New Corlytics innovation empowers financial markets to identify upcoming financial crime regulation in a single viewPublished on 16th November 2021
Corlytics has today announced the launch of their themed FinCrime tracker. This latest solution gives firms a single view of digitised, risk-rated and visualised FinCrime regulations emerging from across the globe. The move is a direct response to the ever-increasing regulatory requirements around financial crime and the demands on the Corlytics’ client community and wider market to comply. Analysis from Corlytics found that in the areas of anti-money laundering (AML) and counter-terrorist financing (CFT) alone, there is a 33% increase in regulatory announcements to existing legislation in YTD 2021 as compared with 2020. The trend continues with increased regulatory focus on this topic.
An urgent need for financial firms to manage the impact of financial crime regulation is overwhelming resource-constrained compliance departments. This new solution provides financial firms with a single aggregated view of data relevant to FinCrime and sub-themes including fraud, AML, ABC, Tax Evasion, CyberCrime and so on via interactive analytics and dashboards. Users can now easily identify what is new and what is changing in regulation on an hour-by-hour basis, monitoring both the present and identifying trends in the data. Corlytics FinCrime tracker empowers firms to significantly reduce the complexity, time and cost involved in identifying and analysing the continuous release of regulatory notices and updates and brings a reduction in friction within regulatory change management.
Available today, this cloud-based digitised solution can be quickly deployed allowing firms to integrate it into their own processes, or operate as a standalone, helping financial crime regulation risk evaluation happen from anywhere. It provides banks, asset managers, insurance firms and other financial market participants with stronger productivity, collaboration and regulatory change risk management capabilities. The functionality within the design translates regulatory change directly into business impact, and with SaaS capabilities is available to all including compliance teams, executive management and internal audit on a global basis – while enabling the highest levels of IT governance, scale and trust.
“Financial Crime encompasses traditional areas of AML, Sanctions and tax evasion, but is now joined by CyberCrime, combatting terrorist financing, fraud and anti-bribery and corruption. The regulations published in these areas have increased threefold since 2018.
The overall growth in digital transactions and the move to a cashless society means that more traditional areas of crime are moving on-line. 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.,” says John Byrne, CEO Corlytics.
This latest offering from Corlytics allows clients access to a fully digitised, searchable universe of current, pending and emerging FinCrime regulation data with slice and dice data capability and API functionality. The major features include –
- More than 30,00 FinCrime regulatory events from the past 5 years visualised to inspect key trends.
- Structured, rated and visualised Financial Crime regulatory content.
- FinCrime Taxonomy mapping all sub-themes including AML, CyberCrime, Tax Evasion, CFT and so on.
- Visual Tracker, enabling firms to quickly find the financial crime content that is relevant to each firm, team, and user, depending on jurisdiction, source and time horizon.
- Fully integrated with all other Corlytics regulatory solutions, including regulation library and impact assessment workflow.
With this new solution, Corlytics continues to build on its reputation for rigour, accuracy and consistency in design and analysis working with globally regulated firms and regulators. The design empowers teams to accelerate productivity by making it easy for users to adopt common industry language and their supporting ecosystems, as well as their development tools of choice due to the specialised taxonomy, classifying regulation to allow interoperability with other solutions. We translate regulatory change directly into business impact.
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Learn more about our FinCrime Tracker