Jason Grasso Customer Risk Business Unit Leader at Pega
In talking with clients about their strategy around perpetual or event based know your customer (“KYC”) risk approaches there are two different groups: firms that have started implementing an event based KYC approach and those that have not but understand that they will need to in the future. Change and transformation is hard. Firms need to s...
20 September 2022 /regulation /crime Exposing Financial Crime
Chris Lewis Head of Solutions at Synectics Solutions
Compliance is costly. Know Your Customer (KYC) compliance in adherence with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations can account for anywhere between 3% and 30% of a bank’s total operational costs. In 2020 reports suggested that global spending on compliance topped $213 billion. And that figure could be conserv...
20 September 2022 /regulation /crime Data Management and Governance
Nick Green Director at Purple Patch Broking Ltd
As we enter a downturn, credit providers are confronted by a landscape that looks and feels very different from before. The real risk of global and national recessions means that net interest margins are wafer-thin. At the same time business as usual (BAU) costs are unusually high for banks and fintechs. From IT investments to the cost of utilitie
20 September 2022 /regulation /retail Fintech
John Bertrand MD at Tec 8 Limited
Who should be liable for the monies being scammed out of bank accounts using faster payments? (Authorised Push Payment Fraud: APP Fraud) v Money scammed from bank accounts 2018 to 2021: £1,840 million v Money reimbursed to bank clients from 2018 to 2021: £ 660 million v Money lost to scammers: £1,180 million who reported the scam v Estim...
19 September 2022 /payments /regulation Banking Strategy, Digital and Transformation
Claus Christensen CEO at Know Your Customer
It is no exaggeration that SMEs are the backbone of the economy. According to the World Bank, SMEs represent about 90% of businesses and over 50% of employment worldwide. In Southeast Asia specifically, SMEs account for up to 99% of all companies. However, many small and micro businesses still struggle to access the financial products that cou...
15 September 2022 /regulation /inclusion Financial Inclusion
Retired Member
Recently, there was a lot of buzz around how the RBI has found four viable products for cross-border payments under its regulatory sandbox. Many of our readers and colleagues didn’t know/hadn’t heard of ‘Regulatory Sandbox. In this blog, we deconstruct what a regulatory sandbox is and how it shapes the disruption in the traditional financial secto...
15 September 2022 /payments /regulation Banking Regulations
Harriet Christie Chief Operating Officer at Mirrorweb
The U.S. Securities and Exchange Commission’s (SEC’s) Marketing Rule was approved in December 2020 and came into effect on May 4, 2021. From that point, Registered Investment Advisers (RIAs) have had an 18-month transition period — until November 4, 2022— to fully adhere to its updated regulations. This article will delve into how and why it has ...
14 September 2022 /regulation Financial Services Regulation
Dmitrii Barbasura Chief Operating Officer at Fintech Galaxy
Open Banking is steadily penetrating most of the world’s regions and MENA is no exception. With the majority of the region’s population being young and demonstrating one of the highest rates of smartphone usage globally, saying that this region is more than ready to fully welcome Open Banking sounds like an understatement. The last couple of year...
14 September 2022 /regulation /markets Online Banking
With an announced crisis on the horizon, why are companies investing in RegTech? Cost-of-living crisis, uncertainty in the Fintech and Crypto spaces, ongoing war, political instability. These current buzzwords are nothing short of scary. They were certainly not what we were hoping for after the COVID-19 hurricane took us by surprise and soared the...
13 September 2022 /regulation /predictions Banking Strategy, Digital and Transformation
Mete Feridun Chair at EMU Centre for Financial Regulation and Risk
The European Banking Authority’s (EBA) final regulatory products with respect to the Investment Firms Directive (IFD) published on 21 July 2022 are expected to harmonise the supervisory practices regarding the supervisory review and evaluation process (SREP) of investment firms. The new regime spans a broad range of prudential areas ranging from c...
13 September 2022 /regulation Financial Services Regulation
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