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A paradigm shift for KYC/AML compliance
Archive
02 Mar
2018

A paradigm shift for KYC/AML compliance

  • 2nd March 2018
  • Eman Galea

Several interconnected global trends have heightened the risk banks face when combating financial crime. First, regulators are continually revising rules as they expand their focus from organised crime to global terrorist networks, many of which have grown more sophisticated in recent years. Second, integrated networks and an increase in cross-border transactions have left gaps in..

14 Feb
2018

Waking up to the power of RegTech?

  • 14th February 2018
  • Letitia Bolton

The past year has been illuminating for the RegTech market, the past twelve months has seen an increase in discussion on the application of technology to regulatory compliance. We have seen action from the regulators, including the FCA’s recent TechSprint in which we at JWG were involved, and major regulatory initiatives, most notably MiFID II,..

18 Dec
2017

European Commission to fix broken reporting framework – starting in 2018

  • 18th December 2017
  • Eman Galea

Two years after its Call for Evidence determining whether EU regulation is fit for purpose, the European Commission (EC) has found that automation and standardisation should ultimately pave the way towards reducing the regulatory burden for the industry – improving law making in the EU. This means that reporting experts and RegTech providers of all..

06 Dec
2017

RegDelta supports redefinition of reporting for regulators

London, UK – 06 December 2017 – Over the last two weeks JWG, the trusted industry expert in regulatory intelligence, has been participating in a reporting TechSprint organised by the Financial Conduct Authority (FCA) and Bank of England (BoE). The successful Sprint was set up to explore the potential for model-driven, machine executable regulation with..

23 Aug
2017

FinTech: what standard?

  • 23rd August 2017
  • Letitia Bolton

Now seems to be the time for vital standards discussions on financial services technology.  But perhaps the overarching questions for a global industry like FinTech are: who sets the standards and how? Of late, bodies like the EC have begun asking such questions, for example in their Q2 FinTech consultation.  Our view is that we..

01 Jun
2017

The RegTech Council: bringing the climbing parties up the mountain

  • 1st June 2017
  • Letitia Bolton

Before the climb, you must have a vision of what success will feel like.  You may not know the precise route, but a general direction, who you need beside you and a sense of the milestones along the way are key to getting in the right frame of mind. After 8 years of compliance efforts,..

10 May
2017

Latest RegBeacon available now

With the industry facing a 60,000 regulatory document mountain, JWG is finding new ways to deploy technology and crowd sourcing to help. In this members-only issue we cover our RegTech outlook and initiatives including:   Launch of JWG’s new RegTech SIGs – The restructured membership groups are broadening and improving our coverage MIG update – With..

15 Mar
2017

RegTech: the seeds of revolution are sewn

  • 15th March 2017
  • Daniel Simpson

The financial services industry is nearing a regulatory crisis point; detailed rules are being written in huge volumes, by regulatory bodies struggling to keep up with their mandates. The result: requirements that are habitually not well contextualised or articulated and often look unlikely to achieve the desired outcomes, but at the same time coming with..

14 Mar
2017

RegTech experts: get out of your own way

As we’ve covered frequently on this site, incumbents are spending billions complying with the thousands of new, granular obligations demanded by FS regulators. So why, after eight years of regulatory reform, is the industry still struggling to fund companies that can revolutionise the way we establish policies and ensure compliance? In 2016 we told UK..

08 Mar
2017

It’s unanimous: We need a RegTech council

  • 8th March 2017
  • Letitia Bolton

Over 40 senior professionals at JWG’s RegTech Capital Markets Conference unanimously stated that we are missing a governing body to assume responsibility for regulatory implementation. It was a powerful discussion which agreed that a key piece of the jigsaw is missing; a strategic dialogue to focus practical regulatory reform implementation.  There is a need to:..