The system runs cloud-based and guarantees the anonymity of whistleblowers.īy the way: The founders of Legaltegrity point out that crimes in the economic sector do not generate a need for action not in regulatory terms. To enable companies to meet this requirement, the start-up Legaltegrity has positioned itself with an easy-to-use product.
Under the EU Whistleblower Directive, companies with more than 50 employees (though nation states can raise the threshold to up to 250 employees) and public authorities and municipalities with more than 10,000 inhabitants will be required to set up channels through which breaches of national and EU law can be reported.
With just one integration.įondation in 2019. For this, SignD delivers a turnkey white-label solution that orchestrates solutions from the leading providers of biometric identification, forensic analysis, PSD2, database services and open source intelligence.
#ELUCIDATE SOFTWARE VERIFICATION#
The start-up from Vienna provides an answer to requirements around identity verification (Know-Your Customer, money laundering), risk assessment of potential new customers or court-proof digital signatures. This enables compliance with know-your-customer (KYC) and money laundering regulations.įoundation in 2018. It can also be used to comply with regulatory requirements. A range of FinCrime and Compliance Key Risk Indicators are provided. The company Elucidate gives banks a 360-degree data-driven platform to identify, mitigate and assess the risk of financial crime in real time.
#ELUCIDATE SOFTWARE SOFTWARE#
Checklists, material for training, assessment lists for external service providers, software used, guidelines for business continuity management, the introduction of cryptographic procedures, procedural and organisational principles against data loss, for data protection and more.įoundation in 2015. The company Alyne compiles a comprehensive toolkit or library of templates that systematise/facilitate decision-making, monitoring and process design around cyber security, risk management and compliance. As always, the rule is: no older than 7 years.
Here I present 7 promising German RegTech start-ups – in the narrower sense, but also in the broader sense. It is about automating money laundering checks, checking money transactions for fraud indications and the like.
RegTech is understood in this narrower sense as a subset of FinTech. In fact, RegTech is understood somewhat more narrowly: It is about technologies for the digitalisation of reporting, specifically in relation to the finance industry. RegTech could thus be understood as smart technology-driven business models that support companies in meeting legal compliance requirements. Elon Musk recently asked angrily how entrepreneurs in Germany can still be successful in the face of a bureaucratic overkill to the same tune, Raoul Rossmann, board member in the eponymous retail group, stated sarcastically in a Handelsblatt interview : „We have to be careful that our companies do not become law firms with an associated commercial enterprise.“ Compliance comes along with bureaucratic hurdles. Especially in Germany, Compliance requirements are a serious challenge for entrepreneurs. Regtech in a nutshell: Companies in Germany (and elsewhere) are subject to numerous (and extensive) regulations.
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