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Originally Posted by Unregistered
Thanks for quoting my WOT. I agree - regtech is indeed the way to go.
If it is of any comfort to anyone looking to start in this line, the complete harmonization of regtech and AML ops would be a progressive one, so don't have to worry about having your job being cut away due to automation... yet. But do take note some Banks are in the progress /or have already implemented some degree of automation in these labour-intensive roles. As with most things involving tech, Banks would still require warm bodies (but less) there to examine the cases flagged by these systems.
Some Banks have opted to move the triage assessment of such processes to cheaper locations such as India (or Poland) or wherever they are able to save costs... And again, for the time being, AML ops will not completely 'die out' in SG as most Banks would keep a dedicated team at their major booking centre to handle the higher risks escalations.... otherwise your local CE / compliance head has a lot of explaining to do when it comes to their annual material outsourcing assessment....
Lastly, I just want to add on - Regtech is pretty much absent for small to mid sized banks for now... the adaptation of AI/data science in their BAU often requires the business to reach a certain critical mass... imagine trying to sell this idea to some ikan bilis bank with less than 1000 client accounts at group level...
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Glad to have someone in this forum who is shedding real light on the current kyc landscape. In the space of Regtech, one area which can be immediately deployed would be RPA - aggregation data points from various systems and arranging them in an orderly manner. I'm sure you would have also understood the pain of the time taken to just collect documents and still wondering if there could still be missing pieces of crumb lying around