18 November 2021
RegTech – aimed at streamlining and improving regulatory processes – is on the rise, along with a requirement for organisations to balance their associated risks with the dangers of standing still.
Scott Nelson, Director at Fairway, is a FinTech and RegTech enthusiast and is a member of both the Jersey Finance Digital Assets Working Group and the UK & Ireland based organisation the Crypto Assets Professionals Advisory Group. He recently spoke with BL Global regarding RegTech processes and Fairways future plans.
“Quite often, the use of a digital portal, where information is centrally deposited or accessed, can reduce the risk of using outdated documents.
Despite all these challenges, there are ways of phasing in regtech so organisations aren’t overwhelmed by the transition. The natural way into it would be to start with the electronic identity verifications and address locator technologies, so that when organisations are collecting data up front from clients, it’s all digital and the process is seamless.
When customers then come to refresh these during the lifecycle of these processes, that can be done digitally as well. This can sit alongside the screening software that everyone’s already using.
The Fairway Group is taking the fairly bold step in the new year of moving to a fully digital onboarding process. Everything will be accessed via a portal that will be underpinned by regulatory technology, and that’s how we will collect all the necessary data for client onboarding.”