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Discussion around current trends in regulations for banks globally
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Rafal Andzejevski Co-founder at PayAlly
A recent study has found that 73% of consumer banking interactions are now digital, as people and businesses increasingly choose direct banks over more traditional banking institutions. Some of the key reasons for this include a more frictionless experience, a lower defection rate, and crucially – higher customer satisfaction overall. Having said...
26 April 2022 /payments /retail
Daniele Casamassima Chief Executive Officer at Pure.
Russia’s military offensive in Ukraine has led to numerous sanctions from Western countries. 12 days into the conflict, it became the most sanctioned country, which deeply affected its economy and 144 million population. Russian governmental banks were the first financial institutes to be targeted. A few days later, Visa & Mastercard announc...
17 March 2022 /markets
Retired Member
Following the start of the Ukrainian crisis, the FCA sent letters to all UK financial institutions, warning them the new Economic Bill will be fast-tracked. This bill includes a new register meaning foreign owners of UK property must declare and verify their identities with Companies House. The aim is to stop overseas criminals and oligarchs from ...
17 March 2022 /regulation /crime
Jonathan Wood CEO at C2 Cyber
Banks are on high alert for cyber attacks. The European Central Bank recently told them to prepare for possible Russian-sponsored cyber attacks as tensions with Ukraine increase. This follows a surge in ransomware attacks on banks, which rose 1,318% year on year in the first half of 2021, according to a report by Trend Micro. Further research by...
23 February 2022 /security /regulation
Estimated reading time: 4 minutes In May 2021, the FCA published a consultation paper (CP21/13) on a “New Consumer Duty” in an attempt to stop consumers from being provided with misleading information, being provided with unsatisfactory support or buying products that are inappropriate or harmful. In its initial consultation, the FCA highlighted: ...
24 January 2022 /regulation /retail
Carolyn Kostelny Managing Partner and Chief of Staff at Quorsus
While 2021 wasn’t the busiest of years in terms of regulatory reporting go-live implementation, important developments did take shape. Among the more important of these developments was the publication of a series of consultation papers and updates to regulatory and/or industry technical specifications, including ESMA’s draft guidelines for report...
20 January 2022 /regulation /predictions
Barley Laing UK Managing Director at Melissa
The recent release of the Pandora Papers has shone a light on the sometimes unethical or corrupt practises of the politically connected and the super-rich. For those in financial services the Papers highlight the importance of having access to politically exposed persons (PEPs) data as part of their anti-money laundering (AML) checks. In the UK, ba...
10 November 2021 /regulation /identity
Oscar Perez Manager at Be | Shaping the Future
Operational resilience has become a key focus for regulators in the UK. In March 2021, the Financial Conduct Authority (FCA), the Prudential Regulatory Authority (PRA) and the Bank of England (BoE) published their final policy papers on ‘Building Operational Resilience’, which gave financial institutions, including payments companies, a one-year d...
27 October 2021 /payments /regulation
It is convenient and much more efficient for people to conduct financial business on the web. On the flip side, the growth in online transactions has led to a substantial increase in fraudulent activity, which has governments and regulators around the world concerned. Research undertaken by TransUnion recently found that fraud in financial service...
20 October 2021 /identity /crime
NatWest has recently pleaded guilty to three counts of failing to comply with anti-money laundering (AML) legislation. The bank’s CEO Alison Rose said that the bank “failed to adequately monitor and therefore prevent money laundering by one of our customers between 2012 and 2016.” This news will undoubtedly add to the disappointment expressed by i...
19 October 2021 /regulation /crime
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