Always stay compliant in cross-border financial services
Capable RegTech solutions allow financial service providers to master cross-border complexity effortlessly and to always stay compliant and productive.
Increasing importance of cross-border banking
The risks involved in providing cross-border financial services are rising constantly. Increasing regulatory complexity is one part of this story, the other part is that countries are enforcing laws more rigorously since the global financial crisis. Financial service providers that provide services and products into other countries must comply with the rules of the host country. Financial service providers see themselves confronted with an increasing number of country-specific regulations. To manage this complexity, financial institutions need robust and dependable cross-border frameworks to master market-specific requirements.
Increasing regulatory complexity and more rigorous law enforcement demand that financial service providers have dependable cross-border frameworks ready and operational.
Cross-border compliance in the digital age
Although compliant investment advice is a basic cornerstone of quality financial services, in the past decade, $321 trillion in fines have been paid, regulatory costs amounted to $100 billion in 2016 alone according to Thomson Reuters, and regulatory alerts were spewing out at the rate of 200 per day. Most banks are expecting the number of regulatory publications, changes and announcements to keep increasing.
Powerful, flexible RegTech tools allow financial service providers to master cross-border compliance more efficiently than today’s processes that rely on country manuals. Digital regulatory rules provide compliance of cross-border activities effortlessly. Financial service providers can access and utilise exactly the rules they need and get full visibility and control over their regulatory rule sets. This technology empowers financial service providers to stay compliant in even the most complicated cross-border situations.
Regulatory technology empowers financial service providers to master complexity in cross-border banking efficiently and to always stay compliant and productive.
Start leveraging RegTech solutions now
Start working with RegTech tools that help you stay compliant in cross-border financial services now. Master regulatory complexity, stay compliant and productive and give business units the opportunity to create value-added cross-border services today. Work with a robust and holistic cross-border framework. Learn more: download the whitepaper below or schedule a meeting with one of our RegTech specialists.