4459 Results from /regulation
Paul Shumsky Founder at @Finpace.tech
KYC and AML complicance can be considered as the most costly policies to implement and maintain. Furthermore, it is one of the factors holding back the financial innovation as early-stage startups have to deal with complicated processes, hire compliance teams and pay huge amounts to KYC data providers. And while many digital banking platforms alr...
23 June 2020 /security /regulation Digital Identity Management
Retired Member
The financial services industry has seen ISO 20022 grow firmly over the last 15 years. What was then a small pocket of countries tackling migration has now become widespread adoption for domestic and international payments. And with momentum building, it is clear that IS0 20022 is playing a foundational role for banks in the transformation of their...
22 June 2020 /payments /regulation Banking Strategy, Digital and Transformation
Ilia Dragan Co-Founder | Chief Product Officer at ShoppingOS
According to the second Payment Service Directive (PSD2), all the financial institutions that provide payment accounts (ASPSPs) - banks, e-wallets, prepaid cards, neobanks and e-money institutions with their agents - must have in place at least one channel for secure communication with third party providers (TPP). They can choose to offer a dedica...
18 June 2020 /regulation /retail Banking Regulations
Adam Holden Chief Executive Officer at NorthRow
On the 31st December 2020, the UK will complete its transition period to leave the European Union (EU), with or without a trade deal agreement in place. Whilst we anticipate that Brexit will affect regulatory compliance for many sectors, the full extent of the impact is somewhat unclear until negotiations have been finalised. In this article, we d...
15 June 2020 /regulation
A commonly heard term in the banking industry is KYC (Know Your Customer). KYC is the process or step in which there is an assessment of the customers’ profile. It evaluates the risk of the customers of a bank or financial institutions to ensure that they comply with the Anti-Money Laundering (AML) laws. With the emerging technologies like Artifi...
13 June 2020 /regulation Banking Strategy, Digital and Transformation
The term Artificial Intelligence is nothing but a computer program embedded with aspects of human intelligence i.e the ability to think like human beings. In the upcoming years, AI along with machine learning, data analytics and deep learning would be a major thing across industries. One such industry that has been revolutionized by AI is the fina...
12 June 2020 /regulation /covid-19 Artificial Intelligence and Financial Services
Adam Krug CLM Ambassador at Pegasystems
2019 saw the FCA dishing out the highest level of fines ever, totalling nearly £400m in a twelve-month period. This included hefty penalties relating to anti-money laundering failings. However, in the FCA’s 2019 thematic review the organisation did provide its recommendations for how banks can better their AML processes, stating, “For an effectiv
09 June 2020 /regulation /crime Financial Services Regulation
Anna Monteiro Global Head of Business and Product Development at www.solutions-atlantic.com
Late 2018 into early 2019, there was increasing attention put on foreign direct investment in sensitive sectors by several major jurisdictions. At that time, the driver for this focus was a volatile political landscape stemming from the breakdown of trade between the US and China, as well as uncertainty of the US’ involvement in NATO and Russia’s ...
08 June 2020 /regulation /markets Financial Services Regulation
I have always maintained that at a fundamental level commercial banking, as the name itself suggests, is a business and has the core values and principles of a commercial enterprise - that of Liquidity, Solvency and Profitability. Safety, Stability plus Social and Economic relevance are as critical given that banks are powerful economic instrument...
08 June 2020 /regulation /retail Banking Strategy, Digital and Transformation
Richard Price, UK&I Sales Director, TIBCO Software More than ever before, banks need to stay relevant, as traditional financial services companies are competing with far nimbler challenger brands that are changing traditional service models and product mixes. We’ve seen this accelerate, as the world continues to be turned upside down by COVID-1...
05 June 2020 /regulation /markets Open Banking
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