Regulatory risk intelligence firm Corlytics has launched a themed financial crime tracker to provide firms with a single view of digitised, risk-rated and visualised fincrime regulations.
Corlytics notes that the cloud-based digitised solution is an immediate response to the growing regulatory and compliance requirements around financial crime.
Research by Corlytics found that anti-money laundering (AML) and counter-terrorist financing (CTF) alone saw a 33 per cent increase in regulatory updates in year-to-date 2021 compared to 2020.
The FinCrime tracker is divided into sub-themes (such as fraud, AML, CTF, anti-bribery and corruption, tax evasion, and cyber crime) through interactive analytics and dashboards, which allows users to identify and monitor new developments on an hourly basis.
Regulation data within the tracker includes the visualisation of more than 30,000 fincrime regulatory events over the past five years to observe key trends, as well as a fincrime taxonomy that outlines all sub-themes against structured, rated and visualised fincrime regulatory content.
This will enable banks, asset managers, insurance firms and other financial market participants to reduce the complexity, time and cost typically involved in the identification and analysis of continuous regulatory notices and updates.
In addition, the software-as-a-service risk management capabilities of the track will allow users to directly translate any regulatory changes into business impact, encompassing compliance teams, executive management and internal audit.
John Byrne, CEO of Corlytics, explains: “The overall growth in digital transactions and the move to a cashless society means that more traditional areas of crime are moving online.”
“Regulators are moving swiftly to ensure that financial services and payments providers are taking the appropriate steps to ensure firms, consumers and the public have better protection from types of crime that are growing exponentially. Corlytics have launched the financial crime tracker to help all regulated firms keep up with fast moving regulatory developments in the area of financial crime.”
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