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Banking Regulations

Discussion around current trends in regulations for banks globally

Shirish Netke

Shirish Netke President at Amberoon

US Treasury's Strategy 2020 - A Risk-based Approach to AML

Last week, the US Department of Treasury published its 2020 Strategy document that "employs a whole-of-government approach to guide the public and private sectors in addressing 21st century illicit finance challenges." The report highlights the risk-based approach as central to the 2020 Strategy. The report classifies vulnerabilities a...

/ai /crime

Philippe Carrel

Philippe Carrel Chief Commercial Officer at Finmechanics

LIBOR to survive the RFRs

Neither IBORs nor RFRs; firms should ready up to work with both types of benchmarks and reference rates for the foreseeable future. The quantitative finance focused publications of 2019 have highlighted that replacing forward looking term rates (IBORs) with convexity-adjusted overnight rates compounded in arrears (RFRs) could lead to discrepancie...

/regulation /markets

Mete Feridun

Mete Feridun Chair at EMU Centre for Financial Regulation and Risk

Regulatory and corporate returns are once again on the regulatory spotlight: What should firms do?

On 7 January 2019 the Bank of England (BoE) published a discussion paper (DP) on the way it collects data from financial institutions in response to the June 2019 Future of Finance report undertaken by Huw Van Steenis and commissioned by Mark Carney. Proposing a number of options to improve the timeliness, flexibility, quality and interpretation o...

/ai /regulation

Brian Costello

Brian Costello VP, Data Strategy at Envestnet | Yodlee

Creating a rich financial future for all

A US financial regulator opened an investigation last month into claims that Apple's credit card offered different credit limits for men and women. Steve Wozniak, the co-founder of Apple tweeted that he had received a credit limit that was 10x higher than his wife’s, despite them both sharing all their accounts. There is no doubt that the card wa...

/regulation /devops

Retired Member

Retired Member 

AML-CTF Failures can Kill Banks and Careers

Westpac Bank in Australia is facing one of its gravest crises from systemic AML/CTF failures over a 5-year period that contravened the AML/CTF Act on over 23 million occasions. Heads are rolling at Westpac with resignation of the CEO and the retirement of the Chairman of the board. Expect more disciplinary action down the chain of command as the r...

/ai /regulation

Andrew Stevens

Andrew Stevens Global banking and financial services specialist at Quadient

Why banks' latest clash with the CMA proves the consumer is king

Last week, HSBC and Santander agreed, following CMA action, to refund customers after they both broke a legal order relating to unarranged overdrafts. Part 6 of the CMA’s Retail Banking Market Investigation Order means banks must send customers text alerts if they’ve exceeded their arranged overdraft limit, with banks unable to charge customers u...

/regulation /retail

Retired Member

Retired Member 

Comparing Rules Engines vs Machine Learning for AML-BSA-CFT

We have been asked to explain the differences between rules-engines and machine learning for anti-money laundering/banking secrecy act applications on numerous occasions. This question typically arises from the compliance team, wanting to better understand the difference between their current process and that used by AI-based, SaaS AML systems. ...

/ai /regulation

Sameer Singh Jaini

Sameer Singh Jaini CEO at www.TheDigitalFifth.com

Draft Guidelines for On Tap Licensing of Small Finance Banks in India - Time to get ready

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...

Retired Member

Retired Member 

What Differentiates modern AML Solutions from Legacy AML?

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...

/regulation

Retired Member

Retired Member 

She or he who masters the DATA masters FRTB

“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...

/regulation

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