On 12 August 2020, the European Banking Authority (EBA) launched a RegTech industry survey inviting all relevant stakeholders to share their views and experience on the use of RegTech solutions, on a best effort basis.
The EBA has prepared two separate RegTech questionnaires. One is to be completed by financial institutions, and the other one by information and communication technology (ICT) third party providers. Both questionnaires are composed of a general part, aimed at collecting aggregate information on all types of RegTech solutions in use, and a more detailed part, aimed at having a closer look at individual RegTech solutions in four specific focus areas:
- Anti-Money Laundering /Combating the Financing of Terrorism– on going monitoring of the business relationship and/or transaction monitoring.
- Creditworthiness assessment.
- Compliance with security requirements and standards (information security, cybersecurity, payment services).
- Supervisory reporting.
The deadline for responding to the survey is 30 September 2020. After the review of the responses, the EBA may further investigate specific areas of RegTech via follow-up interviews with financial institutions and ICT third party providers. The EBA expects to report on the use of RegTech solutions in the first half of 2021.
