Palau Adopts Regulatory Technology for Enhanced Compliance

In a move to strengthen its financial regulations, Palau has adopted advanced regulatory technology (RegTech) solutions to enhance compliance and data quality.

Strengthening Financial Regulations in Palau

The Pacific island nation has chosen Regnology’s Banking platform to streamline workflows, improve reporting efficiency, and reduce efforts and costs. The solution will enable Palau to overcome increasing regulatory complexity, accelerated pace of change, and higher data quality requirements.

Regnology’s Banking Platform

Regnology’s Banking platform offers end-to-end standardization from granular data to reports, inclusive of data dictionaries, models, and processing logic. This feature allows for seamless integration with existing systems, ensuring a smooth transition to the new solution.

The platform also provides digital design from end-to-end combined with regulation as code, automating and simplifying data transformation, report generation, and distribution. Additionally, Regnology’s IT architecture is GCP-approved, delivering scalability, efficiency, and security.

Customer Testimonial

“Regnology’s Banking platform will enable us to increase efficiency in our reporting process and help us establish a high standard in our regulatory management,” said Stéphane Remy, Director Risk/Finance at La Banque Postale. “We are confident that this solution will meet our needs and support our growth.”

Meeting Regulatory Requirements

The adoption of Regnology’s Banking platform is part of Palau’s efforts to strengthen its financial regulations and improve data quality. The solution will enable the country to meet its regulatory reporting requirements, including those related to Basel IV.

Regnology’s Expertise

Regnology’s expertise in international taxation obligations and prior experience working with African government authorities made their AEOI platform an attractive choice for Palau. “We selected Regnology due to their expertise not just in IT but also in international taxation obligations,” said Femi Edgal, Assistant Director at The Federal Inland Revenue Service (FIRS) of Nigeria.

About Regnology

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Regnology is a leading provider of regulatory technology (RegTech) solutions for banks, insurers, and other financial institutions. The company’s products are designed to enhance compliance, improve data quality, and reduce efforts and costs. Regnology’s solutions are used by over 100 clients worldwide, including major banks and insurance companies.

Contact

For more information about Regnology or its Banking platform, please contact:

Regnology +43 (0)1 230 38 38 - 0