Video: Top fintech stories this week – 15 November 2019
FinTech Future’s weekly news round-up.
RegTech
How is AI augmenting compliance practices?
SAS are seeing early AI entries in the Regtech space.
FCA exposed for ‘shameful’ behaviour at its London HQ
Behaviors include defecating on the toilet floors and verbally abusing outsourced staff.
AFME calls for supervisory convergence on the regulation of crypto-assets
Europe’s AFME lists five recommendations.
ING invests in regtech Ascent
The Dutch bank backs AI-driven regulatory compliance solutions.
Banking Technology Awards countdown: 4 weeks to go – will you be there?
Get in touch with our team to book your place – it’s a party not to be missed.
Bitcoin ATMs in Nevada now need a money transmitter licence and bond
Find out the basics about virtual currencies regulation in Nevada.
ISDA Technology Forum: Regulators struggling to match pace of innovation
Close alignment between policymakers and banks is needed.
ISDA Technology Forum: Small tech changes not enough for capital markets
Firms need to look beyond next year’s profits and losses, argues panel.
Corlytics appoints chief digital officer
She was the former head of regulatory intelligence at Thomson Reuters.
UK Treasury makes paying back consumers victim to APP fraud ‘compulsory’ for banks
The phrase ‘gross negligence’ will also be defined.
European regulators conform to EIOPA’s post-Brexit insurance recommendations
NCAs prepared to ensure a smooth transition for UK insurers after Brexit
German bank association fires shots at Libra, calls on politicians and central banks for digital euro
The association wants a crypto led by European commercial banks and politicians.
Banking Technology November 2019 issue out now
The identity challenge.
UK Treasury Committee: Regulators must punish banks for IT failures
UK regulators “must have teeth and be seen to have teeth”.
Payment fraud in sights of UK cybersecurity force
The NCSC claims Operation Haulster is helping banks proactively prevent fraud.
US regulators sign up to Global Financial Innovation Network
The CFTC, FDIC, OCC and SEC are all on board.
TransUnion appoints ex-KCOM exec Mike Davies as COO in UK
Davies grew KCOM’s business value from £50m to more than £500m.
European Commission urged to clamp down on money laundering
A new document is ready to put new AML controls in place.
EBA’s migration deadline for SCA must be seen as a warning
Regulator has given plenty of time for merchants to whip themselves into shape.
Glue42 partners with RocketFin to bring behaviour mining to banks’ regtech suite
Glue42 works with the likes of JP Morgan Chase.
US fintech community dealt blow by federal court as charter is denied
The OCC will be appealing the decision by the US courts.
Uncovering the hidden costs of liquidity
Liquidity is paramount and real time liquidity is now a must-have.
Three million ABN Amro customers face in-person ID checks
Bank is aiming to comply with anti-money laundering regulations
FCA should overhaul EMIR supervision, says ESMA review
FCA ranks bottom among six major EU competent authorities for EMIR data supervision.
RegTech startup Apiax raises $6.6m in Series A round
Firm aims to digitise regulatory compliance into binary code.
FCA will ‘take appropriate action’ against product greenwashing which misleads customers
The regulator will work on “common standards and product disclosures”.
EBA sets December 2020 migration deadline for SCA compliance
European watchdog gives payments industry just over a year to comply.
Industry apathy remains as SFTR deadline looms
Market participants suggest there is a worrying lack of preparedness for SFTR.
FinovateFall 2019 in pictures
There was so much to take in over the three days!
Queen’s Speech reinforces UK’s aim to be world-leading regulator
The report found London has the world’s highest concentration of finserv firms.
US regulators remind FIs of AML obligations for digital assets
The CFTC, SEC and FinCEN point to AML/CFT requirements for digital assets.
FinTech Futures videos: more than just words
Let the world know about your products, services and expertise through the power of FinTech Futures video platform.
China to ditch some foreign ownership limits next year as trade-war concession
Limits to be scrapped for securities, futures and fund management firms next year.
Federal Reserve shelves tougher liquidity rules for foreign banks
Minimum level of liquid assets not required by US branches.
Federal Reserve signs off on Volcker Rule simplification
“Volcker 2.0” to go live in January 2020.
Banks’ culture and governance next target for Australian regulators
There will be “deep dive” reviews if firms don’t deliver.
Standard Chartered Bank tackles reporting restrictions with BearingPoint
The new solution covers more than 130 jurisdictions.
Bottomline’s merger with EPG sparks UK regulators to investigate impact to competition
The CMA worries the merger will “result in a substantial lessening of competition”.
PayExpo 2019: We will be taking action, says FCA on insufficient safeguarding
The regulators found banks are delaying safeguarding precautions.
