Reg-tech company EMTECH has introduced their most recent product, Beyond Compliance. Financial Service Providers (FSPs) are the target audience for this technology, which aims to simplify and automate the processes involved in regulatory compliance.
It asserts that it will increase the organisation’s productivity, reduce workers’ expenses, and minimise the complexity associated with legal requirements.
Read also: AVEVA reduce carbon footprints through tech innovations
How does the new product from EMTECH provide thorough compliance control?
Beyond Compliance provides consumers with procedures and regulatory checklists suited to their countries. Selecting their regulator and entering pertinent information allows users to standardise and automate their compliance efforts, significantly reducing manual procedures and fragmentation.
The software is meant to automate everyday compliance chores, boosting operational efficiency. This guarantees companies stay current with legislative changes and helps save labour expenses, preventing expensive non-compliance fines.
Non-compliance can lead to heavy fines, loss of operating licenses, and even bankruptcy for FSPs, among other penalties. Beyond compliance offers real-time updates and monitors compliance status across several jurisdictions, helping companies avoid these dangers.
How EMTECH combats fraud and money laundering
Robust compliance procedures are vital in the face of growing fraud, digital identity theft, and money laundering. McKinsey & Company research emphasises the need for improved risk management initiatives, which Beyond Compliance provides through integrated compliance management technologies.
Read also: Africa Money and DeFi Summit showcases nine businesses to investors in Ghana
Emphasising the need for a more comprehensive approach to compliance management in the fintech sector, Carmelle Cadet, CEO and Founder of EMTECH, says, “Given broadly scattered regulatory rules, survival and expansion depend on a more integrated compliance management system.
Praise Beyond compliance for its user-friendly design and adjustable features from Chief Technology Advisor at The Futurum Group, Steven Dickens, and Head of Compliance at Juni Payments, Kwasi Ofei. They point out that the platform guarantees following legal guidelines and offers necessary regulatory visibility.
For FSPs, EMTECH’s Beyond Compliance represents a significant advance in automating and controlling regulatory compliance. A complete, quick, and reasonably priced solution enables companies to negotiate the challenging regulatory terrain, enabling resilience and expansion in the financial services sector.