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Customer data battle: can the KYC clearing house break the stalemate?
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09 Feb
2015

Customer data battle: can the KYC clearing house break the stalemate?

JWG analysis. There is a war going on to ‘Know Your Customer’.  As regulators continue to release new requirements for firms to collect and maintain information about their clients and counterparties, the struggle to comply has turned into trench warfare fought across many fronts, and new strategies are needed to avoid a long and uncertain..

29 Jan
2015

CDMG publishes new research – next meeting now set for February

  • 29th January 2015
  • RegTechFS

On the 22nd January, over 30 stakeholders from 12 firms met Customer Data Management Group (CDMG)  meeting to discuss their 2015 priorities for regulatory KYC requirements. JWG presented a summary of 40+ new regulations that require firms to manage counterparty information over the next 3 years.  Alec then presented summaries of the 11 regulations in scope..

16 Jan
2015

The cure for KYC sickness

JWG analysis. 2015 will see a number of new regulatory requirements, long in the proposal or draft stage, crystallise into prescriptions for better customer data management.  At a time when record fines for AML failures and new personal liability for senior managers have intensified the pressure to ‘get KYC right’, these ‘remedies’ pose significant challenges..

25 Apr
2014

‘Super Tuesday’: a new wave to hit your EU operating model

  • 25th April 2014
  • RegTechFS

JWG analysis. On Tuesday, 15 April the European Parliament approved several new reforms to manage banking sector risk and ensure that shareholders, not taxpayers, pick up the tab for the next crisis. Now the political work is done, the MEPs are busy campaigning, and it’s up to the industry and ESAs to work out how..

20 Mar
2014

What a difference EMIR makes. Or does it?

JWG analysis. This week marked the one year anniversary of EMIR’s first implementation deadline.  And what a difference a year makes … or does it? This time last year, banks and their customers were busy determining who had passed certain thresholds (determining who would be classified as NFC or NFC+), along with implementing confirmation processes..

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...

23 Jan
2014

The drive for tax transparency: A new political agenda for AMLD IV

  • 23rd January 2014
  • RegTechFS

JWG analysis. The new political drive towards tax transparency is landing in money laundering legislation, and complicating an already complex landscape. G8 Leaders, as a result of the summit held in June last year, committed to publishing ‘action plans’ setting out the concrete steps they will take to combat tax evasion. It appears that those..

13 Nov
2013

Restructuring AML: BCBS sets a new standard for financial crime compliance

  • 13th November 2013
  • RegTechFS

The focus on anti-money laundering may not be hitting the headlines as consistently in 2013 as in 2012, but regulators have been working quietly to ensure the wide-spread failings of the past don’t happen again. As a result, the BCBS has been taking time away from capital standards to prescribe new and far-reaching requirements on..

04 Nov
2013

The regulatory almanac: The top ten regulatory events of 2013

  • 4th November 2013
  • RegTechFS

With no fewer than 70,000 pages of regulation, and some record fines, 2013 will be a year to remember (or possibly to forget) for many financial services professional.  And with only four weeks to go until December, and some well-earned rest, we thought it was time for a little retrospection.  With that in mind, here,..