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Discussion around current trends in regulations for banks globally
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Shirish Netke President at Amberoon
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...
10 February 2020 /ai /crime
Philippe Carrel Chief Commercial Officer at Finmechanics
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...
21 January 2020 /regulation /markets
Mete Feridun Chair at EMU Centre for Financial Regulation and Risk
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...
10 January 2020 /ai /regulation
Brian Costello VP, Data Strategy at Envestnet | Yodlee
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...
10 December 2019 /regulation /devops
Retired Member
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...
02 December 2019 /ai /regulation
Andrew Stevens Global banking and financial services specialist at Quadient
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...
02 December 2019 /regulation /retail
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. ...
08 October 2019 /ai /regulation
Sameer Singh Jaini CEO at www.TheDigitalFifth.com
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...
05 October 2019
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...
05 October 2019 /regulation
“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...
26 September 2019 /regulation
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