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Discussion around current trends in regulations for banks globally
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Saleha Anwar Independent Business Consultant at Finance
Evidently, there are more and more innovative FinTech startups as well as banks and insurance companies changing the industry landscape by providing new and easy to use applications and solutions. However, there is one problem that is preventing this revolution moving to the next level and that is they all use their own specific interfaces for the...
07 April 2019
Konrad Litwin Global General Manager - Testing at Perforce Software
In the compliance and regulation-driven financial services market, we all know that audits are a fact of life. What is perhaps less well-known is that software development is also subject to these audits. It makes sense because after all, software is at the heart of most financial products these days and it can be an area of risk if not managed ...
29 March 2019 /regulation
Retired Member
In my last article I highlighted the importance for any business handling payment security data to keep it adequately protected by adhering to PCI DSS standards. The consequences for those that do not comply with the regulations could be dire; including loss of consumer and supplier trust, but also a fine from regulators if a data breach occurs. O...
06 March 2019 /payments /regulation
John Byrne CEO at Corlytics
The global regtech market is exploding. By 2023 revenues are expected to be worth $12.3 billion, growing at a compound annual growth rate of 25.4% over the next five years[i]. The pace at which it is evolving has even led Deloitte – who we are proud to be collaborating with on some new client engagements – to call regtech “the new fintech”[ii]. Th...
21 February 2019 /regulation
Maintaining payment security compliance is key to preserve consumer and supplier trust in a brand. However, the Payment Security Report (PSR) 2018 showed that compliance with the Payment Card Industry Data Security Standard (PCI DSS), the standard that protects this data is slipping. In order to stop this downward trend, businesses need to reasses...
Brandon Li Product Manager at Austreme
The rapid development and rising volume of e-commerce transactions in recent years has encouraged the outbreak of cybercriminals – who are finding more and more complex ways to conceal profits that are likely to have been earned illegally, via an online environment. The extensive range of payment systems available along with the exponentially grow...
29 January 2019 /payments /regulation
Shirish Netke President at Amberoon
Money laundered through the banking system is estimated to be over 2 trillion dollars a year. A recent study by BAFT (Bankers Association of Finance and Trade) estimates that 1% of the proceeds from financial crimes are intercepted. Meanwhile, nine out of ten suspicious activities flagged by AML software in banks are false alarms. Let’s put these ...
20 January 2019 /ai /regulation
Matt Smith CEO at SteelEye
We are close approaching the 1st anniversary of the most anticipated regulatory change in recent years – MiFID II. Sweeping into force on January 3, 2018 MiFID II brought with it a huge overhaul of the financial services industry that aimed to increase transparency, reduce costs for investors and clampdown on market misconduct in the financial ind...
02 January 2019 /regulation
Anna Kuzmina Expert at Fintech
“Central Bank of Russia takes control over foreign payment systems and e-wallets”, “Alipay and WeChat Pay will be restricted in Russia”, “Russian Central Bank will strengthen regulation towards Apple Pay and Google Pay” — these were the business news headlines after new amendments to payment laws were introduced to the Russian government last week...
18 December 2018 /payments /regulation
Since the beginning of the financial crisis in 2008, financial institutions have had to deal with a series of regulations to increase transparency. The objective? Creating a safer, more robust and more transparent financial system. Level of Fines at a Distant Second to the USA Europe accounts for 7% of global AML fines levied in the last 10 years, ...
07 November 2018 /regulation /wholesale
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