England will conduct an assessment next year regarding the risks associated with AI and machine learning in the financial services sector. Read the full story here.

RegTech Deal news

• Flagright and Capi Money join forces to bolster African business payments - Flagright has announced a partnership with Capi Money, which focuses on facilitating international payments for firms across Africa. Read the full story here.
• Napier, KYC Portal link for cutting-edge compliance solutions in FinTech - Napier, a compliance technology company, has partnered with KYC Portal to provide financial institutions with an end-to-end compliance solution. Read the full story here.
• RegTech DUST Identity secures $40m in Series B funding - DUST Identity, a company at the forefront of product authentication technology, has raised $40m for its Series B funding round. Read the full story here.

CyberTech news

• ArmorCode secures $40m in Series B funding to revolutionise software security- ArmorCode, known for its innovative approach to software security, has successfully closed a preemptive Series B funding round. Read the full story here.
• Cybersecurity leader Enveedo attracts $3.15m in seed investment for market expansion - Enveedo, a Miami-based cybersecurity company, has recently made headlines with the closing of its impressive $3.15m seed funding round. Read the full story here.
• Irish startup Cytidel secures €1.35m for innovative cyber risk solutions - Cytidel, an Irish-based SaaS security and business intelligence company, recently announced a significant financial milestone, securing a €1.35m seed round. Read the full story here.

Other RegTech news

• How technology plays a key role in in streamlining AML workflows - RegTech firm Flagright recently detailed the role technology plays in the streamlining and simplifying of AML workflows.?Read the full story here.
• Putting the spotlight on incoming ESG regulations - The spotlight falls on the deluge of new ESG regulations across the EU and worldwide in the latest episode of the Sustainable Edge podcast. Hosted by Joachim Nahem, Executive Chairman of Position Green, the series welcomes along Hugo-A. B. Munthe-Kaas, head of DLA Piper Norway‘s compliance and risk management group, for some engaging dialogue, exploring the complexities of ESG compliance and much more. Read the full story here.
• Mine’s breakthrough in data privacy governance secures $30m Series B - Mine, a trailblazing company in the realm of data privacy, announced today the closure of a significant $30 million Series B funding round. Read the full story here.