331 Results from 2016, /regulation
Retired Member
We need to accelerate TMS roadmaps and increase the agility of the big investments we’ve made in these systems As the backbone of Anti-Money Laundering (AML) deployments for more than 15 years now, Transaction Monitoring Systems (TMS) are heavily relied upon throughout the enterprise. The standard method of detecting illicit activity is by runnin...
06 December 2016 /regulation
Additional stringent know your customer (KYC) regulation comes into effect in the US in spring 2018. The new rules concern ‘beneficial ownership’ – institutions will have to discover ‘ownership’ – defined as direct or indirect ownership of 25 per cent or more – of the customer ‘entity’ (such as a company) and who is in ‘control’ of the funds. The i...
06 December 2016 /security /regulation
By Laura Glynn, Global Manager of Regulatory Affairs, Fenergo It has been ten years since FATF published its last Mutual Evaluation Report (MER) of the United States. On December 1st, 2016, as many of us turned our attention to the final month of what has been quite an eventful regulatory year (think Panama and Bahamas Leaks, FinCEN Final Rule, M...
05 December 2016 /regulation
Chris Day Partner at Perdl
The only way to ensure that aggregate information in which to make critical decisions upon is accurate and precise is through semantic quality. The silos of data quality metrics across individual systems and their applications present a usable, if not blinkered view but an omission or misstatement may be considered material. Whilst approximations a...
Henry Hilska Managing Principal at Convexity Solutions
Data Privacy regulations increase challenges for bank KYC and AML programs Financial services organizations are under increasing pressure from regulators to focus on KYC and client due diligence. This pressure is exhibited in the form of fines and penalties that have been levied upon numerous banks and other organizations for lax procedures. Due...
02 December 2016 /regulation /retail Financial Services Regulation
One solution to protecting financial data is simply to treat all data as sensitive. This would avoid the complicated work of developing and implementing complex data aggregation tools and procedures. However, this all-or-nothing approach would lead to unnecessarily large data storage requirements, especially in large firms. If a firm has global lo...
01 December 2016 /regulation Innovation in Financial Services
You don’t need to be an actuary to notice the correlation between the growth of ecommerce and the evolution of online merchant-based payment fraud. This is due two main factors: The first is the proliferation of Do It Yourself websites. These let merchants get their websites looking professional and legitimate in just a few clicks. All they have t...
01 December 2016 /payments /regulation
I may be old, but I’m hoping that at least I’m getting some wisdom out of my experience. The MacroTourist recently wrote about the potential for a bubble in fixed income and why you just can’t know. Bollocks! I’m not English. And it may seem that I disagree with The MacroTourist (I highly recommend the blog) about the bond bubble. I do not. Instea...
01 December 2016 /regulation
Global harmonisation of financial regulation is high on the wish list of many trading firms and, in one sense at least, the regulators in Europe and the US are pretty well harmonised. Both have a tendency to publish long-awaited documents right before major holidays. Last week we saw another example of the regulation ‘holiday effect’ with the CFTC...
29 November 2016 /regulation /wholesale
As we edge ever-closer to MiFID II implementation, the position limits debate is once again underway in Europe. Under the new rules the UK regulator is required to impose position limits on all commodity derivatives listed on UK trading venues. In its Consultation Paper the FCA states: “The aim of the new regime governing commodity derivatives trad...
28 November 2016 /regulation
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