EBA explores how crypto can help FIs improve regulatory compliance

Tuesday 23 October 2018 00:11 CET | News

The EBA’s Cryptotechnologies Working Group has been exploring how cryptotechnology-based regtech solutions could enable KYC data management and regulatory reporting.

In their latest report, presented at the Sibos 2018 conference, the Euro Banking Association concluded that regtech solutions could lower costs and ultimately help financial institutions to stay competitive in the digital economy. Moreover, as current KYC processes are often fragmented and redundant, it leaves financial institutions with higher costs and dissatisfied customers.

In the area of regulatory reporting, DLT-based reporting systems could be of considerable value as well. Also, collaboration between financial institutions and the dialogue with regulators will be key to enabling secure and efficient DLT-based solutions.

The working group’s latest report “Cryptotechnologies: improving regulatory compliance” is now available as e-book and pdf. The EBA Cryptotechnologies Working Group explores the practical implications, opportunities and challenges of cryptotechnologies in transaction banking.

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Keywords: EBA, cryptotechnology, cryptocurrency, KYC, DLT, compliance, SIBOS, data management
Countries: World