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

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, Read More

10 Oct
2013

KYC utilities: ‘New’ concepts ready to mature quickly?

  • 10th October 2013
  • RegTechFS

2013 has been a busy year for KYC professionals as they respond to a number of different regulatory requirements. Regulatory demands have raised the bar on not only existing data requirements but also have introduced a number of new ones. In response to this, there are now many different conversations going on in parallel about Read More

27 Sep
2013

2014’s KYC implementation: How long before new data collection becomes unfeasible?

  • 27th September 2013
  • RegTechFS

It’s common knowledge that KYC requirements are becoming a major problem for banks, many of whom have thousands of employees conducting due diligence, document collection or data entry. Unfortunately, the regulatory trend towards more and enhanced customer data has not abated. JWG research has shown that 20+ regulations to be implemented over the next 3 Read More

26 Sep
2013

The cost of doing nothing: TD Bank’s AML fine highlights operational risk hazards for smaller firms

  • 26th September 2013
  • RegTechFS

On 24 September, TD Bank was fined nearly $90 million from US federal authorities for failing to accurately detect and report suspicious banking activity arising from one of its clients, Scott Rothstein, who was charged with racketeering and having operated a large Ponzi scheme to the tune of $900 million. Suspicious activity was detected by Read More

18 Jul
2013

FATCA delayed six months

The Internal Revenue Service (IRS) and the US Department of the Treasury has revised the timelines for implementing reporting and withholding requirements under the Foreign Account Tax Compliance Act (FATCA). These delays are very welcome to firms, particularly FFIs, still facing uncertain requirements and a short implementation timeframe. Withholding on U.S. source income, such as Read More

05 Jul
2013

FATF guidance update: New AML standards on PEPs, sanctions, and mobile payments

  • 5th July 2013
  • RegTechFS

The Financial Action Task Force (FATF) has been very busy. The outcomes of their recent plenary meeting have been released alongside a small library of guidance documents. The FATF have released guidance on how countries and the private sector should handle the money-laundering risks associated with prepaid cards, mobile payments and digital currencies. After extensive Read More

01 Jul
2013

Bitcoin: A new regulatory frontier

It is known that regulators are continually playing catch-up with technological innovation in financial services, whether it’s HFT trading, being addressed in MiFID II, or internet banking in the new Bank Account Directive. Bitcoin, however, is an entirely new kettle of fish. For a start it’s a currency that comes bundled with its own payment Read More