Keynote Session: Driving Essential Change in Financial Regulation
summary
Argues that fragmented regulation and no common taxonomy force banks to implement thousands of bespoke rules (about 10,000 rules at one regulator) across millions of records, producing high cost and poor outcomes (trillions laundered despite heavy spend). Proposes practical moves: sandboxes, hackathons, open source shared code and data standards, projects like the Regulatory Genome Project, exploration of machine-executable regulation, and use of synthetic data plus middleware app-store patterns to prove regtech value and enable retrofit.
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chapters (11)
- 0:00Introduction
- 0:33Regulation vs Compliance
- 4:05Collaboration
- 5:34Innovation
- 10:18What can we do
- 12:41Can engineers work with regulators
- 15:45What do you want to do to create collaborative environments
- 18:42How far along are we
- 20:58Standardizing on form
- 23:13Community standards
- 25:14How can regtechs participate
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