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Client Management SIG (CMS): This group focuses on AML and other regulations which govern client conduct.

Meeting: CMS 16: RegTech Council 5MLD Registry data project

Date: 30 January

Time:  13:30-15:00

Venue: Citi canary wharf / Dial in

Objective: To agree a collaborative project under the auspices of the RegTech Council which will work across regulator and regulated to align on UBO policy, system requirements, RegTech/data policies and need for a test lab.


  1. Citadel background and Companies house background
  2. Potential RegTech Council programme objectives
  • Align on UBO policy objectives. Agree the objectives necessary to prevent massive amounts of non-productive and distracting, low value work at a fraction of the cost and time each firm currently spends independently ​
  • Mutualise interpretation of implementation requirements. Agree a common policy for identification, transmission and acknowledgement of customer status
  • Define common system FRD. Reduce the time to market and lower operational risk by building a reference functional requirements definition
  • Shape reference UBO RegTech policy. Work with legal/ ICO to define appropriate AI and Data policies ​
  • Establish a test lab. Provide infrastructure and data to support an end-to-end testing at a fraction of the cost
  1. Governance, timing and operational constraints
  2. Next steps

Citadel background: Citadel’s vision is to use homomorphic encryption, fuzzy logic and machine learning to identify discrepancies between firms’ datasets which are held in different places on the same customer. Once these differences are identified and judged to be materially significant, Citadel can then work with Companies’ house via an API to reconcile information. This will drastically reduce the number of times a customer is contacted and reduce the need for millions of emails between customers house and the industry.


Please see Below a list of Documents from previous meetings:


JWG-CMS-Citadel-27-Nov-2019-v1.1_published.pdf (18 downloads)

0919 JWG CMS14 FCA Citadel UBO Minutes v1.0

JWG-CMS-Meeting-26-Sept-2019-deck.pdf (35 downloads)
CMS13-Registry-gaps-targets-priorities-Minutes-v1.2.docx (43 downloads)
JWG-CMS 13-Meeting-23-July-2019-v1.3.pptx (38 downloads)
RegTech-CMS-12-v1.1.pptx (41 downloads)
0519-JWG-RegTech-CMS-12-v1.1.pptx (41 downloads)
CMS-11-AMLDV-1-1- (16/04/2019) [Powerpoint] (42 downloads)
CMS-Minutes-(07/03/19) [PDF] (0 downloads)
CMS-10-3 (07/03/2019) [PowerPoint] (0 downloads)
AMLDV-programme-office-v1.0 (07/03/2019) [PowerPoint] (42 downloads)




CMS-IV-Deck-vFinal (30/01/2018) [PowerPoint] (39 downloads)
CMS-IV-minutes_final (30/01/2018) [Word] (35 downloads)
CMS-V-vfinal (19/04/2018) [PDF] (34 downloads)
CMSVI-minutes-v.2 (21/06/2018) [PDF] (38 downloads)
CMS-VI-v.2 (21/06/2018) [PowerPoint] (38 downloads)
CMS-7-AMLDV-v.1-2 (09/08/2018) [PowerPoint] (39 downloads)
CMS-VII-minutes (09/08/2018) [PDF] (38 downloads)
CMS-7-AMLDV-v.1-3 (09/08/2018) [PowerPoint] (36 downloads)
CMS8-Minutes-V2- (11/10/2018) [Word] (39 downloads)
AMLDV-controling-data-risk-v3-2 (11/10/2018) [PowerPoint] (41 downloads)
CMS-Minutes-(13/12/2018) [Word] (34 downloads) [/vc_column_text][/vc_column][/vc_row]