top of page
  • yazannukkari

Flaminem, the Regtech at the service of compliance

Directly derived from the terms regulatory and technology, the Regtech concept refers to all companies that offer banking institutions simplification tools based on new technologies, such as artificial intelligence or blockchain.

Although they are often presented as a sub-category of Fintech, Regtechs can be considered as a category of companies in their own right, especially because of the multitude of areas they can target. Regtechs can indeed concern various activities such as anti-money laundering, data protection or compliance management. In this sense, it would be reductive to limit Regtech to the field of finance when their actions may go beyond this framework. Moreover, unlike Fintechs, Regtechs are mainly instigated by governments as well as regulatory institutions.

More recently, Capgemini decided to launch the term Financial New Tech to cover all players in both the Regtech and Fintech categories. On January 17, 2020, Capgemini and Efma launched the Financial New Tech Challenge 2020 to compete with the world's most promising Regtechs in the field of new financial technologies.

The competition was won by the French company Flaminem in the category Retail banking scale up – or development of retail banking, among 140 companies from 40 different countries.

Financial regulations have indeed multiplied in recent years, especially since the 2007 subprime crisis, which highlighted the need to establish new mechanisms for resolving economic crises in order to achieve the objective of financial stability. The attacks of 13 November 2015 also marked a significant turning point, having been followed by numerous laws and directives until the adoption of the fifth Anti-Money Laundering Directive of 30 May 2018 to encourage the resumption of European work on the fight against money laundering and terrorist financing (AML-CFT).

However, this new regulation represents a significant cost for banking institutions. This is a fertile ground for the development of Regtech, whose market is now mature enough.

The use of these technologies allows banks to carry out their compliance process efficiently, while minimizing human efforts in this field.

Flaminem specializes in compliance with AML-CFT regulations. It is a software company that caters to compliance officers, the idea is to save (minimize) working time by implementing automated solutions.

To do this, Flaminem provides its customers with a platform for the dematerialization of KYC due diligence, for Know Your Customer, a procedure imposed on several types of institutions, such as payment institutions or credit establishments (Monetary and Financial Code, Article L.561-2).

These organizations are subject to compliance with a so-called due diligence obligation, i.e. a duty of permanent vigilance on the business relationship with their customers. As such, they are required to collect and analyze any piece of information likely to allow them to know their customers, prior to the instigation of the business relationship.

The particularity of Flaminem is to take into consideration the professional uses in terms of AML-CFT, so as to make its solutions as suitable as possible to practice. Flaminem stands out from other Regtechs by its propensity to provide tools particularly adapted to the due diligence of legal entities, in line with the operating methods of compliance specialists.

About Flaminem

Flaminem is a software company, which offers a dematerialized platform in the cloud to digitize the KYC processes of your customers and / or suppliers.


bottom of page