Retired Member
When cryptocurrencies stole the spotlight a few years ago, formal regulation was slow to track the explosive growth. Initial coin offerings (ICOs) and new cryptos came into the forefront with ‘dot-com’ bubble speed until early 2018, when the U.S. Securities and Exchange Commission (SEC) slapped the wrists of lawyers advising the crypto ICOs which...
23 December 2019 /regulation /crypto
Gabe McGloin Head of Business Development EMEA at Verifi at Verifi Inc
As we all turn our attention to Christmas travel, we are hoping for twinkling lights, Christmas markets and lots of joy. However, with some of the very public travel disasters that have hit the headlines this year – Thomas Cook comes to mind – many travellers may be more cautious than normal. The tour operator’s collapse earlier this year left ...
19 December 2019 /payments /regulation Fintech
Tim Duncan Founder/CEO at FinTechCommons.org
Summary: Last week the FDIC announced that it was issuing a new rule that will modify two definitions in the regulations regarding deposits that are facilitated by third parties to banks and other insured depository institutions (“IDIs”). Given that the new OCC “Fintech Bank Charter” is dead in the water, this may be the most important developm...
18 December 2019 /regulation /inclusion Inclusive FinTech
This morning, while evaluating official activity over the last 24 hours globally regarding cryptocurrency and FinTech regulation, this speech in Malaysia caught our attention. The speech highlighted impressively high crypto usage data. The data was eye-popping enough to justify delving into the 60+ page report released by the OECD today. Back...
11 December 2019 /regulation /crypto Digital Asset Class (DAC)
Ivy Schmerken Editorial Director at FlexTrade Systems
Change is brewing in the way that sell-side order routing data is reported to institutional customers. Broker-dealers will begin collecting vast amounts of data on January 1st for compliance with the revised SEC Rule 606 next year, shining the light on where brokers route U.S. equity orders in today’s highly automated, dispersed and complex nation...
10 December 2019 /regulation Capital Markets Technology
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 Banking Regulations
Rolf Hauge CEO at Commercial Banking Applications (CBA)
Following the relatively straightforward implementation of SWIFT Release 2019 this November, are you ready for the more complex requirements of SWIFT Releases 2020 and 2021? Here I’ll summarise what’s in store across both Trade Finance and Payments for 2020 and beyond. It’s worth noting that the impact of the changes planned for November 2021 are...
05 December 2019 /payments /regulation SWIFT Matters
Zac Cohen COO at Trulioo
All over the world, Anti-Money Laundering (AML) compliance regimes are undergoing sweeping changes, as a result of shifting economic sanctions, new Ultimate Beneficial Owner (UBO), data-reporting demands and cybercrime. Effective AML programs — to ensure compliance — are a fundamental requirement for obliged entities. Ensuring effective policies, p...
04 December 2019 /regulation
Increasing focus on vendor due diligence has put significant pressure on financial institutions and vendors alike. The challenge comes into focus when we think about the macro implications. There are an estimated 20,000 financial services institutions trying to qualify some 20,000 vendors using questionnaires that can have hundreds of questions....
02 December 2019 /regulation Business Knowledge for IT
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 Banking Regulations
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