KYC compliance: automation and the human

In Megan Butler’s speech on creating a more effective approach to combatting financial crime, she posed the question “can technology help make your compliance processes slicker, more efficient and more effective?”.  For combatting anti-money laundering and developing an effective KYC framework, the answer is a resounding yes. Firms that operate on a global basis will

It’s raining, it’s pouring … CRS, EU fair taxation package and increased scrutiny

In the last 48 hours, significant steps have been taken towards creating a more level playing field and higher levels of transparency for those who pay tax.  This article provides you with commentary on some of the main aspects that have occurred. JWG’s Customer Data Management Group (CDMG) last year discussed the complexities that the

Six years on from the financial crisis… where have we got to and where do we go from here?

Financial regulation remains as complex as ever. Complex new niches such as shadow banking, Fintech, and Over-the-Counter Derivatives, and the increasing interconnectedness of Financial Institutions (FIs) across the world, have led to greater risks to be managed for regulators. With this in mind, how they manage to get ahead of these rapid financial evolutions and

Death by taxes

JWG analysis. Just as firms are getting their heads round reporting for FATCA, the OECD’s Common Reporting Standard (CRS), together with its band of early adopters, pops up.  Much has been written on comparing CRS with FATCA, highlighting that there is little to fear for there are synergies to be found.  If you are one

The 2015 challenge: hurdling the KYC bar

JWG analysis. With 40+ regulations covering 500+ KYC data requirements due to be implemented over the next 3 years, meeting the requirements poses significant challenges to all firms in the market, not least client outreach, data management and multiple, iterative, implementation dates.  Combined with record fines for AML failures, and new personal liability for senior

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