Banking Regulations

Discussion around current trends in regulations for banks globally

Jonathan Wood CEO at C2 Cyber

How to strengthen your supply chain security to comply with new PRA regulation

Banks are on high alert for cyber attacks. The European Central Bank recently told them to prepare for possible Russian-sponsored cyber attacks as tensions with Ukraine increase. This follows a surge in ransomware attacks on banks, which rose 1,318% year on year in the first half of 2021, according to a report by Trend Micro. Further research by...

23 February 2022 /security /regulation

Retired Member 

The FCA proposes a New Consumer Duty

Estimated reading time: 4 minutes In May 2021, the FCA published a consultation paper (CP21/13) on a “New Consumer Duty” in an attempt to stop consumers from being provided with misleading information, being provided with unsatisfactory support or buying products that are inappropriate or harmful. In its initial consultation, the FCA highlighted: ...

24 January 2022 /regulation /retail

Carolyn Kostelny Managing Partner and Chief of Staff at Quorsus

2022: A year of regulatory developments, possible deviations, and certain delays

While 2021 wasn’t the busiest of years in terms of regulatory reporting go-live implementation, important developments did take shape. Among the more important of these developments was the publication of a series of consultation papers and updates to regulatory and/or industry technical specifications, including ESMA’s draft guidelines for report...

20 January 2022 /regulation /predictions

Barley Laing UK Managing Director at Melissa

The Pandora Papers underline the importance of PEP checks

The recent release of the Pandora Papers has shone a light on the sometimes unethical or corrupt practises of the politically connected and the super-rich. For those in financial services the Papers highlight the importance of having access to politically exposed persons (PEPs) data as part of their anti-money laundering (AML) checks. In the UK, ba...

10 November 2021 /regulation /identity

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