In the years that followed, regulated financial services businesses have experienced a significant increase in both regulatory and financial crime burdens. Following the global financial crisis of 2008, there has been a worldwide effort to enhance financial regulations to prevent a similar event from happening again. Consequently, regulatory bodies have imposed more stringent regulations on financial services firms to promote transparency, accountability, and stability in the financial system.
As a result, financial services businesses have had to increase their oversight efforts, and the associated costs have risen considerably. The regulatory compliance burden has increased, particularly in areas such as anti-money laundering (AML), counter-terrorist financing (CTF), and sanctions compliance. Consequently B2B trade has slowed, and opportunities are missed, simply because of the burden of doing things right.
As the challenges have become more sophisticated and complex over the years, with cybercrime, fraud, and corruption becoming more prevalent, REG has evolved its solution to meet the ongoing needs of B2B traders in regulated markets, developing the REG Network, a powerful tool for companies to manage regulatory complexity and mitigate risks, while also improving their overall operational efficiency and effectiveness.