Banking Regulations

Discussion around current trends in regulations for banks globally

Retired Member 

The Pandora Papers Reveal a Broken System

The FinCEN Files revealed money laundering to be a systemic problem, but the Pandora Papers and the recent resignation by the Financial Action Taskforce (FATF) chief, David Lewis, suggest a much more broken system, where regulators are barely tipping the iceberg in the fight against financial crime. The Papers also reveal a much higher power at pl...

05 October 2021 /regulation /crime

Yulia Gavrilova Consultant at Serokell

Who Regulates Fintech and Why It Matters

Disruptive technologies in the financial sector are great with both lots of enthusiasm and lots of concern. While blockchain, decentralized payment systems, and lending apps make lives of many people easier, the mechanisms of their proper legalization and regulation are unclear. In this post, we are going to talk about how fintech regulation happe...

01 August 2021 /regulation /markets

Andreas Hobbelin Head of AML & FCP at ZTL PAYMENT SOLUTION

Beneficial ownership Sweden

In February 2021, I asked the Swedish company registry (#Bolagsverket) about some statistics regarding beneficial ownership, this is the response: Approx.: - 70.000 companies have registered that they don't have a beneficial owner. - 13.500 companies with a beneficial owner that is a non-resident and or not registered with a Swedish national ID. ...

07 July 2021 /regulation /crime

King Leung Head of Financial Services and FinTech at InvestHK

eKYC: Unlocking the value in Hong Kong’s financial space

Traditional banks, insurers, and financial service providers in Hong Kong are jumping on board with fintech adoption, with a Hong Kong Monetary Authority (HKMA) study showing 86 per cent of incumbents are currently adopting fintech technologies. These financial institutions have succeeded to varying degrees in digitalising their businesses. Yet, m...

07 July 2021 /regulation /inclusion

John Bertrand MD at Tec 8 Limited

Confirmation of Payee (CoP) To be or not to be

‘To CoP, or not to CoP, that is the question Whether 'tis nobler in the mind to suffer The slings and arrows of outrageous scams, Or to take arms against a sea of fraudsters And by opposing end them delay’ Bank/PSP (Payment Service Provider) not offering Confirmation of Payee (CoP) could be aiding and abetting fraudsters. CoP links the name of the ...

14 June 2021 /payments /crime

Retired Member 

The Fintech Tug of War: European Businesses Need Clarity on Regulation

The Fintech industry is driving a rapid transformation that even regulators are struggling to keep up with. In 2020, over 20,000 new Fintech start-ups launched globally, with this number only set to rise each year. As company’s become more imaginative, financial services are becoming more streamlined and simplified. While increased competition is ...

01 June 2021 /payments /regulation

Dmitrii Barbasura Chief Operating Officer at Fintech Galaxy

Why open banking APIs are so different

Open banking comes with a lot of expectations and promises, such as democratisation of Access to Account (X2A), increased competition between banks and fintechs, and provision of better control to end-customers over their financial data and payments. To facilitate the adoption of open banking, several API standards incentives were created includin...

28 April 2021 /regulation /retail

Barley Laing UK Managing Director at Melissa

Are you ready for 6AMLD?

Already in effect in EU member states since 3 December 2020, financial institutions must implement the Sixth Anti-Money Laundering Directive (6AMLD) by 3 June 2021. While it requires less changes than previous anti-money laundering directives, 6AMLD brings clarity to specific regulatory details to close loopholes, toughen penalties, and encourage g...

19 February 2021 /regulation /identity

Matt Beattie Managing Director at Beyond

Implementing a remediation programme: Critical success factors

As financial institutions move to integrate, automate and streamline their systems (all in the face of a toughening regulatory environment), process flows and the underlying data points are coming under increasing scrutiny. As such, customer and operational remediations continue to be a common occurrence. Despite this many remediation efforts have...

09 February 2021 /regulation /wholesale

Andreas Hobbelin Head of AML & FCP at ZTL PAYMENT SOLUTION

Anti-money laundering - Statements that echo's over 10 years after

Over 10 years ago, one statement got international attention, another statement didn’t even get national attention. Still both statements echo’s today, although differently. The then Head of United Nations on Drugs and Crime (UNODC), Antonio Maria Costa said the following based on that UNODC had found evidence that some banks were funded by illicit...

21 January 2021 /regulation /crime