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If tomorrow you woke up and somehow you had become a “global financial regulator” with all the power, what is the first thing you would do, and why? 

This is the question we ask all our guests at the end of their interview on the RegTalks podcast.

During each episode, Know Your Customer’s CEO & Co-Founder Claus Christensen sits down with an industry expert to discuss their unique take on the latest trends shaping the world of AML and KYC compliance in financial services.

From a unified set of rules around KYC and AML to an integrated supervisory strategy and information sharing across industry players, here is an overview of the answers we have received so far…

 

Episode #1: Karen Contet, AngelHub & WHub

“I would make regulations so much clearer for everybody, use language that everyone can actually read and understand. And the second thing would be to make a common regulation across all jurisdictions and digitalise the whole process, in terms of reporting, onboarding and communication.”

Listen to the full episode here.

 

Episode #2: Musheer Ahmed, FinStep Asia

“The first thing I would do is to create a regulatory framework for digital ecosystems end-to-end, not as an evolution of existing regulations, but from scratch. And why is because you do need to radically change how you build regulations. Keeping big tech in mind, how would you build your financial services regulations?”

Listen to the full episode here.

 

Episode #3: Medhy Souidi, DBS

“I would create a team of developers and hire a really good CTO to push for more digital innovation from all parts, open some databases to the companies, banks and startups, and push for a lot of changes around open data and federated data. Open data is just the first step, but what is really interesting for me is federated data.”

Listen to the full episode here.

 

Episode #4: Andrew Cheng, Tradelink

“To combat digital fraud, we should really work together as a team. There should be mechanisms to share information more. Some of the bad guys are opening multiple accounts at different banks. If the banks, for example, could share such information among themselves or through the regulators, I think this would help us make a really robust and better solution for everybody and reduce the risk dramatically.”

Listen to the full episode here.

 

Episode #5: Julian Dixon, Napier

“It would be great if a global regulator had some kind of tax on systems that are older, less efficient. Therefore the banks would be incentivised to keep their technology in pace with the global technology trends, but, even more importantly, with money launderers. Because the money launderers have no budgets, limitations to talent nor rules, and unless good guys use advanced technology too, fighting criminals becomes an ever more difficult war that we’re in.”

Listen to the full episode here.

 

Episode #6: Malcolm Wright, 100x Group

“I would focus on harmonising regulations. That would be my first thing, because it would solve a lot of problems. It makes the cost of compliance cheaper, and it’s more effective than having a system that is fundamentally different everywhere you go. And it avoids regulatory arbitrage, making it harder for the bad actors to penetrate the system if there are no weakest links.”

Listen to the full episode here.

 

Episode #7: Marius Galdikas, ConnectPay

“I would rethink the setup by consolidating fighting financial crime into properly staffed, properly set-up governmental or regulatory organisations that would see a holistic picture of the entire industry across markets, across different players and would be able to do the things that the financial institutions are doing right now much more efficiently.”

Listen to the full episode here.

 

Episode #8: Brian Tang, Fintech Association of Hong Kong (RegTech)

“I would try to ensure that all financial institutions, regulated entities and regulatory staff are really trained in technology and professionalism. In my view this links to what is the role of finance in society and therefore helps the people that work in finance ensure that what they do continues to serve the people that their services were created to serve.”

Listen to the full episode here.

 

Episode #9: Victor Yim, TransUnion

“I think I would be enforcing regulation to create an information sharing framework across different jurisdictions, industries, companies, domains to improve the effectiveness of combating financial crimes.”

Listen to the full episode here.

 

Episode #10: Morgan Terigi, Incomlend

“I think an increased exchange of information between financiers could avoid quite a lot of the issues that we’ve seen. If banks had been communicating or able to exchange information in a discreet manner without breaching confidentiality and privacy clauses, that would have enabled them to prevent certain issues.”

Listen to the full episode here.

 

We will keep updating this list as new episodes of RegTalks are released.

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