John Bertrand MD at Tec 8 Limited
At UK first Global Fraud Summit, HM Treasury plans to introduce legislation, only to apply to suspicious Authorised Push Payments executed within the UK in sterling. The proposed statutory instrument amends the Payment Services Regulations 2017 and allows PSPs to delay the execution of an outbound payment transaction by up to four business days fr...
15 March 2024 /payments /regulation Innovation in Financial Services
Steve Morgan Banking Industry Market Lead at Pegasystems
As we steam ahead into 2024, while banks experiment with generative AI, they also need to be aware of how regulators will scrutinise how they use AI. Of specific concern is how the impact of the EU’s AI Act on banks’ AI ambitions will become much clearer over the coming months. The EU AI Act, which will become enforceable during 2025, is the wor...
15 March 2024 /regulation Artificial Intelligence and Financial Services
Robert Houghton Founder at Insightful Technology
Remaining compliant in today’s financial landscape is no easy feat. Every call, message, communication and snippet of information shared between employees, customers and trading partners must be captured, stored and monitored to prove compliance. To regulators, every financial institution is potentially guilty of wrongdoing, until proven innocent....
15 March 2024 /regulation Financial Services Regulation
Farnoush Mirmoeini Co-founder at KYC Hub
Yesterday’s European Parliament's final vote on the AI Act, set to take effect this May, heralds the world's most comprehensive AI legislation. Just Like GDPR, it will have global implications beyond the EU. The AI Act provides a comprehensive framework for ensuring development of trustworthy AI and the responsible use of AI tools, in particular tr...
14 March 2024 /regulation Artificial Intelligence
John Pearce Chief Customer Officer at CloudPay
It should go without saying that the management of sensitive information has, and always will be, central to the roles of payroll professionals. However, in recent years the payroll industry, like almost every other, has had to deal with complicated factors such as the rise of remote work, shifting employee demographics and varying data privacy re...
14 March 2024 /payments /regulation
Shahzaib Muhammad Feroz Digital Marketer at AKS iQ
Trade-based money laundering (TBML) poses significant risks to the global financial system, requiring robust regulatory frameworks and international standards to combat this illicit activity. Compliance professionals play a crucial role in understanding and implementing these frameworks to ensure effective TBML prevention. This article will delve ...
14 March 2024 /regulation RegTech
Joe Rodriguez Sr. Managing Director Financial Services at Cloudera
Data has become an essential driver for new monetisation initiatives in the fintech industry. Vast amounts of data are collected from customers, transactions, and market movements, among other sources. This offers tremendous potential to extract valuable insights that can inform business decisions, improve customer service, and create new revenue ...
13 March 2024 /regulation /retail Analytics in Banking
Cassy Ramsey Chief Risk Officer at Aion Bank
The term Banking-as-a-Service (BaaS) has shot to prominence in recent years, but there is no single definition of a BaaS provider - some providers are strictly IT specialists, others hold licences limited to payment products, and a few offer full end-to-end BaaS with services based on a full banking licence. Today, BaaS has evolved and is availabl...
13 March 2024 /regulation Embedded Finance
Financial institutions protect the financial system and play a critical role in preventing money laundering, including the tough challenge of trade-based money laundering (TBML). In TBML, criminals exploit legitimate trade channels to conceal illegal money, thereby jeopardizing financial stability. Detecting and preventing TBML is crucial for main...
12 March 2024 /regulation RegTech
Scott Dawson CEO at DECTA
We all rely on the world that regulation creates – yet we groan at the mere mention of the dreaded ‘red tape’. With each new evolution in payments regulations, like the introduction of PSD2, we see a slew of doom-mongering articles on how it will negatively impact the industry, its stakeholders, potentially cause friction in the payments process,...
12 March 2024 /payments /regulation Fintech
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