The growth of new financial services, derivatives, and international financial transactions using advanced IT technologies has accelerated the complexity/digitalization/globalization of financial services.
With the development of technology, various financial accidents and crimes have risen, resulting in the new terminology so called RegTech.
Increased need to monitor AI or computers that initiate financial transactions
Occurrence of a wide range of financial accidents and crimes
FinTech business operators and DNFBPs (non-financial business professionals-lawyers, accountants, tax accountants, jewelers, art dealers, etc.) are also given the obligation to prevent money laundering
Financial supervisory authorities continue to add or modify regulations and demand thorough compliance to protect victims of good faith and sound growth of financial industry.
Punitive fines imposed by the regulations of the relevant national financial authorities and international organizations in case of illegality
RegTech is "a technology that uses the latest IT technologies such as artificial intelligence,
big data, cloud, and blockchain to tailor and cost-effectively respond to financial regulations."