Pay now or pay later: Regtechs make play to spare banks steep fines
After a record year of fines issued by the SEC, financial services firms are rushing to implement regtech solutions that can help mitigate their financial exposures.
The purchasing power of the money financial services firms spend on regulatory fines can be difficult to conceptualize. So it can be useful to express the figures in more practical terms. For instance, a gallon of gas in California costs around $5, while the median price of a house sold in Q4 of 2022 was $467,700. So, the $17 million fine imposed in February by the US Securities and Exchange Commission (SEC) on the Options Clearing Corp. (OCC) for failing to pass its stress testing and clearing
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