FinCrimeTV Chin Wags Regulating RegTech Part 1

Chin Wags with the Old Codgers' Club

*Regulating RegTech*

Part 1

In this series, Julia Chin and The Old Codgers' Club look at Regulatory Technology or RegTech.

There are two primary strands of risk assessment software for financial crime risk and compliance RegTech. The first is transaction monitoring. The second is Know Your Customer, sometimes known as Customer Due Diligence. Actually, the second is more than that because it also includes Know Your CounterParty. It might, arguably, also include Know Your Business. Even this strand is sub-divided into internal research and analysis and the analysis of information collected from external sources.

In Part One of the series "Regulating RegTech", Julia Chin draws attention to one specific aspect currently being sold as the cutting edge of RegTech - so-called Generative AI.

What is it, what does it do and what could possibly go wrong?

Julia isn't impressed. The OCC are bluntly critical, with one of them going so far as to say "Don't buy it".