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Using RegTech for compliance survival

A recent survey by Dow Jones Risk and Compliance with SWIFT of more than 500 compliance and anti-money laundering professionals around the world, revealed that:

  • a large majority (75%) of anti-money laundering (AML) professionals believe the current geopolitical landscape presents new risks and challenges for preventing financial crime at their organisations
  • more than half (54%) of respondents are planning to increase their investment in RegTech in the next three to five years, as the majority (59%) say technology has improved their company’s ability to tackle AML, KYC and sanctions requirements
  • Compliance teams are struggling to cope with regulations:
    • increased regulatory expectations represent the greatest challenge (69%) for respondents, followed by concerns surrounding increased enforcement of current regulations (50%), and the need to understand regulation outside of their home jurisdiction (42%)
    • OFAC and EU 50% Rules[1] as well as the FinCEN CDD Rule[2] (both new in 2017 survey), are cited by over 70% of respondents as contributing to increased workloads for compliance departments.
    • More than half of respondents say FATCA and the Fourth EU Money Laundering Directive add to existing workloads

Compliance demands on corporates and banks keep on growing and becoming every more complex. It is no longer a question of whether you use RegTech solutions, it is now a matter of which combination of RegTech do you use to comply with tle local and international regulations. The recent announcement of a new service shows the type of service coming to market.

Thomson Reuters and Logical Construct Collaborate on Contract Data Management Solution 

Thomson Reuters has teamed up with Logical Construct to help global financial institutions gain visibility into the key legal and economic terms and risks hidden within their legal documentation with a full-service contract data management solution.

The collaboration between the two organizations combines advanced data extraction technology from Logical Construct, with the scalable alternative legal managed services offered by Thomson Reuters. The integrated offering converts paper and images to searchable text, delivers pre-built and customizable data models to extract key legal and economic data, and provides dashboards, workflow and filters to identify key agreements and their respective data points. Thomson Reuters Legal Managed Services manages the technology and related processes to ensure a rigorous level of quality control and assurance.

The combination will enable global financial institutions to turn the unstructured data that resides within their agreements, into structured data that can be analyzed in seconds and connected to internal and external systems, such as risk, legal, pricing and collateral management systems through the use of APIs.

Relationships and transactional documentation

In addition to delivering data that is accurate, searchable and auditable, the integrated service offering is flexible and highly adaptable to a vast array of relationship and transactional level documentation such as ISDA Master Agreements, Credit Support Annexes, GMRAs, MRAs, prospectuses, Master Confirmation Agreements, Pricing Supplements and many more. 

Third party Anti-Money Laundering and KYC solutions

Although many corporates are still carrying out their own AML and KYC programmes, increasingly large MNCs are turning to third party solutions, such as Thomson Reuters Org ID service, combined with their internal processes and procedures. 


CTMfile take: Compliance is a major part of all corporate treasury departments workload, third party compliance support services can only help.


This item appears in the following sections:
Anti-Money Laundering Fraud Prevention
ID Systems & Services in Fraud Prevention
Bank Fees Reconciliation & Negotiation

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