4463 Results from /regulation
Steve Dourdil Business Development at Kerv Collaborate
If you work in financial services, chances are your organisation has some form of mobile recording solution in place. Although certain firms don’t necessarily have a regulatory requirement to record mobile communications, many choose to anyway as a matter of best practice. For a large percentage of firms though, recording of mobile calls and texts...
23 September 2022 /regulation /wealth Financial Risk Management
Amit Gupta Managing Director at Matrix-IFS
Digitalization and Open Banking are two most prominent trends in banking industry in recent time. While the former was initiated by changing customer behavior, the latter was driven by regulatory and market forces. Open Banking is a new kid on the block with a lot of promise and fanfare, but it can present new challenges for financial services. Rat...
22 September 2022 /regulation /crime Open Banking
Retired Member
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
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
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