Regulatory Technology
Regulatory Technology (RegTech) is a subset of financial technology (FinTech) that uses technology to help businesses comply with regulations efficiently and cost-effectively. It involves software, tools, and platforms that automate compliance processes, monitor regulatory changes, and manage risk. RegTech aims to reduce the manual burden of compliance through innovations like artificial intelligence, machine learning, and blockchain.
Developers should learn RegTech when working in finance, banking, insurance, or any heavily regulated industry where compliance is critical, such as for anti-money laundering (AML) or Know Your Customer (KYC) requirements. It's used to build systems that automate reporting, detect fraud, and ensure adherence to laws like GDPR or Dodd-Frank, helping companies avoid penalties and streamline operations.