Equitable Bank automates IFRS 9 reg requirements with Wolters Kluwer’s OneSumX
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
Compliance
Dubai ponders regulatory framework for loan-based crowdfunding platforms
The Dubai Financial Services Authority (DFSA) has issued a consultation paper, “Crowdfunding: SME Financing Through Lending”. The paper proposes a regulatory framework for anyone looking to operate a loan-based crowdfunding platform in the Dubai International Financial Centre (DIFC).
Trend Watch 2017: Payments Year in Review
Paybefore’s first-ever payments year-in-review report, sponsored by The Bancorp, is available now. Offering an in-depth look at key trends and the Top 10 payments stories from 2016 that will continue to shape the industry in 2017 and beyond, this must-have resource examines everything influencing the industry from the CFPB and Uber to Brexit and Trump and much more.
Deutsche Bank fined record £163m for AML control fails
The UK’s Financial Conduct Authority (FCA) has fined Deutsche Bank £163 million for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial Services […]
Nava Finance gets UK regulatory OK for lending
Nava Finance has been granted approval by the UK’s Financial Conduct Authority (FCA) to begin offering personal loans to consumers. The company says it is now focused on working towards an initial launch date, which will be announced when all testing and other preparations are fully completed. Nava sources loan funding from institutional investors and […]
BNP Paribas Securities Services invests in fintech start-up Fortia
BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.
Viva la open banking revolution!
As with any revolution, open banking will have winners and losers. How to stay competitive in the digital era?
CIBanco deploys Swift’s compliance services suite
Mexico-based CIBanco has signed for a compliance services suite from Swift, which comprises compliance analytics and sanctions screening tools and KYC Registry.
Ohpen sesame says UK’s Financial Conduct Authority
Amsterdam-based banking software vendor Ohpen has gained approval from the UK’s Financial Conduct Authority (FCA) to carry out its regulated activities under its new British company, Ohpen Operations UK. Angelique Schouten, Ohpen UK’s CEO, says the approval means it can “deliver an alternative for financial services companies to digitalise and outsource their entire investments and […]
GDPR and Brexit: be prepared!
The General Data Protection Regulation (GDPR) comes into full effect in the UK in May 2018. Even if the UK triggers Article 50 of the Treaty of Rome in March 2017, it has to give two years’ notice to leave the European Union (EU), and therefore cannot escape the new data privacy provisions.
Western Union to pay $586m fine for money transfer fraud
Western Union has admitted turning a blind eye as criminals used its money transfer services to launder money and commit fraud. It has agreed to pay a $586 million fine to the US authorities.
FIs and fintechs set up new industry group, Consumer Financial Data Rights
Financial services and fintech firms in the US come together to form a new industry group – Consumer Financial Data Rights (CFDR) – “to defend consumers’ access to their data and fuel innovation in fintech”.
CMA comments on current account switching plans & VocaLink’s takeover by Mastercard
The Competition and Markets Authority (CMA) in the UK has accepted undertakings from the Bacs payment scheme that commit it to delivering the improvements required by the CMA retail banking market investigation within a year.
Money rolls
Our new series of thrillers – produced and directed by CustomerXPs and Banking Technology – narrate the tales of the fight between the forces of good (the Clari5 analytics and anti-fraud software) and the forces of evil. Based on real events and guaranteed to keep you on the edge of your seat!
Deutsche Bank bans texting and messaging apps on work phones
No more texting or using messaging apps such as WhatsApp on company issued phones, Deutsche Bank tells its employees. According to a memo issued by COO Kim Hammonds and chief regulatory officer Sylvie Matherat, the functionality will be switched off this quarter.
OCC flags risks facing US banks and financial institutions
Strategic, credit, operational and compliance risks remain “top concerns” for the financial services industry in the US, according to the latest report by the Office of the Comptroller of the Currency (OCC).
Top fintech stories this week – 6 January 2017
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! The first weekly news round-up of 2017. Happy 2017! Let it be a year of discovery and success.
CMA voices concerns over VocaLink’s takeover by Mastercard
The Competition and Markets Authority (CMA) has found that Mastercard’s acquisition of VocaLink gives rise to competition concerns.
E-magazine: Compensation management automation
Managing incentive compensation can be a challenge. Typical management systems are done manually – taking too much time and effort. They also fail to provide precise tracking for compensation-related regulations. This e-magazine introduces IBM Incentive Compensation Management, a unified solution that integrates data, calculations, workflow management and reporting. The solution automates complex tasks – reducing […]
FCA green lights cloud technologies
We are constantly connected to the cloud (iPhone, DropBox, Google Drive just to name a few) and yet, in financial services, the adoption has been tremendously slow. In part, this is due to a lack of guidance from regulators, especially where cloud-based regulation technology is concerned. But finally there is forward progress.
RegTech Futures: hipsters, hackers and hustlers – making innovative compliance a reality
At last week’s RegTech Futures summit in Amsterdam, organised by FinTech Futures and supported by Banking Technology, the potential of regtech innovators to re-imagine compliance – reducing the cost, creating more robust systems and creating new opportunities for deeper digitisation – was discussed in depth.
Global Fidelity Bank implements AMLtrac from iFinancial
UK-based core banking and anti-money laundering (AML) software vendor International Financial Systems (iFinancial) is implementing its AMLtrac solution at Global Fidelity Bank.
Good Smartkarma for Société Générale’s investment research
Société Générale is partnering with Smartkarma, a curated online platform, for investment insight focused on the Asian markets. Under this global agreement, Société Générale will provide its institutional clients access to a “new form” of equity research based on “demand driven and customised content”. Société Générale says it is the first global investment bank to […]
UK’s Financial Conduct Authority calls for regulatory sandbox applicants
The UK’s Financial Conduct Authority (FCA) is calling for the second group of applicants to its regulatory sandbox. As Banking Technology reported last year, the sandbox allows businesses to test out new products and services without “incurring the normal regulatory consequences”. The move is part of the FCA’s Project Innovate, which aims to boost competition […]
IBM closes Promontory acquisition
IBM has completed the acquisition of Promontory Financial Group, a risk management and regulatory compliance consulting firm. As Banking Technology reported in September, IBM planned the purchase to boost IBM Watson’s cognitive technology. IBM adds that the acquisition complements its industry platforms business. These platforms will integrate IBM Cloud, Watson and capabilities from across “digital […]
Ancoa’s surveillance platform helps Dinosaur Merchant Bank to comply with MAR
Dinosaur Merchant Bank, a UK-based investment management, brokerage and advisory firm, has deployed Ancoa’s surveillance platform to monitor its equity trading activity for instances of market abuse and to meet their obligations under Market Abuse Regulation (MAR).
UK’s Financial Conduct Authority kicks some asset management
The UK’s Financial Conduct Authority (FCA) says there is weak price competition in a number of areas of the asset management industry. The FCA launched the market study in November 2015 to assess whether competition is working effectively. The UK’s asset management industry is the second largest in the world, managing almost £7 trillion of […]
ClauseMatch and JWG develop new reg reporting solution at TechSprint
ClauseMatch and JWG have teamed up at the recent TechSprint event organised by the Financial Conduct Authority (FCA) to develop a new regulatory reporting solution.
IBM and KYCK! go blockchain for KYC
IBM has unveiled a blockchain-powered Know Your Customer (KYC) project with Singapore start-up KYCK! to help financial services providers onboard customers quicker and cheaper. Using the open source Hyperledger Project Fabric, IBM says immutability, traceability and privacy of the information is provided on a permissioned distributed ledger which is “critical” in a highly regulated environment. […]
E-book: Regulatory compliance for banks – using data to unblock the road ahead
Your bank faces more competitive pressures than ever before. Regulations nowadays regularly cost financial institutions billions. You know this. What may be unclear is how IT can help, not hinder, your competitive position. As data becomes the roadblock for compliance, so too it can become your competitive advantage. The latest techniques for handling compliance processes […]
Tesco Bank resumes full service, refunds £2.5m to 9,000 customers
Tesco Bank has refunded £2.5 million to 9,000 customers who had money stolen from their accounts by fraudsters over the weekend. It has also resumed “normal services” following the temporary suspension of online transactions from current accounts .
Redmayne-Bentley selects Vermilion for private client reporting
Redmayne-Bentley, a private client investment management firm in the UK, is implementing new client reporting software, supplied by specialist vendor Vermilion Software.
FCA to hold regtech themed TechSprint
The UK’s regulator, Financial Conduct Authority (FCA), will focus on “unlocking regulatory reporting” in its second TechSprint event. Over 100 developers and 30 organisations are expected to participate and “experts from the Bank of England will be observing”, says the FCA.
White paper: Achieving Real-Time Financial Regulatory Compliance with In-Memory Computing
Stringent regulations and client protection initiatives enacted in the wake of the 2008 financial meltdown are causing unprecedented and growing technical challenges. Banks and other financial institutions must monitor, collect, and analyze vast amounts of data from multiple, disparate sources in real-time. This new white paper provides an overview of the current economic and regulatory […]
UK’s Financial Conduct Authority calls for current account competition
The UK’s Financial Conduct Authority (FCA) says it will take action to improve competition in the current account market. This follows a series of recommendations which were proposed by the UK’s Competition and Markets Authority (CMA) as part of its investigation into retail banking. Christopher Woolard, executive director of strategy and competition at the FCA, […]
Latin American banks turn to Swift for crime compliance
Eight central banks in Latin America have adopted Swift’s financial crime compliance solutions to combat financial crime. The central banks of Belize, Bolivia, Costa Rica, Curacao, Dominican Republic, Ecuador, Haiti and Paraguay, have implemented the solutions, including Swift’s KYC registry and sanctions screening. Some of the banks have also endorsed the adoption of the KYC […]
UK’s Financial Conduct Authority calls for more finserv access
The UK’s Financial Conduct Authority (FCA) wants more access to financial services and for fintech to show a greater understanding of the nation’s ageing population. In its 160-page “FCA Occasional Paper”, published today (1 November), the FCA looks at “barriers to bank accounts”, digital transformation and the growing grey brigade. Christopher Woolard, director of strategy […]
Dassault Systemes unveils seven finalists for KYC/AML start-up challenge
French software firm Dassault Systemes has named the seven finalists for its “3D FinTech Challenge” 2016 to address anti-money laundering (AML) and Know Your Customer (KYC) issues. This is its fourth annual accelerator programme in collaboration with senior finance executives, regulators and “influencers”. As Banking Technology reported in August, Dassault Systemes invited start-ups to apply. […]
Top fintech stories this week – 14 October 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! MasterCard to buy French payment firm Stet? EXCLUSIVE. Payments processor could be a target. Brooks Macdonald puts IT revamp with Third Financial on hold EXCLUSIVE. All freeze for wealth management firm. Banks behaving badly in Singapore Monetary Authority […]
White Paper | Driving High Frequency Trading and Compliance With In-Memory Computing
This paper looks at the current state of high-frequency trading – why it’s popular and what types of strategies and technologies are being used. It then explores how in-memory computing can meet the technological challenges and increase trading profits. As competition intensifies in the field of high-frequency trading, financial services firms need a new level […]
