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Wednesday, 04 October 2017 14:56

Minimizing Risk through Geospatial Technology

The Need for Regulatory Support

Financial institutions and federal bank regulators can integrate location intelligence as a regulatory technology (Regtech) solution to ensure compliance with anti-money laundering (AML) standards, financial inclusion requirements, and fair lending regulations. This article outlines the key benefits for banks and regulatory authorities of integrating geospatial technology.

Geospatial technology — or technology focused on the collection, analysis and visualization of location data — has a variety of uses across different industries. For instance, this technology can be used by law enforcement to track criminal activity or by retail companies to monitor customer behavior. While some financial institutions use geospatial tools to gather customer data and manage risk, this technology has not been widely adopted due to concerns from regulatory authorities regarding aspects of its functionality and credibility. If integrated properly, geospatial technology can enhance anti-money laundering (AML) practices, bolster financial inclusion and refine fair lending compliance in financial services.

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http://www.corporatecomplianceinsights.com/minimizing-risk-geospatial-technology/