Community
Discussion around current trends in regulations for banks globally
As the owner, you will also give up ownership if you leave this group.
Breana Patel CEO | Thought leader in Bank Risk & Regulations at Bonova Advisory | Risk &Regulatory Advisory
In conversation with Marika Lulay we discuss top 5 trends in Fintech and Banking Industry 1.Industry 4.0 — I strongly believe that there is a paradigm shift in the way IT systems will be built and run in the future. And this paradigm shift is true for all sectors. In the new world of „digital business“, the only way our clients can keep up with th...
24 July 2018 /regulation
Anjani Kumar Principal Consultant - FS Risk & Compliance at Infosys Limited
Background AnaCredit (analytical credit dataset) is a three-stage project that was launched by the European Central Bank (ECB). In April 2014, ECB had announced the establishment of a central credit register that would be updated with granular credit (individual loan level), counterparty, and credit risk/exposure data of all of the credit institut...
20 June 2018 /regulation
Retired Member
Big fine but no time – CBA receives largest corporate fine in Australian history What is the cost of breaching AML/CFT regulations 53,750 times? According to AUSTRAC it is AUD$700 million, which was the sum of the fine that it handed to the Commonwealth Bank of Australia (CBA) earlier this week. The fine is larger than some expected, CBA themselve...
08 June 2018 /regulation
As the first banks start implementing Open Banking, much of the talk in the industry is about how banks will manage security issues to become compliant. Whilst security is clearly an issue, I don’t believe that it is the biggest issue at hand. Banks are experts at dealing with security issues and managing risk. The real issue banks face is the pos...
22 May 2018 /regulation /retail
The Financial Action Task Force (FATF) regards access to accurate information regarding beneficial ownership as critical to the effective deterrence of criminal activities that could be obscured by corporate structures. In 2014, FATF published a guidance paper, ‘Transparency and Beneficial Ownership’, aimed at assisting countries in implementing me...
21 May 2018 /regulation
Bob Lyddon Consultant at Lyddon Consulting Services
Qualifying applicants under the UK Financial Conduct Authority's Senior Managers Regime must complete a lengthy form and, in certain circumstances, provide full explanatory information. A candidate must give full answers to all the questions and in such a way that the result is not "materially false, misleading or deceptive". Otherwise t...
20 May 2018 /payments
Freddie McMahon Director Strategy and Innovation at DF2020 Ltd
There is a very interesting issue related to GDPR that has emerged from the USA. Very simply, USA firms that adhere to GDPR, but do not apply at least the same level of consent to its domestic customers may be acting illegally. The implications are staggering. The rationality for this argument is that there is a USA law related to “national origin ...
18 May 2018 /ai /regulation
GDPR introduces ten new rights to data subjects. Chapter III of GDPR, Section 1 provides for some of the transparency requirements placed upon data controllers as they communicate with data subjects. It explicitly refers to several Articles 13 – 22 and Article 34. In plain English, that means: The controller has to provide certain information to ...
09 May 2018 /regulation
Nanda Kumar CEO at SunTec Business Solutions
10 years after the last financial crisis, a new upheaval in banking It’s been 10 years since the global financial crisis, considered by many to be the worst since the great depression. New regulations like the Banking Act of 2009, the FSA Remunerations Code, Know Your Customer (KYC), accompanied by stress tests, have been put in place in this dec...
04 May 2018 /security /regulation
GDPR outlines six principles that organizations need to abide by. These principles aren't new - they were already outlined in the 1995 directive, but GDPR has revised them slightly. We delve into each principle below: 1. Lawfulness, fairness and transparency Our last blog, on Legal Bases, falls within this principle. Controllers essentially need to...
03 May 2018 /regulation
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.