Simon Luke UK Country Manager at First AML
The EU UBO (Ultimate Beneficial Owner) register is a central database that contains information about the beneficial owners of companies and other legal entities within the European Union. It is designed to increase transparency and combat money laundering, terrorist financing, and other financial crimes. Recently, there have been some changes to...
09 May 2023 /regulation /crime
Karin Schreiber Chief Commercial Officer at Sygno
Manually evaluating transaction monitoring models is slow and error-prone, with mistakes resulting in potentially large fines. To avoid this, banks are increasingly turning to automated machine learning. Regulators increasingly expect banks and financial institutions to be able to demonstrate the effectiveness of their transaction monitoring system...
04 May 2023 /regulation /crime Artificial Intelligence and Financial Services
Retired Member
PSD3 Regulation: What To Expect and When? A recent survey by the Thales Group revealed that a staggering 38% of users are willing to switch to another provider offering better rates or services, highlighting the cut-throat competition within the banking and financial services industry. However, with regulations like the Second Payment Services D...
03 May 2023 /payments /regulation Banking Strategy, Digital and Transformation
Ivan Heard Global Head of Fraud Solutions at Quantexa
For decades, Companies House has provided frictionless company formation to support the British economy. A job it’s done admirably well; in 2021 the agency saw the highest number of incorporations on record. However, the register has also suffered from data-quality issues and companies being set up to front fraudulent or illicit activities. Recent...
03 May 2023 /regulation /crime Artificial Intelligence and Financial Services
Can you believe it’s been 15 years since the Madoff scandal was uncovered? 15 years since the global financial crash. In fact, it was that incident that signalled the end for Bernie Madoff, the financial sociopath, who – under the guise of being a successful co-founder of the NASDAQ and one of the most successful stockbrokers on Wall Street – cunn...
03 May 2023 /regulation /crime Exposing Financial Crime
Black Swan events happen rarely, BUT it gives a tremendous opportunity to reinvent to create brighter futures – only if the business is proactive to handle. One way FIs can prepare is by digitaltransformation leveraging AI, Machine Learning, and Cloud to mitigate risk and address regulatory requirements while enhancing decision-making capabilitie
02 May 2023 /regulation /predictions Analytics in Banking
Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions
I first heard the meme "Banks privatize profits and socialize losses" soon after some banks were bailed out during the Great Financial Crisis of 2007-8 in USA. The narrative was, when banks do well, they distribute their profits to their employees and shareholders whereas when they do badly, they palm off their losses to taxpayers who res...
02 May 2023 /regulation /retail
Eli Talmor CEO at ID-Bound
Before we deep dive into the problem - let me introduce a few topics. About hosted crypto wallets A hosted wallet, also known as a custodial wallet, is a type of cryptocurrency wallet where the private keys of the wallet are managed by a third-party service provider, rather than being controlled directly by the wallet owner. When it comes to perfor...
25 April 2023 /regulation /crypto Blockchain in Banking and Financial Services
Vladimir Lounegov CEO at Mbanq
As the dust begins to settle after SVB's collapse, a picture emerges showing that venture-backed startups have a clear appetite for BaaS-driven fintechs as an alternative for deposits. I would like to preface this article with the observation that the collapse of Silicon Valley Bank (SVB) was a significant loss to the entire fintech ecosystem. SVB...
24 April 2023 /regulation /markets Banking
Clare Rowley Head of Business Operations at Global Legal Entity Identifier Foundation (GLEIF)
Why the LEI and BIC are a Perfect Fit for a Truly Global Identification Scheme Challenges in the cross-border payments market include high costs, low speed, limited access, and insufficient transparency. In October 2020, the G20 endorsed a roadmap to enhance cross-border payments. The roadmap was developed by the Financial Stability Board (FSB) in...
21 April 2023 /payments /regulation Data Management and Governance
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