Harnessing new technologies is vital to protecting Australia’s financial system from criminal abuse and AUSTRAC recognises the potential of regulatory technology (RegTech) to harden the financial sector against money laundering, terrorism financing and serious financial crime, while also delivering more efficient approaches to compliance.
On 26 June 2018 AUSTRAC hosted its inaugural RegTech Showcase, bringing together more than 100 representatives from RegTech, the financial and gaming sectors, industry groups and anti-money laundering service providers. It featured presentations from a number of RegTech providers and demonstrated innovative solutions using emerging technologies including block-chain, machine learning and artificial intelligence.
A panel discussion featuring AUSTRAC executives explored the impact of innovations on the regulatory environment. A second panel discussion of industry representatives examined the expectations and experiences industry has in engaging with RegTechs, the Australian policy environment, challenges in managing competition and collaboration, and ensuring vendor products are fit for purpose.
The RegTech Showcase highlighted the importance of industry, regulators and RegTech working collaboratively to identify opportunities to harnessing emerging technology and counter money laundering and terrorism financing.
