ComplyAdvantage has been selected to take part in the inaugural UK Department of International Trade RegTech Mission to New York this week. Together with 16 leading UK RegTech companies, the mission aims to showcase the very best of what UK RegTech has to offer the US regulated sector.
The UK is fast establishing itself as the centre of RegTech growth and innovation. In 2016 alone over $678 million was invested in 70 RegTech companies based in the capital, more than any over city in the world. This June, London will also be hosting the Newsweek & International Business Times RegTech and Identity conference, which will explore the intersection of regulation and new technologies such as AI and machine learning.
Outside of the capital, more leading RegTech firms carry out operations in Cambridge’s Silicon Fen as well as north of the border in Scotland, where you will find award-winning RegTechs like KYC specialists Encompass Corporation.
The RegTech mission will be a great opportunity for the ComplyAdvantage team to connect with leaders of the US financial services industry as we expand into the North American market. Our US General Manager, Brett Smiley, recently spoke to PYMNTs.com about the current US compliance landscape, where industry players are falling short and why strong data is such a crucial piece in completing the compliance puzzle:
“The system isn’t working, It’s satisfying key regulatory requirements, but at the end of the day it’s not providing the insight around managing your risks that it should.”
“What we’ve done is come to the market with a solution that’s very different around the technology and the data — both in how we collect it as well as the way we present it — with the intention of identifying more of the financial crime and risky business that go on in the market than the legacy providers have been able to do”
UK RegTech is establishing expertise in a range of regulatory fields, curating solutions that don’t just “tick the box” but tangibly improve business processes and compliance outcomes. The four-day mission runs concurrently to New York FinTech Week and will comprise of workshops, networking and one on one meetings with leading industry executives.
ComplyAdvantage can also be found this week at NACHA Payments 2017 in Austin, Tx – drop by booth 304 on Innovation Row to find out how we help payments companies fight financial crime while enabling faster payments.