Banking Regulations

Discussion around current trends in regulations for banks globally

Oscar Perez Manager at Be | Shaping the Future

UK payments organisations must act now to meet the March 2022 operational resilience deadline

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

Barley Laing UK Managing Director at Melissa

Steps to drive global growth while adhering to local AML and KYC regulations

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

Retired Member 

Why the FCA are disappointed with banks’ failure to embrace AML

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

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 Global 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