It’s not far from where the governments had to impose certain regulations to keep everything under the local and foreign law. Noncompliance results in huge fines and sanctions. RegTech is the answer to a real need.  Learning, interpreting and complying with voluminous regulation requires the financial services industry to spend great resources.  And RegTech has the promise of making that process more efficient and cost-effective. As per the latest research, Regulatory fines exceeded US $ 320 billion since 2008. The cost of compliance has increased substantially and is still on the rise.

To battle the problems of money laundering, the government verious countries enacted the Money Laundering Prevention Act. It monitors the degree of compliance done by the various reporting organizations to prevent money laundering and terrorist financing. Therefore, all Financial Organization needs to setup Compliance Department and a popular name of AML compliance is Anti Money Laundering Department (AMLD).

As per the regulations, Banks and Financial Institutions must train all of their employees on AML & CTF but class room training is very expensive and scaling up throughout the country is a major concern. Therefore, PMaspire Singapore pte Ltd, a global RegTech Solutions provider brought to you a special online course on Anti-Money Laundering (AML) & Combat Against Financial Terrism (CFT) which helps comply with domestic and global AML & CTF regulations and addressing security threats.