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How high? Re-setting the KYC bar
Archive
18 Jun
2013

How high? Re-setting the KYC bar

  • 18th June 2013
  • RegTechFS

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 2013 has been a busy year for both rule-makers and financial institutions as far as KYC requirements go. Aside from the finalisation of a vast array of trading..

21 Mar
2013

Classification: ‘Step One’ for FATCA

  • 21st March 2013
  • RegTechFS

FATCA is continuing to cause the financial services industry headaches and it is unclear that a classification ‘solution’ will appear before the deadline for the withholding tax hits in early 2014. Back office professionals are stuck navigating 500 pages of final regulation released by the IRS in January, the Intergovernmental Agreements (IGAs), and their additional..

28 Feb
2013

T-10 days to EMIR: The known unknowns of your customers’ classifications

  • 28th February 2013
  • RegTechFS

The implementation of EMIR’s new customer classification regime is hitting the crisis stage as back offices wrestle with vague requirements and regulators sit on the sidelines. Is this just the start of a saga that will reshape the way the industry uses industry codes, or just a flash in the pan? Last summer the European..

25 Feb
2013

Data protection: the next Y2K?

Conflicting demands of European data privacy and US intelligence gathering legislation are coming together to make the issue a serious problem for banking technologists. Transatlantic friction over data protection isn’t exactly a new problem – the industry has been faced with pending regulations from the US and EU for over a decade.   Until recently..

06 Feb
2013

AMLD IV: Customer data review required?

  • 6th February 2013
  • RegTechFS

After evading settling on a concrete date for the release of the fourth Anti-Money Laundering Directive until quite recently, the directive proposal has finally seen the light of day. It is, on the whole, consistent with the FATF recommendations of April 2012, which was largely expected. The definition of politically exposed persons (PEPs), long a..

07 Dec
2012

2013: A very new year

  • 7th December 2012
  • RegTechFS

Five years after the crisis started, real change is finally in store. Who is on the naughty and nice lists? In 2012, the industry saw a flurry of financial sector reforms. With over 140,000 pages of regulation produced over the past twenty four months, an ambitious but often discordant global regulatory framework has developed, leaving..

07 Dec
2012

FATCA: Good news (in disguise) for your cost-income ratio?

Can a controversial tax reporting initiative actually be good for your bottom line? We explore how. The US Foreign Account Tax Compliance Act (FATCA) has been heavily criticised, and accused of being a “kind of US backward imperialism” with “an atomic bomb used to kill a fly”. At its heart, FATCA exists to track down..

16 Nov
2012

Clash of the Titans: The battle for customer information

2012 could well go down as a turning point for the industry. Billions in fines have raised consciousness of the need for better financial crime processes, systems and controls. Regulators have found sanctions breaches, anti-money laundering deficiencies and bribery failures – and will likely to continue to do so as they examine historical compliance. We..