A leading currency exchange service provider operating across multiple jurisdictions. Given the complexity of regulations governing currency exchange and Anti-Money Laundering (AML) practices, the customer requires a reliable and efficient way to stay compliant with the ever-evolving regulations.
The currency exchange service provider operates in a highly regulated industry, with stringent AML regulations and diverse currency exchange laws varying across jurisdictions. The challenge was to create a centralized law library that could be customized by topics and jurisdictions, ensuring that the compliance team had easy access to the most relevant and up-to-date regulatory information. Without such a system, the risk of non-compliance can be significant, and the manual effort required to track and manage these laws is overwhelming.
Solution: Regology worked closely with the customer to understand their unique team needs and provided a comprehensive solution tailored to the customer’s specific requirements through its Smart Law Library:
- Curate Laws and Regulations: The Regology platform enabled the customer to create a highly customized law library tailored to their specific needs. By focusing on key topics such as currency exchange regulations and AML laws, the library became the central repository of all relevant legal information. This customization ensured that every team member had access to a single source of truth, reducing the potential for inconsistencies and misinterpretations.
- Organize Regulatory Content by Jurisdiction: The Smart Law Library allows the customer to curate and organize regulatory content by relevant jurisdictions. This feature made it significantly easier for the team to find and reference specific regulations, ensuring that they were always aware of the exact legal requirements applicable in different regions. The ability to filter and search by jurisdiction streamlined their workflow and improved the accuracy of their compliance efforts.
- Automate Updates and Alerts: One of the key advantages of Regology’s solution was the automated updates and alerts. The platform continuously monitors changes in applicable laws and regulations, ensuring that the customer is always aware of new regulatory requirements. This automation removes the need for manual tracking, freeing up the compliance team’s time to focus on other critical tasks.
- AI-Driven Summaries: The addition of a generative AI assistant, Reggi, allows the team to create quick summaries and extract key requirements from complex legal documents. The AI-driven summaries help with faster research and provide clear and concise overviews of complex regulations, making it easier for the team to understand and act on new legal requirements.
Since implementing Regology’s custom Smart Law Library, the currency exchange service provider is now maintaining an up-to-date law library that is easily accessible and tailored to their specific needs. The ability to curate, organize, and automate updates has improved their compliance processes, ensuring they have comprehensive coverage of all relevant regulations. This solution has not only enhanced their regulatory compliance but also increased the efficiency and effectiveness of their team.
