As regulations proliferate, ensuring wealth managers keep abreast of developments throughout a client's journey is essential.

Onboarding specialist and technology solutions firm Appway has rolled out a service designed to help wealth managers keep on top of fast-moving regulations, an urgent issue as firms wrestle with red tape around the world.

The Switzerland-headquartered firm’s Regulatory Reviews for Wealth is now available worldwide. Sister services Appway Onboarding for Wealth and Onboarding for Retail, launched at the end of 2017, were the in a number of offerings due from the business this year, it said in a statement.

The latest service ensures banks can quickly obtain the data they need and understand how any review process fits with the rules.

Source: Appway.

"Our new Regulatory Reviews for Wealth solution allows the compliance department to automate typical workflows and guide their co-workers in all relevant activities. This way, compliance becomes an integral part of the organizational culture; the bank is compliant 'by design' and does not have to make a huge effort each time there is a change in the regulatory landscape,” Chiara Gelmini, business practice manager at Appway, said.

The firm quoted a senior Hong Kong-based private banker (not identified by name) as saying: "Our biggest pain point is the growing number of outstanding, lengthy client reviews. Automating the review process by setting up standardized rules for certain groups of clients is very useful. However, for clients with more complex cases, we want a system that also empowers our compliance experts to adapt and apply changes to the review process." 

Appway said reviews are managed throughout the client lifecycle to ensure rules are obeyed.

The publisher of this news service, in conjunction with Appway, brought out a major report last year on how private banks and wealth managers juggle issues of compliance with regulations and the need to innovate to serve clients more effectively. The report: Global Compliance and Innovation Trends In Wealth Management, is available here.