During the event, representatives of business, fintech, government, and regulators from different parts of Europe have discussed possible ways to de-risk the financial services without over-regulating it and using obsolete regulation methods.
It was expressed that in order to be ready to tackle them, the regulators should be more flexible and agile as the growing fintech community itself, and the best way to provide this is to form AML public-private partnerships for financial monitoring and control. Here, legal and regulatory specialists from the Lithuanian government and Bank of Lithuania, have discussed similar topics or de-risking, current industry trends, and challenges of anti-money laundering and counter-terrorist financing.
European crypto regulation comprehension will allow us to re-evaluate a few aspects of our operation in order to provide better data at a better time, and our end users will benefit from an easier, faster, and more insightful AML process, which will enable them to enjoy fintech products more freely and more often.
How is That Important?
The Baltic fintech community and the regulators have lately been moving toward establishing the Centre of Excellence in Anti-Money Laundering, the first example of successful private-public partnership in AML compliance.
This entity would allow Satchel and other market players to share the relevant concerns and experience with the whole market, as well as to build better AML solutions together.
It also enables the regulator and the government to implement more agile control methods that would give the fintech companies more freedom in building new products while keeping all financial assets in a regulated and transparent environment.