Compliance


Infographic: GDPR & B2B marketers – less aware but more prepared

According to the latest research by DMA, a UK trade association for the one-to-one marketing industry, those in the B2B space are trailing slightly when it comes to having a detailed awareness of what the new General Data Protection Regulation (GDPR) laws entail.

Debunking six myths on regulatory sandboxes

We are living through a period of unprecedented innovation in finance, and regulators know they need to adapt to keep up with the fast pace of change. To understand and manage the risks posed by new products, services, and business models, many financial authorities are setting up regulatory sandboxes or reglabs.

Al Salam Bank Seychelles selects iFinancial’s AMLtrac solution

Al Salam Bank Seychelles (ASBS) has chosen International Financial Systems’ (iFinancial) anti-money laundering (AML) solution, AMLtrac, as it plans to introduce domestic banking services for local and regional SMEs and corporates. As part of that planned expansion, ASBS, an offshore financial institution, has selected the know your customer (KYC) and document management, account monitoring, transaction […]

HPE adding AI to data centres with Nimble acquisition

Earlier this year, Hewlett Packard Enterprise (HPE) went on an acquisition spree meant to help the company improve its standing in the data centre market with products to address a range of issues customers faced as they moved to the cloud, reports Enterprise Cloud News (Banking Technology’s sister publication). Now, one of those deals is […]

Blockchain and Bitcoin round-up: 21 November 2017

From major crimes to KYC times. Our latest blockchain and Bitcoin round-up features Tether, Metal, Deutsche Bank and IBM. Digital currency firm Tether is feeling under the weather as it has reported that “funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker”. The amount is a rather large […]

Fiorano launches PSD2 solution for banks

Fiorano Software, a specialist in integration middleware and API management, has launched Fiorano PSD2, a solution enabling banks to comply with the European Union’s PSD2 regulations.

Actiance acquired by K1 Capital Management

Communications compliance and analytics company Actiance has made its exit this week. The California-based company has been acquired by K1 Investment Management, an investment firm focused on acquisition-based growth opportunities, reports Julie Muhn at Finovate (Banking Technology’s sister company). K1 will join Actiance with its rival, Smarsh, which specialises on archiving compliance. The combined company will reach […]

Blockchain and Bitcoin round-up: 16 November 2017

Coming straight after yesterday’s (15 November) action, here’s our latest blockchain and Bitcoin round-up. Features Mastercard in a patent place, ING Bank opening up, and another warning from the UK’s Financial Conduct Authority. Let’s start with yet another patent. Mastercard has jumped on the blockchain payments bandwagon by filing “Method and System for Instantaneous Payment […]

OCBC Bank takes AI-m at financial crime

When crime comes calling OCBC Bank won’t be bawling as it has turned to artificial intelligence (AI) and machine learning (ML) for the big fight. The Singapore-based bank says: “On any one typical work day, an OCBC Bank anti-money laundering (AML) compliance analyst would log into the bank’s transaction monitoring system and find up to […]

The changing face of financial crime compliance

Paul Taylor of Swift’s Financial Crime Compliance Services Division discusses the evolving compliance landscape and the critical role of technology in helping the industry come together as a whole to combat financial crime.

How mobile compliance can ensure productivity is not compromised

Customers trust financial firms with their details, so to protect the highly-sensitive information organisations must adhere to security and compliance standards. However, this can be challenging for employees as the processes can interfere with day-to-day operations.

CECL: managing implementation through collaboration

The accounting standard Current Expected Credit Loss (CECL), which requires banks to calculate expected credit losses and incorporate resulting provisions into its P&L statements, necessitates a flexible, adaptable technology solution that will enable closer collaboration among finance, risk and reporting functions.

Correspondent banking: it takes two to tango

The global correspondent banking network is under pressure in several countries as some financial institutions close relationships. While financial inclusion continues to climb the agenda of regulatory authorities and financial institutions pledge their support, the de-risking taking place in correspondent banking threatens to scupper inclusion.

Sibos 2017: treasurers look to tech to untangle knots

Untangling the “knots” at global treasuries, especially with regard to bank maintenance issues around know your customer (KYC) and other compliance activities, was the theme of a corporate treasury session yesterday (18 October) at Sibos.

Open banking: nothing personal

Financial authorities globally are promoting open banking. While it represents a shift in the mindset of traditional banks, Heather McKenzie, editor of Daily News at Sibos, finds they may be up to the challenge.

Compliance: back to basics

Ensuring security on Swift’s network doesn’t have to be rocket science. Getting the basics right will help individual institutions and Swift’s community.

De-risking in trade finance: time to act

As financial authorities express concern about de-risking in correspondent banking, a similar phenomenon is emerging in trade finance, driven by the high costs of KYC compliance.

BIAN unveils API-ready release to boost cloud banking ambitions

The Banking Industry Architecture Network (BIAN), a not-for-profit fintech industry body, has launched its latest release of its service landscape. Termed SL 6.0, the framework is designed to provide a “globally standardised and simplified” banking architecture structure, using a service-based architecture.

KYC Registry aligns with Wolfsberg DDQ

Swift is aligning its KYC Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for correspondent banks. First issued in 2004, the DDQ was updated in response to regulatory pressure.

Regtech to the rescue

Regulatory technology (regtech) is often cited as the answer to the rising cost of compliance, risk and reporting duties at banks. Will it help financial institutions escape IT silos and enhance control over data?

Cybersecurity: into the data breach

Cybersecurity has become a significant issue as attacks are increasing. In the new payments ecosystem, where third-party developers can directly interact with banks’ customers, data privacy and security become paramount, according to the World Payments Report 2017.

Peer Mountain aims high with data trust solution launch

Luxembourg-headquartered start-up Peer Mountain has unveiled a peer-to-peer self-sovereign identity, compliance and commerce delivery solution as it seeks to exploit the Equifax data breach episode. The firm says it gives users control of their data across blockchain. Consumers can choose who can access the data without the need for third party involvement. Peer Mountain says […]

PSD2 – the tip of an Open Banking API iceberg?

It’s been over a year since I first blogged on the subject of open banking and it is fair to say, mainly driven through the regulatory pressures of PSD2 and the UK Competition and Markets Authority (CMA) led UK Open Banking initiative, that across Europe, much progress has been made in moving the banking industry to adopt APIs.

DBS readies for IFRS 9 with Z-Risk Engine roll-out

Singapore-based DBS is deploying Aguais and Associates’ (AAA) Z-Risk Engine (ZRE) to generate future credit losses on the bank’s wholesale credit portfolio, as it complies with imminent IFRS 9 requirements. According to AAA, the new financial regulations, effective from 1 January 2018, call for banks and other lenders to deliver a regular, predictive point-in-time (PIT) […]

CFPB finalises small-dollar lending rule

After five years and more than a million comments on its proposed rulemaking, the CFPB has finalised its payday lending rules with the ability-to-repay test intact for many loan types.

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