The REGTECH Book

The REGTECH Book : The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries in Regulation

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The Regulatory Technology Handbook

The transformational potential of RegTech has been confirmed in recent years with US$1.2 billion invested in start-ups (2017) and an expected additional spending of US$100 billion by 2020. Regulatory technology will not only provide efficiency gains for compliance and reporting functions, it will radically change market structure and supervision. This book, the first of its kind, is providing a comprehensive and invaluable source of information aimed at corporates, regulators, compliance professionals, start-ups and policy makers.

The REGTECH Book brings into a single volume the curated industry expertise delivered by subject matter experts. It serves as a single reference point to understand the RegTech eco-system and its impact on the industry. Readers will learn foundational notions such as:

- The economic impact of digitization and datafication of regulation

- How new technologies (Artificial Intelligence, Blockchain) are applied to compliance

- Business use cases of RegTech for cost-reduction and new product origination

- The future regulatory landscape affecting financial institutions, technology companies and other industries

Edited by world-class academics and written by compliance professionals, regulators, entrepreneurs and business leaders, the RegTech Book represents an invaluable resource that paves the way for 21st century regulatory innovation.
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Product details

  • Paperback | 392 pages
  • 188 x 242 x 19mm | 884g
  • New York, United States
  • English
  • 1119362148
  • 9781119362142
  • 63,919

Back cover copy

THE COMPREHENSIVE AND GROUNDBREAKING GUIDE TO REGULATORY TECHNOLOGY

The RegTech Book is a comprehensive resource that offers an essential guide to the disruption, innovation, and opportunities of technology in the regulatory and compliance sector. Regulatory technology (RegTech) provides gains in efficiency for compliance and reporting functions whilst also holding the potential to fundamentally change market structure and supervision. This groundbreaking book offers an invaluable source of information for corporate professionals, regulators, compliance officers, start-ups, and policymakers on how RegTech can be applied in financial services and beyond.

With contributions from noted experts in the field, the Handbook brings together an understanding of the RegTech eco-system and its use cases in the financial services industry. The book explores the economic impact of digitization and datafication of regulation and reveals the opportunities and challenges brought by the application of innovative technologies such as blockchain and artificial intelligence.

Readers will learn about today's RegTech eco-system and the future opportunities RegTech will provide financial institutions, regulators, technology companies, and other industries.
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Table of contents

A FinTech and RegTech Overview: Where We Have Come From and Where We Are Going vi


About the Editors xii


Acknowledgements xiv


1. Introduction


What a RegTech Compliance Killer System Will Look Like 6


Technology-Enabled Collaborative Compliance 10


The Age of RegTech Disruption to the Status Quo Is Here 16


RegTech and Financial Crime Prevention 20


RegTech: Tackling Regulation with Innovation 26


Identities, the RegTech Holy Grail 30


2. The RegTech Landscape


Islamic RegTech 38


How RegTech Could Help Determine the Future of Financial Services 44


Introducing the RegTech Quality Compass: The Five Factors of RegTech Quality 50


How Banks Are Managing Their Risk Through Technology and Market Infrastructure 55


RegTech and the Science of Regulation 58


GDPR and PSD2: Self-Sovereign Identity, Privacy, and Innovation 62


Rise of RegTech in the German Market 66


The Power of RegTech to Drive Cultural Change and Enhance Conduct Risk Management Across Banking 70


3. Regulatory Innovation and Sandboxes


Discover the Innovative Technology Behind RegTech Leaders 80


Enabling RegTech Up Front: Unambiguous Machine-readable Regulation 85


Align Open Banking and Future-Proof RegTech for Regulators and Third-Party Providers to Deliver the Optimal Consumer Convenience and Protection 89


A Seat at the Table - Bringing the Voice of FinTech to the US Regulatory Process 93


Sandbox Games for RegTech 99


Legal Guidance for Entering the Sandbox and Taking Advantage of Cross-Border Cooperation Agreements 102


RegTech and the Sandbox Play, Innovate, and Protect! 106


4. A Call for Innovation or Disruption?


Governance, Risk, and Compliance: Complex or Complicated? 118


Innovation or Disruption: Not Always Black and White 122


How to Use Digital Marketing Data in Regulated Industries 126


Invention Versus Reinvention 130


Making Regulation Machine Readable 134


Can We Digitize Know Your Client? 138


5. RegTech Investment and Compliance Spending


Why a Substantial Investment in Financial Services RegTech Now Will Strategically Reduce Your Future Regulatory Compliance Costs 146


Old Tech + New Tech = RegTech: Excel Spreadsheets and End User Computing in a Regulated World 150


Will Financial Institutions Ever Achieve a 100% Compliance with Anti-Money Laundering and Combating the Financing of Terrorism Rules? 154


Merits and Demerits of a Shared Risk Engine 158


Spend on Compliance: A Necessary Evil orBusiness Enabler? 163


6. RegTech for Authorized Institutions


RegTech Opportunities in a Post-4MLD/5MLD World 172


Passporting in the EU - Is an Opportunity Also a Problem? 177


What Do PSD2 and Similar Activities Mean for Banks and FinTech Start-ups? 181


7. RegTech from a Regulatory Perspective


The Role of Anti-Money Laundering Law and Compliance in FinTech 190


Banking Supervision at a Crossroads - RegTech as the Regulators' Toolbox 195


FinReg, FinTech, and RegTech - Quo Vadis, EU? 199


The RegTech Landscape from a Regulator's Perspective 205


RegTech is for Regulators Too, and its Future is in


Emerging Markets 210


8. Blockchain and AI in RegTech


The ROI of RegTech 218


The Augmented Compliance Office 221


Dissolving Barriers: A Global Digital Trust Protocol 226


Can AI Really Disrupt Monitoring for Suspicious Activity? 231


Forging a Responsibility and Liability Framework in the AI Era for RegTech 235


Compliance with Data Protection Regulations by Applying the Blockchain Technology 246


Blockchains Are Diamonds' Best Friend: The Case for Supply Chain Transparency 250


9. RegTech Applicability Outside the Financial Services Industry


Protecting Consumers and Enabling Innovation 260


RegTech Impact on the Private Security Industry 263


ArtTech: How Blockchain Can Improve Provenance 266


The Potential of RegTech in Improving the Effectiveness of Environmental Regulation 270


RegTech Applicability Outside the Financial Services Industry 274


Using RegTech as a Cross-Industry Digitization Tool 278


RegTech Unleashed: Discovering the Pathways Beyond Finance 282


RegTech Outside Finance: Four Options, One Clear Choice 287


RegTech: A Safe Bet for Tackling AML and Fraud in the Gambling Sector 292


10. Social Impact and Regulation


The FinTech Ecosystem Between Legal Compliance and Social Dimension 300


The End Justifies the Means: Putting Social Purpose Back at the Heart of Banking and Financial Regulation 305


RegTech's Impact on Trust and Identity 310


How Technology Is Driving Financial Inclusion 314


Banking the Unbanked and Underbanked: RegTech as an Enabler for Financial Inclusion 318


Superhero Way: Enhancing Regulatory Supervision with Superpowers 323


11. The Future of RegTech


Market Surveillance 2020 330


I Regulate, Therefore I Am? Regulating Humans' and Machines' Conduct and Culture 335


The Future of RegTech 340


From RegTech to TechReg - Regulation in a Decentralized World 344


Emerging Innovations in RegTech 348


List of Contributors 351


Index 358
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About Janos Barberis

JANOS BARBERIS is a Millennial in FinTech, recognized as a top-35 global FinTech leader. He founded FinTech HK, a thought leadership platform, and the SuperCharger - a FinTech Accelerator that strategically leverages on Hong Kong as a gateway to Asia. In parallel, he sits on the advisory board of the World Economic Forum's FinTech Committee and is a PhD Candidate at Hong Kong University Law School.

DOUGLAS W. ARNER is the Kerry Holdings Professor in Law at the University of Hong Kong and one of the world's leading experts on the intersection between finance, technology and regulation. He has advised on financial sector regulatory issues in markets across Africa, Asia, Australia, Europe and North America, with governments, international organizations including the Asian Development Bank and the Alliance for Financial Inclusion, and private sector institutions. Douglas has published 15 books and over 150 articles, chapters and papers on related subjects. He led the development of the world's largest massive open online course (MOOC) Introduction to FinTech, launched on edX in May 2018, now with over 35,000 learners spanning every country in the world.

ROSS P. BUCKLEY is the KPMG Law - King & Wood Mallesons Professor of Disruptive Innovation, and a Scientia Professor, at UNSW Sydney. His research focus is on FinTech, RegTech and blockchain. He chairs the Digital Finance Advisory Panel of the Australian Securities and Investments Commission (ASIC). He consults regularly to the Asian Development Bank, and has consulted to government departments in 10 countries, including Australia and the US. He has twice been a Fulbright Scholar, at Yale and Duke.
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