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Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

originally founded 01 Jul 2010

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Breana Patel CEO | Thought leader in Bank Risk & Regulations at Bonova Advisory | Risk &Regulatory Advisory

How Suptech will revolutionize the Regulatory Watchdogs

Imagine a capital markets desk of a financial institution where a trader is about to press enter on the keyboard to initiate a market position when a message pops up on the computer screen from a regulatory agency notifying of a compliance violation before the trade is entered. With the emergence of SupTech, that day is closer than you think. As...

27 November 2017 /ai

Timothy Murnaghan CEO at Analytic Risk Technology

Bank of England Stress Test results

The Bank of England will publish the stress test results next week (having brought it forward from December). The big banks face a tough annual cyclic scenario and an additional “lower-for-longer” exploratory scenario. The longer scenario is also interesting as it becomes less dominated by mortgage losses and the longer term will need an increased ...

22 November 2017 /regulation

Breana Patel CEO | Thought leader in Bank Risk & Regulations at Bonova Advisory | Risk &Regulatory Advisory

AI implementation in AML at HSBC sees a considerable reduction in compliance costs

Current AML Techniques In today’s world, we tend to combat money laundering efforts with regulation-based account surveillance and ordinary KYC systems, when in all honesty these techniques will not hold up in the ever-changing world of financial delinquency. For one, the Risk Based Approach (RBA) used by financial institutions for AML complianc

16 November 2017 /ai

Breana Patel CEO | Thought leader in Bank Risk & Regulations at Bonova Advisory | Risk &Regulatory Advisory

Stress Testing in Banks

Stress testing has been a much-favoured simulation technique used by banks to evaluate the risk of having insufficient capital during tough times. Large financial institutes have been using stress tests as a form of scenario analysis ever since the early 1990s. They have become increasingly popular, however, after the worldwide financial crisis tha...

15 November 2017 /regulation

Retired Member

WhatsApp and WeChat - the next big headache for compliance?

Over the last eighteen months the use of WhatsApp and WeChat has steadily grown within financial services. It doesn’t matter which country you operate in, I guarantee there’s a regulation that says you need to authorise its use and capture conversations. How you do it is a complex question to answer. WeChat has been around since 2011, WhatsApp eve...

13 November 2017 /regulation

James Higgins Product Director at AccessPay

PSD2: Has enough been done?

PSD2, the much vaunted reimagination of the original EU Payments Services Directive, is to be implemented by member states in 2018. The aim of PSD2 is to revolutionise the payments industry, influencing everything from the way we pay online, to what information we see when making a payment. The Big Changes The headline change PSD2 is set to deliv...

24 October 2017 /regulation

Retired Member

RegTech to the Rescue: Combining Data Utilities and Case Management for Compliance

Regulatory Demands on the Rise In financial services, regulatory demands continue to increase along with the pressure from regulators. For example, year after year Anti-Money Laundering (AML) requirements are always a regulatory priority, with local AML requirements around the world consistently changing and increasing. Global banks are currently ...

23 October 2017 /regulation

John Doyle Director at The Payments Business

Who owns the data?

There's been a vigorous debate recently about data in financial services and who it belongs to. At the Vendorcom conference last month it featured high on the list of concerns especially as more and more technologists are developing apps and services that specifically look at using data. I've long been bemused by the fact that the credit companies ...

20 October 2017 /payments /regulation

Retired Member

FinCEN Final Rule: Redefining Client Due Diligence Requirements

Coming into force on May 11th, 2018, FinCEN’s Final Customer Due Diligence (CDD) Rule (i.e. FinCEN Final Rule (CDD)) will bring in sweeping new changes to how financial institutions collect, maintain and act upon beneficial ownership information and conduct customer due diligence. The Rule codifies new and existing CDD requirements under the Bank ...

20 October 2017 /regulation

Breana Patel CEO | Thought leader in Bank Risk & Regulations at Bonova Advisory | Risk &Regulatory Advisory

AML BSA compliance : Revised CDD rule

Background 11.5 million documents, a staggering number, were leaked from Panamanian law firm ‘Mossack Fonseca’ in 2015. The contents of these documents, mostly financial information about wealthy individuals and public figures wound up revealing some fascinating facts. These facts led to investigators realizing that illegal operations were occurri...

17 October 2017 /regulation /wholesale