Latest Reporting/compliance News: Finextra Research

UK clearing houses to be subject to formal cybersecurity reporting

Clearing houses in the UK will have to complete regular cybersecurity reports due to new legislation likely to be introduced in May 2018.

25 August 2017

News/Reporting/compliance

Frankfurt predicts Brexit jobs boost at London's expense

A recently published report states that, contrary to the fears of Brexit-sceptics, the UK's exit from the European Union will create as many as 80,000 new jobs - the majority of which will be in financial services. The only problem for Brexiteers is that the jobs will be in Frankfurt rather than London.

25 August 2017

News/Reporting/compliance

Australia regulates digital currencies

The Australian government has announced plans to strengthen its anti-money laundering rules with new reforms that will include digital currencies for the first time.

18 August 2017

News/Reporting/compliance

CBA blames money laundering reporting failures on ATM coding error

Commonwealth Bank of Australia has blamed a three-year coding error in its intelligent deposit machines (IDM) for breaches of anti-money regulations.

07 August 2017

News/Reporting/compliance

NatWest pilots AI technology to flag compliance fails in sales conversations

NatWest is trialling the use of artificial intelligence technology from a company set up by a former FSA regulator to monitor and analyse the context of sales conversations recorded between clients and front-life staff.

29 June 2017

News/Reporting/compliance

OTC Markets cries foul over SEC funding demands

Alternative trading system (ATS) operator OTC Markets Group has argued that the Securities and Exchange Commission should revise the proposed fee schedule for the Consolidated Audit Trail (CAT) system the SEC is creating to monitor trading in all exchange-listed equities and options following the 2010 "flash crash".

20 June 2017

News/Reporting/compliance

UK banks will need to change one million sort codes under ring-fencing rules

The UK's banks will have to change one million customer sort codes under new ring-fencing rules set to be introduced in 2019.

19 June 2017

News/Reporting/compliance

Monzo may have to freeze some accounts under new money laundering rules

Digital challenger bank Monzo is warning 20,000 customers that it may have to temporarily freeze their accounts if they fail to provide additional verification information under new money laundering regulations.

13 June 2017

News/Reporting/compliance

UK calls for global fintech regulations

The UK's Financial Conduct Authority (FCA) has called for an international regulatory framework to be applied to fintech startups in order to prevent a 'Wild West' approach to governance of the sector.

11 April 2017

News/Reporting/compliance

Payday loan firm hit by data breach

Wonga, a prominent UK payday loan firm, has warned 270,000 of its customers that their accounts may be at risk following a data breach.

10 April 2017

News/Reporting/compliance

DTCC envisions single global ledger for transaction reporting

Larry Thompson, vice chairman of the US Depository Trust and Clearing Corporation (DTCC), has made a rallying call for the development of standards in propelling the uptake of distributed ledger technology in financial markets, arguing that a lack of co-ordination and collaboration may only further complicate existing market structures.

07 April 2017

News/Reporting/compliance

SIX adopts DTCC LEI utility in preparation for MiFID II

SIX Securities Services is to offer Legal Entity Identifiers to Swiss companies in partnership with the Depository Trust and Clearing Corporation.

04 April 2017

News/Reporting/compliance

MAS to roll out national KYC utility for Singapore

The Monetary Authority of Singapore (MAS) is piloting a national know-your-customer (KYC) utility for financial services, based on the MyInfo digital identity service, jointly developed by the Ministry of Finance and GovTech, the lead agency for digital and data strategy in Singapore.

24 March 2017

News/Reporting/compliance

Swift outlines ‘compliance utility’ ambitions; plans for next stage of gpi project

Banking cooperative Swift has unveiled a number of initiatives designed to address the compliance challenges facing banks and corporates.

16 March 2017

News/Reporting/compliance

Thomson Reuters to buy Clarient and Avox

Thomson Reuters has moved to strengthen its KYC management services and legal entity data by buying Clarient and Avox from the DTCC and its bank partners. Financial terms were not disclosed.

06 February 2017

News/Reporting/compliance

Banks should be liable for scam victims' losses says consumer group

Consumer group Which? has accused the UK's Payment System Regulator (PSR) of letting banks off the hook by not forcing them to reimburse customers who fall victim to online money transfer scams.

16 December 2016

News/Reporting/compliance

Asic launches licence exemption scheme for fintechs

Australia's securities watchdog has released a number of waivers that will enable eligible fintechs to test services without the need to hold an Australian Financial Service licence or to make individual applications to the regulator.

15 December 2016

News/Reporting/compliance

Tullett and Quaternion partner CU FinTech Lab on open source risk project

Tullett Prebon Information and Irish risk analytics firm Quaternion have partnered to launch an open source risk project in collaboration with Columbia University’s FinTech Lab in New York.

08 December 2016

News/Reporting/compliance

OCC to offer fintech firms bank charter status

The US Office of the Comptroller of the Currency (OCC) is to begin accepting applications from fintech companies to become special-purpose national banks.

02 December 2016

News/Reporting/compliance

Swiss government looks to ease rules for fintechs

A division of the Swiss government has called for an easing of regulations for fintech firms in favour of a more forward-thinking approach, including a special 'fintech' license.

25 November 2016