How Can RegTechs Help Financial Services Industry Overcome the Burden of Compliance?

Traditionally, dealing with regulations is a costly and a cumbersome affair. Regulatory documents are 100-plus pages long which aren't clearly legible. Furthermore, references to multiple documents including previous versions of legislations make them difficult to comprehend. The London-based HSBC bank spent $2.2 billion on regulation and compliance in the first nine months of 2015, up 33% year on year.

Globally, financial institutions in the US alone have paid more than $160 billion in files for non-compliance. The table below summarizes the fines paid by top financial institutions segmented by category. From the below table, it is clear that US mortgages, UK customer redress and managing sanction ...

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