Reporting/compliance

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FS firms hit with $36bn in AML, KYC and sanctions fines since financial crisis

/regulation

FS firms hit with $36bn in AML, KYC and sanctions fines since financial crisis

Financial services firms have been hit with a total of $36 billion in fines since the financial crisis for non-compliance with anti-money laundering, know your customer and sanctions regulations around the world.

FCA requests explanation on banks’ ‘harmful’ overdrafts

/regulation

FCA requests explanation on banks’ ‘harmful’ overdrafts

The Financial Conduct Authority has called for industry feedback on overdraft pricing in an open letter, as major banks align overdraft rates at around 40%.

BlackRock recommends a common language for sustainable investing

/sustainable

BlackRock recommends a common language for sustainable investing

Hot on the heels of BlackRock CEO Larry Fink’s letter warning global chief executives of climate change market risk, the world’s largest fund manager has released a summary of recommendations for sustainable investment.

FCA & BofE launch AI and machine learning forum

/ai

FCA & BofE launch AI and machine learning forum

The FCA and the Bank of England are to run a public/private forum to delve into the technical and public policy issues surrounding bank adoption of artificial intelligence and machine learning tools.

Starling extends its offering for business customers

/Reporting/compliance

Starling extends its offering for business customers

UK digital bank Starling is offering a range of new services to its business customers as it seeks profitability in the next two years.

Meeting due diligence requirements is akin to conducting an orchestra

/regulation

Meeting due diligence requirements is akin to conducting an orchestra

Compliance officers in financial services should think of themselves as orchestra conductors, according to Charles Gaddy, co-founder of identity verification service company, Global Data Consortium.

Swift KYC Registry now open to corporates

/regulation

Swift KYC Registry now open to corporates

Swift’s global Know Your Customer (KYC) registry goes live today, allowing corporate groups to manage and share KYC data with global partners.

Santander makes carbon neutral pledge for 2020

/sustainable

Santander makes carbon neutral pledge for 2020

By offsetting all emissions generated by its own operations, Banco Santander has announced it will commit to becoming carbon neutral in 2020.

How does the EBA intend on tackling ESG in 2020 and beyond?

/sustainable

How does the EBA intend on tackling ESG in 2020 and beyond?

The European Banking Authority will push for early action on sustainable finance, according to its Action Plan released this week.

Deutsche Bank: China’s BRI is fundamental for sustainable finance

/sustainable

Deutsche Bank: China’s BRI is fundamental for sustainable finance

In a report released today, Deutsche Bank responds to client demand for a guide to the Silk Road, otherwise known as China’s Belt and Road Initiative (BRI) and the opportunities it presents to incorporate sustainable development and low-carbon practices.

/regulation

AxiomSL joins Temenos Marketplace

Temenos (SIX: TEMN), the banking software company, today announces that AxiomSL, the industry’s leading provider of regulatory reporting and risk management solutions, has joined Temenos MarketPlace. Temenos MarketPlace is Temenos’ platform for connecting banks with the best in complementary fintech solutions. With the addition of this new solution, Temenos T24 Transact clients will now have access to a complementary solution to drive efficiencies for their global risk and regulatory reporting programs.

Australian regtech threatened by equity hole

/regulation

Australian regtech threatened by equity hole

Despite increased demand for Regtech and Australia’s strong concentration of regtech development, subdued investment puts the Antipodean market at risk, finds The RegTech Association.

/payments

FSS and AFS partner to promote digital payments in the Middle East

FSS (Financial Software and Systems), a global payments products and solutions provider and payment processor, and Arab Financial Services (AFS), the leading payment solutions provider and FinTech enabler in the Middle East and Africa, have entered into an agreement to bring omni-channel payment acceptance solutions to banks in the region. The partnership combines FSS’ technology expertise in acquiring and payments, with AFS’ payments processing and hosted services capabilities to aid acquiring banks rapidly grow their merchant acceptance business.

/crypto

SolarisBank launches subsidiary digital assets

solarisBank, the tech company with a banking license, publicly announced the foundation of its subsidiary solaris Digital Assets GmbH today. The 100% subsidiary of Berlin-based solarisBank AG will provide an API-accessible platform which adds a custody solution to the full range of solarisBank’s digital white-label banking services. solarisBank had already made a significant contribution to the decentralized world in 2018 by launching the solarisBank Blockchain Factory as a banking infrastructure provider. solaris Digital Assets will further advance solarisBank’s blockchain activities by supplementing the banking infrastructure with a custody solution for digital assets.

SustainableFinance.Live: Beyond ‘greenwashed’ ideas and toward tangible results

/sustainable

SustainableFinance.Live: Beyond ‘greenwashed’ ideas and toward tangible results

After a morning of keynotes and ‘speed dating’ roundtable sessions, SustainableFinance.Live attendees broke out into whiteboard sessions where they learned by doing, workshopping scenarios to create tangible results.

Disclosing sustainability does not guarantee sustainability

/sustainable

Disclosing sustainability does not guarantee sustainability

81% of banks are disclosing information on progressive climate-related public policy. According to a report by Boston Common Asset Management, this is a slight increase from 71% in 2018.

SustainableFinance.Live: Empowering ESG data for green bonds and the supply chain

/sustainable

SustainableFinance.Live: Empowering ESG data for green bonds and the supply chain

$30 trillion of capital is pledged to Sustainable Finance and supporting outcomes aligned to Sustainability and Impact goals, such as the UN SDGs.

ECB poised to champion climate change action under Lagarde

/sustainable

ECB poised to champion climate change action under Lagarde

As part of a strategic review of the ECB’s purpose, the bank’s president Christine Lagarde will underline action on climate change as a fundamental component of monetary policy.

Swift Operations Forum Europe 2019, Amsterdam - Day 1 report

/Reporting/compliance

Swift Operations Forum Europe 2019, Amsterdam - Day 1 report

Financial services innovation and how industry participants can keep up with ecosystem culture were two of the key themes on day 1 of the Swift Operations Forum Europe (SOFE) 2019.

/regulation

Saxo Bank Japan prioritises cloud-based regulatory reporting

Torstone Technology, a leading global provider of post-trade securities and derivatives processing, today announced that Saxo Bank Securities Ltd. (“Saxo Bank Japan”), the investment and trading specialist, has gone live with the first phase of its migration to Inferno.

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