For better or worse, financial institutions are more risk averse than ever. This is the direct result of continuing and growing regulatory scrutiny over a broad range of activities, including the compliance of financial institutions in areas such as international sanctions, the prevention of money laundering, the funding of terrorism or the facilitation of tax evasion.
Market participants are worried about data and are deeply concerned about their ability to monitor transactions following a string of major fines to global financial institutions, according to a new report by NICE Actimize.
Money launderers will increasingly move away from the US dollar to the renminbi as US authorities continue to crack down on international banks’ AML systems. The shift will have consequences for London’s aspirations to become a global centre for RMB clearing and settlement.
Looked at from a data perspective, many new regulations have overlapping requirements that come back to customer data. Banking Technology joined forces with Markit І Genpact KYC Services and regulatory specialist JWG to look at how firms are approaching the challenges this poses.
Swift has created a dedicated Financial Compliance Services unit to manage a growing number of service offerings. The new unit will focus initially on the development of a Know Your Customer Registry planned for launch later this year as well as the integration and development of existing services.
After a long wait, the first real FATCA implementation deadlines are just around the corner. To meet the new account identification requirements, by 1 January 2014, institutions should be in the process of implementing the necessary upgrades in their onboarding and overall compliance systems and processes.
Regulators are busy raising the bar for KYC systems and controls. With conflicting purposes and customer data objectives, new guidance and industry solutions are needed in 2014
Indonesian bank PT Bank Central Asia Tbk has adopted an anti-money laundering toolkit from specialist security firm Nice Actimize, to help the bank monitor for suspicious market activity and ensure regulatory compliance.
As the global payments markets changes, Western Union has plans to change with it. Massimiliano Alvisini, regional director UK, Ireland & Nordics explains how and why.
Banks worldwide have been struggling in the battle against financial crime. Recent high-profile examples demonstrate that the rate of anti-money laundering compliance enforcement is continuing to rise.
The Financial Services Authority has instructed HSBC to set-up a board-level committee with a mandate to oversee matters relating to anti-money laundering, sanctions, terrorist financing and proliferation financing.
