RegTech IntelligenceIt has been nearly four years since the implementation of CRR/CRD IV which cover prudential rules for banks, building societies and investment firms with the main aim of reducing the likelihood that these financial institutions will become insolvent. To an extent, this reflects the Basel III rules on capital measurement and capital standards which is
Following one of the Trump administration’s financial executive orders, the US Treasury Department issued a report which calls for regulators to streamline reporting obligations and review their coordination efforts, incorporating greater accountability and clarity into examination procedures and data collection requirements. The request mirrors commentary from European Central Bank President Mario Draghi, who, during his
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
JWG would like to thank over 300 attendees for being part of our MiFID II implementation webinar on Wednesday 12 July. We received some excellent feedback from attendees and we hope you took away valuable insight about how to gear-up your programmes. As mentioned, the webinar video recording and our report ‘Who is ready for
Over the past quarter, we have made considerable progress towards the creation of a RegTech Council. In this members-only issue we cover our latest activity in the RegTech arena including: The progress of our new RegTech SIGs – The restructured membership groups are broadening and improving our coverage MIG update – With 6 months to go, firms are moving from
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,
After the financial crisis in 2008, there was an effort to put in place regulation to support the markets and prevent such a crisis in the future by, in the words of Mark Carney, moving the global financial system “from fragility to resilience”. In his recap of what a difference a decade makes, however, we
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
The terms FinTech and RegTech are both used increasingly frequently in the financial services industry. However, they are not by any means used consistently, or indeed necessarily separately. What they most definitely describe is the increasing use of technology in the provision of financial services and the solving of regulatory problems, but beyond that it
On 3 April 2017, ClauseMatch and JWG were pleased to announce the development of a unique solution to simplify and better structure how regulatory changes are driven through internal banking policies. The prototype, linking internal banking policies with constantly changing regulations, was created by senior developers from JWG and ClauseMatch during the autumnal session of
IMeta, a leading global provider of client data management software and services, today announced it has selected JWG’s RegDelta platform, the leading regulatory change management platform, to provide a full regulatory rule set for the iMeta Client Lifecycle Management platform. JWG’s RegDelta platform allows thousands of pages of detailed operational obligations to be organised, interpreted
Blockchain is not something new to the financial sector. In fact, it’s been around for years. It will be, however, a slow process to integrate it into systems already in place and, as with any disruptive technology, for regulators to assess and mitigate its risks by regulating appropriately. Although the technology isn’t novel, regulators now
As the public cloud services market continues to mature and grow – up from $178bn in 2015 to $209bn in 2016, according to research company Gartner[1] – the concentration of computing resources into cloud data centres is increasingly attracting the attention of NPEs as a target for patent litigation. At a time when data security
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
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
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:
On 28 February 2017, I was pleased to chair our second RegTech Capital Markets Conference in London. As many have been asking how it measured up to our expectations, here’s a recap and an overview of what we think comes next. With a very senior audience of over 260 attendees from top-tier banks, buy-side firms
The regulators that oversee the economy are drowning in oceans of data, but need better standards to make sense of it all. The struggle stemming from the lack of standardised data was clearly visible in 2012 when the Commodity Futures Trading Commission (CFTC) needed to trace the so-called ‘London whale’, a trader who accumulated Credit
JWG’s RegTech Capital Markets Conference has made it into Business Insider’s list of the world’s best RegTech conferences to attend in 2017. The 300-person event in Central London on 28 February will bring together the world’s largest financial institutions, public bodies and systems-providers. Business Insider research finds that RegTech’s biggest advantages don’t just lie “automating
Looking at the FinTech and RegTech conversations in 2017 we find that there is considerable confusion about some basic terms, definitions and relationships amongst policy makers, academics and practitioners alike. The now much more popular term is being used to describe many things. When you say RegTech, do you mean it to be a subset
Improving the culture and codes of conduct within financial services firms has been a longstanding issue of contention since the financial crisis. Combatting negative behaviours and inefficient controls has proven difficult to regulate and tackle head on. In 2013, the FSB officially acknowledged business conduct as a new category of business risk and now, in
Distributed Ledger Technology (DLT) is currently a hot topic for financial services, and with good reason, as banks are looking for efficient solutions to costly and cumbersome regulatory burdens and this is exactly what DLT promises to deliver. One of the key areas where there is clear application for this is in meeting Know Your
One of the costliest and most troublesome activities that financial institutions face is complying with regulations. With information technology having already revolutionised consumer financial products, business models, applications, processes and services otherwise known as “FinTech,” it is less well known that information technology could also be used to help financial institutions meet the growing regulatory
The rise of [insert-abbreviation-here]Tech companies signifies a pragmatic shift of business consciousness toward solutions that make use of advances in modern technology. In the banking sector, the magnitude and complexity of firms has immobilised the possibility for innovation. FinTech solutions attempt to combat this issue by producing new and intuitive services for banks and the
Since the financial crisis, we have been gifted over two Eiffel Towers high worth of complex and costly financial regulation, ever increasing in quantity and intricacy. Boards struggle to formulate their strategies to deal with regulatory-driven change to their operating models. There are answers, and now is the time to flush them out – before
JWG are proud to announce that registrations for our second RegTech Conference on 28 February 2017 have topped 300 from over 50 firms, regulators, standards bodies and leading technology companies. After five years and hundreds of articles from our analysts on www.regtechfs.com and 47 special interest group meetings on regulatory implementation in 2016 alone, we
On 19 January 2017, MEPs rejected the European Commission’s blacklist of countries at risk of money laundering and terrorist financing as being ‘too limited’. The rejection suggests that the list should be broader, by including countries that facilitate tax crime, for example. The list from the Commission contained the names of 11 countries, including Afghanistan,
Just before the Christmas break, as part of its quick-fire release of numerous important updates, ESMA published a new Questions and Answers document that covers MiFIR data reporting. Broken down into two separate sections, the document looks specifically at (i) LEI of the issuer and (ii) date and time of the request of admission and
On 23 November 2016, the European Commission published its proposal for a comprehensive reform package aimed at continuing risk reduction and to further strengthen resilience across the European banking system. Included within these proposals are amendments to the current capital requirements (CRR/CRD) and resolution framework (BRRD/SRM). The Capital Requirements Regulation (CRR) and Directive (CRD IV,
Seismic decisions around the globe last year will make this year the most uncertain for future plans since the G20 agreed regulatory implementation priorities in 2009. Though the shifting tectonic plates of geopolitics will dominate 2017 headlines, the uncertainty doesn’t matter from an implementation perspective. There is an unprecedented level to change to get on
At JWG, through tracking key regulatory bodies including ESMA, FCA, FINRA and CFTC, we have picked up key documents for different legislative initiatives such as Dodd-Frank, EMIR, MiFID I, MiFID II and the Commodity Exchange Act. We have sourced over 1000 documents in relation to trade and transaction reporting. In the past month alone, we
OTC derivatives, unlike other financial instruments, have never really had a product identifier. Since as early as 2014, regulators’ high expectations for a detailed product identifier for OTC derivatives have caused consternation amongst industry experts as retooling the current infrastructure to the new specifications is an enormous task that could result in hundreds of billions
We are pleased to publish the latest copy of our newsletter, RegBeacon. In this edition we look back on a quarter that saw us take major steps forward with our regulatory change management platform, RegDelta, host more than 10 industry working groups and agree to host another crucial conference on RegTech. As politicians, courts, regulators
Fitch Ratings, one of the largest three credit rating agencies, released a report on 11 September 2016 on how the Reserve Bank of India’s (RBI) increase in capital requirements under Basel III is likely to put nearly half of Indian banks in danger of breaching capital triggers. They emphasised that government owned banks are the
The Foreign Account Tax Compliance Act (FATCA) has become infamous for its unintentionally damaging effect on the average American expat, as many foreign financial institutions (FFIs) attempt to mitigate their paperwork and risk by denying custom to American citizens according to expat groups with mainly anecdotal evidence. Groups protecting US expats are proposing tweaks to
On 18 August 2016, the Financial Stability Board (FSB) published two final guidance papers for authorities and firms as part of the agenda to end the “too big to fail” risk. Some progress is being made, and the FSB has said that “banks have begun to develop issuance strategies to meet new total loss-absorbing capacity
Benchmarks and indices are vital tools for assessing the underlying price of financial instruments and contracts as well as for measuring the performance of investment funds. Despite this, recent LIBOR and EURIBOR scandals have exposed how vulnerable to manipulation these instruments are. In the light of these events, the European Commission produced a benchmark regulation, which
The Global Financial Markets Association (GFMA), a banking lobby, has warned regulators that new rules must be closely examined to assess their impact on the global financial markets. This comes as a result of the proposed changes to capital requirements that the Basel Committee is currently implementing. These changes to capital requirements could have a
The 2016 edition of the World Economic Forum’s annual Global Risks Report lists “failure of climate-change mitigation and adaptation” as the greatest risk facing the world over the next 10 years. That was the collective judgment of 742 surveyed experts and decision makers drawn from business, academia, civil society and the public sector. Last year’s
We are pleased to publish the latest copy of our newsletter, RegBeacon. In this edition we look back on a quarter that saw us host a successful conference on RegTech and we consider where this leaves the industry and what the next steps need to be. This quarter, despite the most serious political event the
With the upcoming presidential election on 8 November 2016 and Trump’s growing popularity in the polls over the past few months, it is becoming increasingly important for regulators, banks and other financial institutions to gain a greater understanding of his economic agenda. Well before he launched his current campaign, Trump attacked increased regulation following the
Data standards was one of several key themes at the JWG RegTech Capital Markets Conference on 5 July 2016. Conversations about regulatory data standards centre on the need for alignment of data obligations and standards, data protection issues, infrastructure legacy issues and the acquisition and ownership of clean, valid and robust data that can be
In our response to the FCA’s call for input on RegTech, we recommended framing the thinking via the RegTech domains to help enable the prioritisation of new technological solutions in the context of external regulatory circumstances. As we have stressed before, RegTech is about the application of technology to solve a specific regulatory problem, not
On 25 May, the Financial Stability Board (FSB) reported on jurisdictional progress in implementing their policy framework for strengthening oversight and regulation of shadow banking entities. Shadow banking emerged as a financial stability priority following the events of the financial crisis in 2008, when a number of non-bank financial entities entered into liquidation due to
The Fundamental Review of the Trading Book (FRTB) final text was published in January 2016 by the Basel Committee (BCBS). The aims of the FRTB BCBS standards are to better factor market risk into trading book risk models, and to prevent banks moving instruments between the trading book and the banking book in order to
With JWG’s RegTech conference coming up on 5th July, we thought it wise to spell out a few of the most pressing issues up for discussion on the day. Our first panel – Unblocking the ecosystem* – will provide a comprehensive review of the barriers to RegTech development and adoption. On this topic, we have
In a week which has seen cyber-risk cement itself on the agendas of regulators across the world, we’ve witnessed action in the trading space with plenty of developments occurring in Europe’s markets in financial instruments’ overhaul, as well as a concerted effort to rethink the way in which regulations and regulators work in the financial services industry.
Date: April 2016 Dear fellow board members, As the Financial Conduct Authority’s acting head has so rightly pointed out, sustainability is the key to pleasing our shareholders and delighting our customers with a global approach to compliance. Since taking the seat which oversees our global compliance function in 2008, I’ve watched in horror as G20
In November the FCA issued a call for input on RegTech. JWG argued that new and proven tools can be employed but, to do so, the debate must be reframed as a ‘RegTech commons’ for the market to take off. We assembled top technologists from 14 leading firms with the FCA under Chatham house rule
JWG’s recent series on the emerging regulatory barriers and issues in FinTech, does an excellent job of setting forth the main issues for what is sure to be a busy few years of calibration for regulatory compliance and reporting. The emergence of RegTech, roughly the ways in which the adoption of new technologies can help
The Legal Entity Identifier (LEI) has come some way since its formal establishment in November 2011. 10 March marked a new date for going forward, when a report by the LEI Regulatory Oversight Committee (LEI ROC) set out their policy design for the phase 1 collection of level 2 relationship data for the Global Legal
In the post-Easter week, regulators were busy shining a spotlight on remuneration practices in the industry. We saw the EBA releasing a report looking at the high earners in EU banks and ESMA focusing on sound remuneration policies under the UCITS Directive and AIFMD. The FSB also met in Tokyo to discuss their priorities for
FinCEN’s proposed rules on beneficial ownership due diligence, the incoming 4th Money Laundering Directive (AMLD IV) and now the UK’s Register of People with Significant Control (PSC) Regulation all push for more transparency in beneficial ownership or significant control of companies. The aim is to reduce acts of money laundering and tax evasion and to
In our two previous articles, we mentioned that, despite the technology existing to enable ‘good regulatory practice’, the market has failed to overcome the four main barriers. Why? In short, while we have a strong chorus of support from the side-lines, the regulators are only just now beginning to take on the job of making
In our previous article, we argued that a number of next-generation technologies have the potential to dramatically disrupt the financial sector’s manual and outdated legacy infrastructure which is, as we write, fighting a losing battle with the ever-growing pile of regulatory rules. It’s curious. With thousands of actors spending billions on hundreds of technologies –
The attacks in Paris and the continued threats posed by the Islamic State of Iraq and the Levant (ISIL) have once again seen fresh emphasis placed by financial regulators around the world on countering terrorist financing and money laundering. The Financial Action Task Force (FATF), a Paris based intergovernmental body that sets standards and promotes
On 15 February, ESMA released a discussion paper with the purpose of consulting stakeholder opinions on the technical implementation of the incoming Benchmarks Regulation. This regulatory process was initiated on 18 September 2013 at an EU level when the Commission published a legislative proposal for a new regulation on benchmarks, which falls in line with
An EY report released this week in conjunction with the UK Treasury, declared the UK to be the highest ranking FinTech sector in the world with a market size of £6.6 billion. The authors predominantly attributed this to the UK’s accommodative regulatory regime for startups and the associated disruptive technologies they bring to market. We
Following the announcement of a landmark deal on international cooperation over tax avoidance last week, Tuesday saw the signing of a transatlantic pact on data transfer. Even when the EU are in the process of stocktaking the cumulative effects of regulation so far, there is clearly no break in the ongoing pace of financial markets
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
After a long week at Davos, there are a number of interesting conclusions from this year’s World Economic Forum. China appears to have come out less of a worry than it was when it went in, with the IMF’s Christine Lagarde stating that the country is going through a transitional stage towards sustainable growth, and
FATF updates – renewing effort to tackle terrorism A special three-session meeting to discuss tackling terrorist financing was organised by the Financial Action Task Force in reaction to the atrocities that have taken place in the last few months. Whilst the agenda focused on broader ways to tackle terrorist financing, the Islamic State of Iraq
The UK, EU and the Financial Action Task force have promoted banks to adopt and implement a measured approach to de-risking clients that pose money laundering and financial crime risks. The central message has been for financial institutions to manage money laundering risks and to cease relationships with clients as a last resort. But, the
Add another category to the ever expanding list of risks posed to the financial sector with the new kid on the block: Climate Change. Climate risk has now expanded beyond sheer physical damage to companies and their assets to encompass the risks posed by investments in fossil fuels and their rapidly declining value. In response
2015 has been an important year in financial services regulation, it has witnessed regulators and the industry alike struggling to deal with drafting, interpreting and implementing a vast array of new requirements across trading, financial crime, risk and structural regulations. The year has been just as busy for us and our RegTech platform as it
2015 has been a year of genuine progress for the Legal Entity Identifier (LEI) project. It is fair to say that it would not have been particularly difficult this time last year to find sceptics about whether such a statement could be made at this point. ESMA have been a key driver behind this progress.
Getting your head round the main objectives of the current financial reform agenda is a task in itself, but when it comes down to the increasing data management requirements that follow hand in hand, it’s all about the nuts and bolts. Whose responsibility is it to manage this data, and keep it up to quality?
With the new year on the horizon, and mounting pressure from our clients, JWG are gearing up for another MiFID II implementation training course. Given all the current talk about a potential delay, it would be easy to sit back and breathe a sigh of relief. However, that would be a big mistake. There is
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
Welcome to our new and improved RegTech site. The site will continue to bring you JWG’s analysis spanning the breadth of global regulatory reform as well as insight from collaborators across the industry, and it will aim to do so more accessibly, allowing you, the reader, to filter at a much more granular level. This
JWG analysis. Q3 has been an incredibly busy quarter for global regulators. We could fill pages with acronyms describing the new requirements for financial institutions, but we will spare you that. Instead, RegBeacon will provide an overview of the latest developments in the regulatory landscape as well as updating you on what the JWG team
Collaboration is hard, yet it’s the core of meeting every new regulatory requirement. Last week, the Royal Bank of Scotland received the prestigious ‘best use of IT for the purposes of risk/regulatory management’ award because they got the way they manage trade and transaction reporting obligations right. Many leading technologists helped JWG’s RegDelta platform underpin
Last week, the Regulatory Oversight Committee (ROC) published their report on the progress the Legal Entity Identifier (LEI) has made since its proposal in 2011 as a solution to transparency, organisation and risk aggregation in the financial industry. The report is split into five sections: (1) Completion of the Global Legal Entity Identifier System (GLEIS)
JWG analysis. The Regulatory Oversight Committee is branching out. On Wednesday, the ROC released a consultation paper on the possible issuance of LEIs to international branches of a head office legal entity. The idea is that this may reduce the likelihood of the double trade and transaction reporting that foreign branches are often subject to
PRESS RELEASE: Think-tank deploys RegDelta to help train MiFID II workforce JWG, the financial services regulation think-tank, are offering a ground-breaking new face-to-face training course on 3 November 2015 in London. Ground-breaking, because it is supported by the complete library of MiFID II documentation now loaded in RegDelta. The clock is ticking for the thousands
With Stefan Ingves, Chairman of the Basel Committee on Banking Supervision, attending last week’s Institute of International Finance (IIF) Annual Membership Meeting in Lima, the Basel III topic made its way into the discussion. Looking ahead to the next twelve to eighteen months, Mr Ingves highlighted that the Committee’s policy agenda would be focused on
JWG analysis. The European Banking Authority (EBA) have been particularly busy this year, publishing over 30 key documents (5 consultations, 5 guidelines, 7 technical standards, 4 opinions and 11 reports and other notable publications) between June and August. Keeping up this pace, according to the EBA’s September newsletter, we can expect 25 deliverables covering 16
JWG analysis. Euromoney’s article, earlier this year, stated that regulatory arbitrage in Africa is growing as banks begin to establish branches across their borders and exploit regulatory loopholes in the host country. This may result in a lack of accountability due to the frameworks not being in place for consolidated supervision, and is a stark
By Helen Pykhova, Director, The OpRisk Company, and Meredith Gibson, Head of Legal Risk, Santander UK. Introduction The reader will agree that we live in the age of regulation. There is an enormous amount of change coming out of the new legislative and regulatory publications and the sheer number, scale and complexity of the initiatives
JWG analysis. Following the introduction of the new ringfencing law, due to come into force 1 January 2019, the biggest UK banks strongly voiced their concerns. Although this new law will be difficult (and expensive!) for all banks involved to implement, firms with more global and diversified business models are facing additional complexities. In particular,
JWG analysis. Continuing our Legal Entity Identifier (LEI) series, from when the universal identification of financial entities was a mere idea on the horizon to its steady increase in prominence and complexity, we now mark a new date in the KYC calendar with the arrival of the consultation paper for level 2 relationship data for
JWG analysis. On 7 September, the EU published a statistic showing that, according to the EBA, the percentage of high income earners that have a material impact on an institution’s risk profile has increased from 53.68% to 59.00%. They stated, though, that this trend is likely to change in the future following the adoption of
JWG analysis. Last week we wrote about thwarting financial crime through suspicious transaction reports (STRs) in the UK, and the Financial Conduct Authority’s (FCA) concern over the integrity, accuracy and coverage of STRs. On the other side of the Atlantic, FinCEN is proposing to extend their anti-money laundering (AML) regime to investment advisers. Closing
Helen Pykhova, Director, The OpRisk Company, and Elizabeth Roberts, Managing Director, Sheffield Haworth, share their thoughts on the identity of an operational risk professional. Over recent years, the importance of the operational risk profession within financial services has undoubtedly increased. This has been due to a number of reasons, such as major corporate failures and
JWG analysis. It’s only Tuesday and already this week we’ve had some big headlines in the financial services world. On the other side of the Atlantic, Banamex USA was fined by federal and state banking regulators for failure to implement adequate safeguards against money laundering transactions. Perhaps even more significant news is the recent conviction
JWG analysis. The Legal Entity Identifier is a top level form of identification, designed so that it can be applied and recognised universally. Essentially, it should provide one unique code for each unique entity that holds data and be able to be applied anywhere in the world. It sounds great doesn’t it? It sounds like
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
JWG analysis. As we pointed out in our third piece on regulatory reporting, and at an Infoline conference for the buy-side this week in London, the overarching question is how will firms’ derivative activity be judged to be ‘good enough’ in 2017? There is no single answer, and we won’t really know until the results
Yesterday, in London, an august crowd assembled to discuss the future of technology in banking. We were privileged to participate in a session that focused on whether there is light at the end of the ‘data dilemma’ tunnel. Our conclusion: even though it’s been nearly 6 years since the G20’s plans were put in motion,
JWG analysis. Eleven of the industry’s most high-profile trade associations and ISDA this week urged regulators to adopt consistent and harmonised trade reporting requirements across jurisdictions. However, reporting rules are already on the books and the consequences are high for firms. In part 1 of our analysis on reporting, published last week, we explored
JWG analysis. Catch phrases, like ‘caveat emptor’, have been the rallying cry of the financial industry for millennia. In 2009, the G20 sought to change the status quo by introducing the notion of global transparency to all markets. After spending billions on the first wave of reporting, we are only now realising how difficult it
JWG analysis. Since the turn of the year, we have not seen the pace of reform slow down. We could fill pages with acronyms describing the new requirements for financial institutions, but we will spare you that. We are aiming high and expanding our coverage beyond the G20 to track over 600 regulatory initiatives and
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
By Darragh O’Grady and JWG. Regulatory requirements coming in over the next 3 years will mean firms need to know – and prove that they know – more things about their customer than ever before. Combined with the growth of ‘digital banking’, firms are now having to innovate on the digital front, whilst ensuring compliance
JWG analysis. 2015 will see a number of new regulatory requirements, long in the proposal or draft stage, crystallise into prescriptions for better customer data management. At a time when record fines for AML failures and new personal liability for senior managers have intensified the pressure to ‘get KYC right’, these ‘remedies’ pose significant challenges
Happy New Year! Many may have been disappointed by snowless mountains this year but here, in the FS sector, our regulators are making sure we’re covered. Far from a light dusting, this year’s ‘Christmas dump’ exceeded our expectations and all corners of the earth are now digging out from under the 4,000 pages that fell
JWG analysis. While most of us basked in the holiday spirit, the regulatory Grinches were hard at work. In the two-week period between 19 December and 2 January, regulatory bodies in the UK, EU and US alone published over 40 critical documents. JWG’s tracking revealed a broad range of subjects. CRD IV/CRR, BRRD, UCITS V,
By Darragh O’Grady and JWG. In this fourth article in our Blockchain series, we asked RegTechFS contributor, Darragh O’Grady, what benefits blockchain technology could bring to the establishment and maintenance of trading platforms, particularly Multilateral Trading Facilities (MTF) in the context of forthcoming MiFID II implementation planning. According to MiFID, an MTF is a “multilateral
JWG analysis. 60 attendees across the buy and sell-sides came together at Markit’s seminar in Stockholm last month to discuss today’s industry challenges. They concluded that a new focus on establishing a flexible banking operating model to meet both business and regulatory demands for data, processes and standards, is top on their wish list for 2015.
This summer, we found that the industry could face up to three Eiffel Towers high worth of paper from the G20. Curious about the risks inherent in managing that many documents, we asked Meredith Gibson, Head of Legal Risk at Santander UK, and Helen Pykhova, Director of The Op Risk Company and Chair, Operational Risk