Retired Member
Prior to 2018, regulators resisted recommending the use of Machine Learning (ML) based Artificial Intelligence (AI) for AML compliance. There was a mindset shift in mid 2018 indicating that proceeding with caution in implementing AI approaches for AML is appropriate. Regulators realize the adoption of recent innovation, such as the use of AI-ML an...
25 January 2020 /ai /regulation Innovation in Financial Services
Chris Holmes Senior Vice President at KAE Consulting
China’s FinTech industry is incomparable to the rest of the world. It is home to eight of the world’s leading FinTech unicorns, with an average value of $26.8BN – eight times greater than the average value of North American FinTech unicorns. But, behind China’s rapid FinTech development lies a country with unique circumstances, consisting of a lar...
24 January 2020 /regulation Asia Financial Services
As we enter 2020, I wanted to share what I think will be the technology focal points for Banks throughout this year. Operational Resiliency Following both the Treasury Select Committee, and the UK Regulators papers around Operational Resiliency, how firms ensure they are able to overcome operational disruptions will continue to be high on the agend...
22 January 2020 /regulation /cloud Trends in Financial Services
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 Banking Regulations
Andrew Bud CEO at iProov
I think there are few more exciting sectors than biometrics and digital identity in 2020, and it's a privilege to be in the midst of it all. Many of the themes that we’ve talked about for years, from digital identity as a service to biometric onboarding, will finally make it onto the main stage this year. My top four predictions for 2020: 1. Digit...
16 January 2020 /regulation /retail Biometrics
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 Banking Regulations
Dmitrii Barbasura Chief Operating Officer at Fintech Galaxy
According to PSD2, a payment initiation service provider (PISP) represents a payment institution, and thus falls under the Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) regulations. Yet, for many market participants the setup of these checks from PISP’s side is not clear. I think this is an interesting topic that hasn't been explo...
08 January 2020 /regulation Digital Identity Management
CSD Regulation (CSDR), was first published into the official journal by ESMA in August 2014 aimed at improving securities trade settlement in the European Union on EU central securities depositories. Although some predict further delay in implementation, it is scheduled to come into force in September 2020, more than six years since it was first t...
07 January 2020 /regulation /markets Trends in Financial Services
Steve Morgan Banking Industry Market Lead at Pegasystems
The EU's Fifth Anti-Money Laundering Directive (“5AMLD”) will subject certain participants in the crypto-asset sector to regulation for anti-money laundering (AML) and counter-terrorism financing (CTF) compliance purposes. While it most crypto-asset companies will not be ready to comply by 10 January 2020 (the date EU member states are required to...
07 January 2020 /regulation /crypto The future of Payments in Europe
2020's FinTech policy cycle started relatively quietly today with an interesting set of FinTech data from De Nederlandsche Bank (the Dutch Central Bank): Working Paper No. 663 "The Economic Forces Driving Fintech Adoption Across Countries." The data in the report provide a solid overview of the global scale of the FinTech industry. Sp...
06 January 2020 /regulation Financial Services Regulation
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