Regulation technology rapid growth

Goldman Sachs, a U.S. investment bank, was fined a total of $6.25 billion (about 8.1 trillion won) by financial authorities around the world, including the U.S., Hong Kong, and Malaysia in 2020.

It was the largest fine in Goldman Sachs’ 153-year history, accounting for two-thirds of its net profit ($9.46 billion) that year.

He was accused of laundering Malaysian sovereign wealth fund 1MDB funds and bribing politicians for years from 2009.

Goldman Sachs, which suffered a huge loss due to the moral hazard of insiders, created AML technology using artificial intelligence the following year

It invested $20 million (about 26 billion won) in Compliant Vantage, a British company. In a company where there’s a huge amount of transactions and money flowing every day, human power alone

They decided to borrow the power of high-tech because they judged that it was not enough to catch insider illegal activities.

Big data, cloud (remote computing), AI, and blockchain as companies’ trading methods become more advanced and government regulations are increasingly complex

The so-called Regulation Technology industry, which manages regulations using various high-tech technologies, is growing rapidly.

To better oversee corporate activities that have become more complex due to globalization and digitalization, regulators are looking to: