Keith Stonell Managing Director, EMEA at Guidewire
Back in April, the CEOs of UK insurers, brokers, and other providers, received a letter from the Financial Conduct Authority (FCA) telling them to sort out poor customer service or else. This is all part of how the FCA, now with new tougher powers, is able to call insurers to account through the new Insurance Distribution Directive and Senior Mana...
25 June 2019 /regulation Financial Services Regulation
Retired Member
Complying with regulations is becoming a more complex and cross-functional effort. Due to the growing importance of cyber security and the increased regulatory requirements, financial firms are employing emerging technologies like Robotic Process Automation (RPA), Cognitive Analytics, Machine Learning, and Artificial Intelligence to stay ahead of
25 June 2019 /regulation Capital Markets Technology
If 2018 was the year of GDPR, 2019 is the year of European Payment Services Directive (PSD2) – particularly for those working in the payments, banking or retail sectors. Last year, PSD2 banned surcharges for processing card transactions, forcing many companies to absorb the additional cost for these transactions. Whilst many took the financial hit...
24 June 2019 /payments /regulation Fintech
Prasoon Mukherjee Director | Head of Securities Services | GSC-India at Societe Generale Bank
Calvin Coolidge said "Doubters do not achieve, skeptics do not contribute, and cynics do not create". At the outset let me truthfully confess that I am neither of the three on this subject. On the contrary, I truly believe that we are changing the world as how business is conducted, and transactions are processed, “one blockchain at a ti...
22 June 2019 /regulation Blockchain Observations
Anne Plested Regulation at ION Markets
Back in 2011, the European Commission proposed a common European financial transaction tax (FTT). Despite several postponements and a general lack of support across the EU, a co-operation of member states – including France, Germany, and Spain – remain determined to implement the tax. As per the progress report submitted last week to the European...
21 June 2019 /regulation
While the importance of effective governance, risk management and compliance (GRC) is generally understood, how and where it is managed can still vary. Day-to-day, multiple functions and departments within the business are likely to handle GRC operations but overall, it is essential that the board and C-suite own and drive the GRC strategy. Creati...
21 June 2019 /regulation Banking Strategy, Digital and Transformation
Remember the rogue mastermind of Leonardo di Caprio’s character in Martin Scorsese’s Wolf of Wall Street? Based on the real life story of Jordan Belfort, the movie showcases one compliance breach after another – as dozens of ‘successful’ calls mis-selling penny stocks were made every day. With many noticing – but no one paying real attention or wi...
21 June 2019 /ai /regulation Banking Strategy, Digital and Transformation
Anjani Kumar Principal Consultant - FS Risk & Compliance at Infosys Limited
In an earlier article, I had explained why there is a need for financial institutions (FIs) to implement holistic trade surveillance. However, implementing it is easier said than done. FIs need to think strategically and take note of certain key ingredients in order to make their holistic trade surveillance implementation a success. What is holi...
19 June 2019 /regulation Trends in Financial Services
Brendan Jones CCO - Co-Founder at Konsentus Ltd
Introduction At the European Banking Authority (EBA) Working Group on APIs under PSD2, a number of market participants raised concerns that there could be a potential mismatch, particularly in the case of a revoked authorisation, between the information contained in the eIDAS PSD2 certificate and the information contained on the EBA and national r...
18 June 2019 /regulation Banking Regulations
Rolf Hauge CEO at Commercial Banking Applications (CBA)
Over the past decade the requirements for sanction screening and anti-money laundering (AML) control have increased dramatically, and regulators have stepped up enforcement. Estimates indicate that fines of over $25 billion dollars have been issued in the last ten years for AML and sanctions violations by regulators across North America, Europe an...
18 June 2019 /payments /regulation EBAday
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