UBO Service selected for RegTech 100 2022 list
UBO Service recognised as one of the world’s most innovative regulatory solution providers
DUBLIN, IRELAND, – December 7th, 2021 –Today UBO Service, the pioneering Anti Money Laundering (AML) solution provider of innovative onboarding, regulator, and risk technology solutions, was named to the 'Regtech 100' listing, an annual list of the most innovative RegTech companies that every financial institution needs to know.
“We are pleased UBO Service has been included in the RegTech100 list this year, our inclusion highlights that we have been recognised as a leading industry innovator and we are in a strong position to continue our growth in 2022. Recognition like this is a tremendous boost and a fantastic reward for the hard work of our brilliant team.” – Ben Cronin, CEO of UBO Service
Chosen from a long list of 1200 companies, UBO Service is one of the only vendors on the list that specialise in providing Know Your Customer (KYC) solutions through real-time individual, corporate, and ultimate beneficial owner declarations, helping prevent money laundering and financial crime. The company recently announced that they have become the first RegTech provider to be an approved Validation Agent by Global LEI Foundation which means UBO Service is now able to leverage its comprehensive KYC and AML compliance workflows to obtain a Legal Entity Identifier (LEI) for clients when verifying a client's identity during initial onboarding or anytime during client lifecycle management.
"Digitally tying an entity to a legal declaration continues our ethos of implementing valuable data lineage and provenance to our solutions.” – Ben Cronin, CEO of UBO Service
Sixty new companies entered the Regtech100 for 2022 and the finalists were recognised for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the compliance function. Having been chosen in its first year of business is a testament to UBO Service’s product innovation and reinforcing its position as a RegTech pioneer.
"Global obligations and regulations to improve transparency was the driving force when our team created the UBO Service platform and API. We provide customers with current and accurate data and declarations that enables financial institutions to make informed decisions on who they do business with, cutting through complex hierarchies to verify beneficial owners and controllers instantly.” – Richard Wood, CTO of UBO Service
Fifth annual RegTech100 list announced to highlight the tech companies transforming regulatory processes in financial services
The new RegTech100 list for 2022 is in its fifth edition, the latest list recognizes the world’s most innovative technology solution providers that offer products and services in the areas of compliance, risk management, information security, and financial crime.
The RegTech (regulatory technology) industry has experienced rapid growth over the last two years as financial institutions deal with the rising tide of regulatory changes and rules updates brought by remote working and increased use of digital channels post Covid-19. As a result, RegTech spending by banks and other highly regulated institutions is projected to exceed $130bn by 2025.
Thus, it’s not surprising this year’s process to identify the 100 RegTech innovation leaders was more competitive than ever. A panel of analysts and industry experts voted from a long list of nearly 1,200 companies produced by RegTech Analyst, a specialist research firm. Sixty new companies entered the RegTech100 for 2022 and the finalists were recognized for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the compliance function.
“Banks and other financial institutions are investing heavily into AI capabilities to automate highly manual regulatory tasks, support digital onboarding processes and monitor for fraudulent activity. The RegTech100 list helps them filter through all the vendors in the market by highlighting the leading companies in sectors such as identity verification, risk management, communications monitoring, information security, and financial crime prevention.” - Mariyan Dimitrov, RegTech Analyst Director of Research
A full list of the RegTech100 for 2022 and detailed information about each company is available to download for free at www.RegTech100.com.