Major banks are aiming to use blockchain applications to comply more effectively with regulations and reduce costs and simplify work processes.
Blockchain initiatives are everywhere and the technology is heralded as the solution to every business problem. But what are the real risk and opportunities from a compliance perspective? At the recent Sibos conference in London, a panel of bank executives met to discuss blockchain technology risks and opportunities from a compliance perspective.
The panel agreed that as blockchain technology had matured, regulators and the industry have become increasingly interested in finding specific uses where innovation could improve regulatory compliance.
Our Alma Angotti, managing director and global investigations and compliance practice co-lead, said that regulators were not opposed to the industry saving money, but rather wanted banks to adopt new forms of technology that were transparent and could make difficult tasks such as sanctions compliance more effective.