Regtech

Instead of focusing on testing grounds for fintech startups, regulators should develop initiatives to improve their own oversight and compliance technologies.

Jelena McWilliams has signaled a thaw in the agency’s approach to industrial loan companies, but she said tech firms and other nonbanks seeking charters should face the same level of regulatory scrutiny as more traditional banks.

The bank, one of the few that do business with digital currency exchanges like Coinbase, has developed methods for monitoring all customers’ digital currency purchases.

Crowdsourced cybersecurity is making inroads into the world of big banks, even though there is a risk bad actors will exploit the opportunity.

Banks should work to shield some customers who may otherwise be flagged or blocked by AI-powered safeguards, and consider using alternative data to expand services to the underbanked.

Regtech — the intersection of regulatory compliance and financial innovation — is still taking shape in the U.S with some pushing for "tech sprints" to speed the development of new tools, while some see new threats and opportunities looming in the space. Following is a look at hot-button topics at American Banker's RegTech summit.

Banks need dedicated teams to shore up digital compliance efforts, officials at SourceMedia’s RegTech 2018 conference said.

As silos complicate know your customer compliance and onboarding, low-code technology can provide a boost, according to Reetu Khosla, global head of life-cycle management and KYC for Pegasystems.

The regtech firm Arachnys, which recently raised $10 million from QED Investors and others, draws from a collection of 23,000 data sources to help banks protect themselves from money launderers and other criminals.

Executives at Wells Fargo, BBVA Compass, ATB and Banco Popular share some of the pain points they've encountered as they've implemented artificial intelligence, and how they overcame them.

Bennett Bradley, BB&T's chief digital officer, discusses how an investment in Enigma, which helps companies leverage data, fits within the regional bank's fintech strategy.

The U.K.'s Serious Fraud Office employs software that can read discovery documents about 2,000 times faster than human lawyers and can find previously unknown patterns between people, enabling quicker investigations and penalties.

State regulators said Wednesday they will refile a lawsuit against the OCC, attempting to block the agency's new federal bank charter for fintechs.

A family-owned community bank in Oklahoma is testing a Spotify-like service by fintech Meed that allows customers to pay $9.95 a month to obtain digital banking services.

Concentration risk, threats to data privacy and the potential for discrimination are among the unintended consequences of letting fintechs and tech giants dabble in financial services without bank-like regulation, an expert says.

It is critical that banks blend data science and their industry knowledge to better identify and mitigate compliance risk, says a director at Promontory Financial Group.

Many financial institutions are unaware that they're banking marijuana-related businesses, pot bankers and regtech experts say.

IBM claims that by monitoring customer behavior first and foremost, banks can make suspicious activity reporting far more accurate.

Proximity to the client is crucial. Only by understanding your client’s perspective on AI can you deliver a project that is truly worthwhile, writes Naomi Bowman, managing director at Berkeley Research Group.

Bci Miami is one of the first banks in the U.S. to publicly acknowledge using AI this way, when many still consider the technology to be new, risky and unsanctioned by regulators.