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Don’t go alone: The problems of a one-firm approach to EMIR counterparty classification
Archive
26 Apr
2013

Don’t go alone: The problems of a one-firm approach to EMIR counterparty classification

  • 26th April 2013
  • RegTechFS

With implementation deadlines for EMIR classification notifications and timely confirmations having passed in March – and with remaining deadlines for portfolio reconciliation, trade compression and reporting fast approaching – firms are still faced with unclear requirements and little certainty from regulators on what will be acceptable. Unfortunately for firms, regulators have recently been heard saying..

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..

25 Feb
2013

FATCA: Joining the KYC dots

  • 25th February 2013
  • RegTechFS

FATCA compliance might not need a separate programme – it ought to be covered by the same approach as AML, RDR and KYC regulations, among others. The recent high profile decision by the board of Wegelin, Switzerland’s oldest bank, to close after helping US citizens evade taxes of $1.2 billion in offshore holdings, has ensured..

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..

09 Oct
2012

The cost of not monitoring your customer

  • 9th October 2012
  • RegTechFS

When the G20 first revealed its plans in April 2009, the scale and scope of new reforms was all encompassing. Now, we are seeing how serious the regulatory community is about them. The battle to know your customer provides a first glimpse of just how seriously the industry will take the new reforms. At the..