The EBA is looking to identify the main barriers and risks of using RegTech and potential ways to support its uptake across the EU.
The EBA (European Banking Authority) has launched an industry survey to collect view on the of RegTech solutions in the financial sector.
Input on RegTech solutions is sought in the following areas:
- AML/CFT; business relationship monitoring; transaction monitoring
- Creditworthiness assessment
- Compliance with IT security and cybersecurity requirements and standards in payments
- Supervisory reporting
“The aim of the survey is to better understand the ongoing activity in this area, raise awareness on RegTech within the regulatory and supervisory community, and inform any relevant future policy discussion,” the EBA said, adding that it is looking to identify the main barriers and risks of using RegTech and potential ways to support its uptake across the EU.
“Feedback from financial institutions and ICT third party providers is essential to better understand the extent and the impact of the use of technology-enabled innovation (RegTech) for regulatory, compliance and reporting requirements by regulated institutions,” the EBA said.
The consultation is open for comment until 30 September 2020. The EBA expects to report on its findings in the first half of 2021.