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10 new hot EBA releases this quarter
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13 Oct
2015

10 new hot EBA releases this quarter

  • 13th October 2015
  • Aisha Dudhia

JWG analysis. The European Banking Authority (EBA) have been particularly busy this year, publishing over 30 key documents (5 consultations, 5 guidelines, 7 technical standards, 4 opinions and 11 reports and other notable publications) between June and August. Keeping up this pace, according to the EBA’s September newsletter, we can expect 25 deliverables covering 16..

02 Oct
2015

GIIN! … LEI! … PRN?

  • 2nd October 2015
  • David Miller

JWG analysis. Over the course of the year, JWG’s Customer Data Management Group (CDMG) has covered in-depth customer due diligence and KYC requirements under global tax, reporting and anti-money laundering regulation, and market monitoring under MAR/MAD2.  For the ninth CDMG meeting, JWG took a different direction and covered fund management regulation and the regulatory interdependencies..

03 Jul
2015

AMLD IV: another brick in the wall

  • 3rd July 2015
  • David Miller

JWG analysis. Since 2008, regulators have been plugging the gaps revealed by the global financial crisis and have just put another brick in the financial services wall – the 4th Money Laundering Directive. Last month, the much anticipated ‘IV’ was published in the official journal and will become the law of the land in 2..

02 Jul
2015

What if your investment-based crowdfunding platform is operating outside the scope of MiFID?

  • 2nd July 2015
  • RegTechFS

JWG analysis. Today ESMA published a Q&A, aiming to clarify the status of investment-based crowdfunding platforms which are outside the scope of MiFID and, therefore, not automatically subject to rules designed to combat money laundering and terrorist financing under AMLD III. Investment-based crowdfunding platforms can have a different regulatory status.  Some are within the scope..

02 Apr
2015

KYC regulatory challenges: on deck and ready to go?

  • 2nd April 2015
  • RegTechFS

JWG analysis. Firms have plenty of planes in the air right now.  The regulatory pressure on firms to ‘get KYC right’ in the form of new financial crime regulation, such as FATCA or AMLD IV, and huge fines means they will need to juggle these changes amidst an ongoing regulatory implementation effort. How you need..

08 Oct
2014

The KYC Goldilocks paradox – can we please have a standard?

  • 8th October 2014
  • RegTechFS

Huge fines and complex KYC rules are causing banks to ‘de-risk’ their client portfolios leading to many without access to banking.  Now both consumers and politicians are unhappy.  For years, the industry has struggled without real standards in the AML arena.  So what happens next? SIBOS news was full of more KYC claims again this..

02 Sep
2014

New regulatory consequences could be personal nightmares

JWG analysis. Following our review of the $260,000,000,000 total cost of regulatory transgressions, we now take a look at what the actual fines are and what the future holds? Firstly, according to the LSE’s review of 2009-2013 fines, is that 38% of fines are related to control failures like governance, internal controls, market abuse and..

13 May
2014

The minefield of KYC compliance

JWG analysis. The idea of KYC compliance has traditionally been associated with AML, PEP checks and international sanctions, however the new wave of regulations that is to begin rolling out in 2015 will place a whole new set of pressures on businesses to ‘know their clients’. Rachel Wolcott, writing for Accelus’ Compliance Complete, has highlighted..

06 Mar
2014

AMLD IV adds fuel to KYC utility model

  • 6th March 2014
  • RegTechFS

JWG analysis. The European Parliament recently published (here) the latest amended text of the proposed 4th Anti-Money Laundering Directive (AMLD IV), which includes measures to help simplify the way firms conduct KYC today, and adds weight to the KYC utility business model by requiring the industry to maintain accurate and timely data on beneficial ownership...

27 Jan
2014

Standard Bank’s landmark £7.6m AML fine: Beware of the PEPs

  • 27th January 2014
  • RegTechFS

JWG analysis. According to the notice released on Thursday, the FCA has fined Standard Bank £7,640,400 for failings in its AML systems and controls relating to its treatment of corporate customers connected to politically exposed persons (PEPs). This notice is particularly relevant given that the FSA’s thematic reviews in 2010 found that “more than a..