Remonda Kirketerp-Moller : RegTech, Founder and CEO
Remonda Kirketerp-Moller : RegTech, Founder and CEO

Automating the FX client onboarding and regulatory compliance process

Keeping up to date and remaining compliant with regulatory requirements across a large number of jurisdictions is a complex and never-ending burden for financial institutions and FX trading firms worldwide. From what I’ve seen, financial institutions of all sizes are struggling and the majority, despite their best efforts, are falling short of their legal requirements. This is no great surprise as keeping up to date with the fast changing regulatory requirements all around the world requires a totally different operational approach to the methods which most financial institutions currently adopt.

Smaller financial institutions are certainly finding it hard. They try to adhere to latest guidelines and follow reports in the media about their requirements but so much information falls through the gaps and they simply can’t afford to have a large legal team in-house or to pay external lawyers on a regular basis in order to keep up to date - and even if they had the financial resources to keep up to date, implemeting these changes internally requires a very specific mindset.  Larger financial institutions, in contrast, often have a large team of in-house lawyers but these lawyers tend to have broad remits and aren’t regulatory specialists. This means that when there’s a specific issue relating to client onboarding – even something as broad as ‘can we do business in China?’ - they appoint external specialist lawyers for guidance.  These external lawyers often come back with lengthy documents which include caveats and extracts of the law. Their descriptions...continued

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