The Brexit unrest aside, Europe is taking initiatives to make a sounder, more user-friendly economic landscape. By using technology solutions and digital innovation, the European Union (EU) is encouraging greater transparency, usability and higher standards of security for all manner of web-based banking and financial transactions. Irrespective of any governmental re-organisation, and the trickled-down impact […]
The CFPB on Sept. 8 announced a $100 million fine against Wells Fargo for what the agency called “widespread unlawful sales practices.” The agency said the fine is the largest such penalty it has ever issued.
What is FTR 2015 and how does it affect banks operating in the cross-border payments space? Marc Recker, Head of Market Management, Institutional Cash Management at Deutsche Bank, explores. The challenges and complexities of complying with anti-money laundering (AML) and counter terrorist financing (CFT) regulations are certainly not new in the financial industry. Over the past […]
Russell Investments, a US-based asset management firm, has chosen Qumram to provide compliant digital record-keeping. Qumram, a digital interaction audit solutions provider, says it mitigates risk at Russell Investments by recording and retaining all digital interactions on the firm’s corporate website in real-time, in accordance with global regulatory requirements. Qumram says that “increasingly, regulation is […]
A New York Department of Labor (DOL) rule that has been bitterly opposed by a major prepaid card association is being implemented anyway. The N.Y. DOL has issued its final rule regulating methods and payment of wages, including the use of payroll cards, in the state and includes no substantive changes from its second revised proposal in June.
Iran has won a slight reprieve in FinCEN’s latest advisory for anti-money laundering and countering terrorism measures.
Our rejuvenated Banking Technology Awards have received an unprecedented amount of entries this year – from banks, financial institutions, fintech firms and individuals worldwide – and we are happy to reveal the shortlisted candidates. Now in their 17th year, Banking Technology Awards recognise and reward excellence and innovation in the use of IT in financial […]
A spate of email fraud schemes involving stolen consumer information and financial institutions being duped into conducting wire transfers has prompted the Financial Crimes Enforcement Network (FinCEN) to issue an advisory Sept. 6 in an effort to thwart the illegal activity.
A handheld card reader released last year has helped U.S. law enforcement agencies seize or recover about $10 million in fraudulent prepaid funds, according to the Dept. of Homeland Security.
The Hong Kong Monetary Authority (HKMA) is planning to launch a regulatory sandbox and innovation hub as part of ambitions to boost its fintech brand. At the Treasury Markets Summit 2016, jointly organised by the HKMA and the Treasury Markets Association (TMA), Norman Chan, chief executive of the HKMA, says it wants to build a […]
Commerzbank is implementing UK-based AxiomSL’s platform to automate regulatory reporting requirements. The bank, Germany’s second largest, plans to deliver the SEC 15c3-1 (Securities and Exchange Commission’s uniform net capital rule) as well as other regulatory mandates such as the Financial and Operational Combined Uniform Single (Focus), Treasury International Capital (TIC), Off Balance Sheet reporting (OBS) […]
Luxembourg-based Lemanik Asset Management has chosen Linedata’s compliance monitoring software – Linedata Compliance. To comply with the Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Fund Managers (AIFM) directives, which impose controls and “transparency discipline”, Lemanik decided to manage its report production by itself and chose Linedata to roll out the tech. […]
Prepaid card-related complaints to the CFPB ticked down in July, the bureau announced in its latest monthly consumer complaint report. The month saw 211 complaints about prepaid products, down 5 percent from 223 prepaid complaints in June and slightly below the monthly average of 215 since the CFPB began tracking prepaid complaints in July 2014.
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) is looking for public feedback and comments for its proposed FRSA Regulatory Laboratory (RegLab). The RegLab will provide a “controlled environment to allow the development and testing of innovative fintech solutions”. It will be the “first of its kind” in the Middle East […]
Apple is pushing back against a bid by a group of Australia’s major banks to be allowed to negotiate collectively with the U.S-based tech giant over contactless payments. In a filing with the Australian Competition and Consumer Commission (ACCC) released Aug. 30, Apple called upon the regulator to reject a request by the banks to collectively bargain with Apple in negotiations to offer Apple Pay to their customers.
French software firm Dassault Systemes is inviting start-ups to apply to its “3D Fintech Challenge” to address anti-money laundering (AML) and Know Your Customer (KYC) issues. As part of its overall 3DExperience Lab initiative, the seven-week programme will identify and help nurture six start-ups that can provide systemic warnings and a 360-degree view of customer/support […]
The Monetary Authority of Singapore (MAS) has released a consultation paper on proposed changes to the payments regulatory framework and establishment of a National Payments Council. Jacqueline Loh, MAS deputy managing director, says this is an “important step for MAS and the payments industry to co-create the future of Singapore’s payments landscape; one where payments […]
In the wake of the cyberattack that struck international financial messaging network SWIFT earlier this year, U.S. banking regulators say that they are assessing cybersecurity threats facing the country’s financial institutions and the controls in place to defend against attacks.
The Monetary Authority of Singapore (MAS) has opened its purpose-built fintech innovation lab – known as Looking Glass @ MAS. MAS says the lab will allow it to experiment with financial institutions, start-ups, and technology vendors. In addition, Looking Glass @ MAS will help consultations between start-ups and industry experts in areas such as legal […]
The U.S. Consumer Financial Protection Bureau (CFPB)’s proposal prohibiting financial services firms from including class action waivers in arbitration agreements has another critic: The Network Branded Prepaid Card Association (NBPCA) has sent a letter to the federal agency about the “negative” impacts the rule would have on the prepaid industry.
Banking analytics vendor CustomerXPs has unveiled its new Clari5 Intraday Liquidity Monitoring Solution. This “real-time, packaged and ready-to-deploy” solution aims to help banks in the UAE to comply with BCBS 248 requirements for intraday liquidity risk management, says CustomerXPs. The deadline for compliance with the BCBS 248 regulations is January 2017. CustomerXPs’ offering promises data […]
Are payment processors for consumer financial service providers required to understand the complex regulatory regimes to which their clients are subject, and verify that clients are complying with those requirements?
SWIFT, a Belgium-based, bank-owned co-op and provider of financial messaging services, has been aware of flaws in the way smaller banks used SWIFT’s messaging terminals, thus compromising the security of the system, but the organization did little to address the matter. Those are the assertions of more than a dozen current and former high-ranking Swift officials, according to a Reuters report on Aug. 17.
After a previous attempt by FinCEN to implement an anti-money laundering rule stalled and was withdrawn, the agency is planning to reintroduce a version of the rule. A FinCEN spokesman told Reuters the rule is being revised and could be submitted next year.
Kyc.com is partnering with Dow Jones, Exiger and Regulatory DataCorp (RDC) to drive standardisation and compliance for Know Your Customer (KYC) processes. The alliance plans to deliver an end-to-end KYC process integrating compliance, onboarding, sanctions, screening, negative media searches and client risk assessment across regulatory regimes and multiple jurisdictions. Joel Lange, managing director of Dow […]
Banking is going digital and instantaneous, which is great news for customers. But it is also a great headache for banks, as fraud is going that way too – the money can disappear into fraudsters’ virtual pockets with a blink of an eye, anytime, anywhere. At the same time, the real-time capabilities of new solutions […]
Blockchain intelligence firm Elliptic and LexisNexis Risk Solutions have partnered for the “first” use of “bank-grade” risk management for Bitcoin. Elliptic has integrated LexisNexis’s anti-money laundering (AML) risk management data into its Bitcoin transaction monitoring and compliance products. The two firms have built a proof-of-concept that uses financial intelligence data from LexisNexis and presents it […]
The European Commission’s proposed changes to anti-money laundering rules would place an “immense burden on the regulated e-money sector,” the Prepaid International Forum argues in a new position paper.
Office Depot and an associated gift card program manager are suing Delaware officials in federal court, challenging the state’s unclaimed property law. The Florida-based retail chain and Virginia-based North American Card and Coupon Services LLC, Office Depot’s gift card operator, said Delaware’s escheat law violates the U.S. Constitution’s Fourth Amendment, which guards against unreasonable search and seizures.
Bank of Montreal has signed onto Kyc.com’s service to streamline the collection and management of KYC (Know Your Customer) information. Kyc.com, a joint venture between IHS Markit and Genpact, says it standardises and centralises operations around client onboarding and due diligence. Michele Trogni, executive vice-president, consolidated markets and solutions for IHS Markit, says the addition […]
Mitratech, a provider of legal, compliance, and operational risk solutions, has acquired Hitec Laboratories, a governance, risk, and compliance (GRC) software provider. This is the firm’s fifth acquisition in the past year and the “second major” one in the GRC market. It recently bought CMO Software in June. The financial terms of this latest deal […]
A Florida man should have gotten his bitcoin through a reputable virtual currency exchange instead of some guys meeting in a Boston Market restaurant parking lot in the middle of the night. Likely surprising no one, a deal to exchange $28,000 for the equivalent in bitcoin went bad, leading to one arrest.
The Regtech Supplier Performance Report 2016, published by Market Fintech Limited and supported by Banking Technology, estimates that more 189 global financial institutions have deployed a range of new regulatory technology (regtech) solutions from 20+ specialist suppliers in just a couple of years.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Abcul slow on tech modernisation project Exclusive: First credit unions to go live before year-end. New mobile banking for SMEs readies for UK launch Tide will offer a “nimble small business current account”. Top ten retail banking sites […]
The UK’s Payment Systems Regulator (PSR) says the nation’s payments infrastructure needs to undergo reform to increase competition and to better meet consumer needs. The announcement was made as the PSR unveiled the final conclusions of its market review into the ownership and competitiveness of the infrastructure that supports three payment systems – Bacs, Faster […]
Shell Oil is coughing up civil penalties, investigative costs and restitution after being accused of tricking consumers with payments ads for various Shell fuel rewards and gift card programs.
They want permission from national anti-trust regulators to negotiate as a bloc with Apple over putting their own mobile payment technologies on iPhones.
UK-based challenger Shawbrook Bank is working with a credit risk analytics firm, Jaywing, to meet the International Financial Reporting Standards (IFRS) 9 modelling requirements. Jaywing is helping the bank through the build of a credit risk modelling programme that will underpin credit management, impairment forecast and capital requirement including stress testing and Internal Capital Adequacy […]
Project Sentinel, a collaborative initiative by a group of banks to mutualise the cost of MiFID II implementation in the OTC front office, has completed the detailed business requirements that meet MiFID II regulatory obligations. The project is now focused on finding the right vendors to deliver the solution. “Once the vendor assessment is complete, […]
Dubai Islamic Bank (DIB) has chosen Nasdaq BWise’s governance, risk management and compliance (GRC) platform for more real-time visibility into their risks. The BWise GRC platform will support DIB, the largest Islamic bank in the United Arab Emirates, to continue monitoring and managing its risks, compile and present reports for the board, senior management and […]
