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Discussion around current trends in regulations for banks globally
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Sameer Singh Jaini CEO at www.TheDigitalFifth.com
Reserve Bank of India has shared draft guidelines for "On Tap" Licensing of Small Finance Banks in the Private Sector on 13th Sept 2019. As of now, SFB appears to be the only way to become a bank in the country as RBI is no longer issuing Payment Bank License as well as Universal Bank License. As per the current understanding, only succe...
05 October 2019
Retired Member
The Legacy Approach In my prior article, I discussed Rules Engines vs Machine Learning for AML/BSA/CFT compliance. In this article we differentiate legacy AML process from modern a Agile Compliance approach. The legacy AML process consists of on-boarding customers, transaction monitoring and reporting. These processes are hard-wired into the softw...
05 October 2019 /regulation
“Data is King” has become an idiomatic phrase. Banks have an abundance of data, but the recent fines levied by the FCA against prominent UK banks for their failure to accurately report transactions under MIFID indicate that volume of data does not guarantee the fitness to deploy it. These MIFID reporting failures were centered on simple cash instr...
26 September 2019 /regulation
Eli Taranto Head of Global Business Development at EQIBank
Offshore banking has always carried an air of subversion about it, but following the release of the Panama Papers in 2016 the industry was catapulted into an entirely new and highly critical light. Since that stark revelation of hidden earnings and tax evasion, a shocking $1.2 billion in back taxes and penalties have been collected by governments ...
25 September 2019 /regulation /wholesale
Mike Kiser Senior Identity Strategist at SailPoint
As I strode quickly off the plane I had taken back to the US and towards customs recently after an international trip, I reached into my satchel. Like the rest of humanity, I did not want to spend any more time in the airport than necessary, so I extracted my passport and scanned for an open machine to start the scanning process. Instead of prompt...
25 September 2019 /security /regulation
The REGTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries in Regulation, Wiley August 2019. Authors: Janos Barberis, Douglas W. Arner, Ross P. Buckley. Amazon link My print copy of the long awaited RegTech book ships from Amazon next week and promises to be a comprehensive resource, crowdsourced from more th...
20 September 2019 /regulation
Nadja Van Der Veer Founder/ Payments Lawyer at PaymentCounsel
Despite all the new and varying financial players in today’s market, banks still hold a vital position in society. Firstly, they play a huge part in ensuring the stability and the integrity of the financial system. Secondly, even in the face of high-profile issues over the last few years, they are still the most trusted financial service providers...
20 September 2019 /payments /retail
Regulators put little trust in the strength of the current payment authentication system and rightly so, as fraud levels have hit an all-time high. In the last year, over 2.6 million UK accounts have been defrauded and of those fraud cases 76 per cent were remote purchases. It is estimated that overall, Europe suffers from a staggering €1.3 billio...
17 September 2019 /security /payments
Mete Feridun Chair at EMU Centre for Financial Regulation and Risk
As the countdown to 31 October 2019 can now be measured in weeks, the UK and the EU are hurtling towards a no-deal Brexit. This has implications for inbound passporting EEA firms as the UK Financial Services and Markets Act (FSMA) prohibits firms from carrying out a regulated activity in the UK, or purport to do so, unless they are either an autho...
06 September 2019
KYC utilities provide access to a unique and validated source of data, but liability for satisfying KYC and AML obligations ultimately remains with Nordic banks. The Nordic banking landscape has witnessed significant upheaval over the past few years, moving from an untarnished reputation for having the safest financial institutions in the world to ...
06 September 2019 /regulation
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