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How RegTech Can Tackle South Africa’s Financial Crime Scene
South Africa is rapidly growing into a dynamic industry regarding its regulatory technology sector, and new regulations are constantly being introduced, meaning that compliance is more crucial than ever. Recently, the Financial Action Task Force (FATF) announced that they were placing South Africa on the Greylist, making it more critical than ever for South Africa to adhere to international standards and regulations. Being added to this list is a major setback for Africa’s economy and is the reason why South African clients at global financial institutions will now undergo enhanced due diligence checks. For South Africa to succeed in removing itself from the Greylist, it will have to adopt a new outlook on battling financial crimes, resulting in a healthier economic environment.
The concept of Regulatory Technology involves an array of elements such as cyber security, compliance, anti-money laundering, and others contributing to efforts in combating financial crimes. This is where eBOS plays a role in leveraging cutting-edge technology to develop innovative tools and solutions for automating regulatory processes.
In South Africa, some of the critical challenges that regulators face to date result from the financial crisis and a lack of financial resources to automate regulation and compliance processes. There is also a need for more education around regulation, making it harder for the top decision-makers in the country to fully comprehend the risks associated with non-compliance, money laundering, and other financial crimes.
While South Africa is relatively new to the RegTech sector, the rapid evolution of technology has opened the door for RegTech to combat all compliance challenges as South Africa hurries to exit the Greylist and achieve compliance. This will pave the way for new legislation and a need to adhere to such new policies. As a result, banks will have no choice but to respond to these vast changes. It’s time for South Africa to embrace RegTech platforms that offer comprehensive technology-driven solutions for all compliance challenges, such as AML and KYC. This, in turn, can minimise the looming impact on banking customers while preserving the integrity of the world financial system.
By leveraging eBOS’s WiseBOS Suite of Solutions, organisations can enhance their compliance capabilities while reducing costs and improving operational efficiency. WiseBOS Suite of Solutions is a revolutionary, fully integrated solution designed to assist in managing risks, customer due diligence, and aligning your organisation with the latest regulatory policies.
Through its expertise and state-of-the-art technology, eBOS can play quite a significant role in helping your organisation achieve compliance. eBOS is committed to its diverse portfolio of clients by providing them with comprehensive, cost-effective, and progressive solutions – all of which are fundamental to staying ahead of the game in today’s digital world.