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The cost of doing nothing: TD Bank’s AML fine highlights operational risk hazards for smaller firms
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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 Jun
2013

How high? Re-setting the KYC bar

  • 18th June 2013
  • RegTechFS

Regulators are busy raising the bar for KYC systems and controls. With conflicting purposes and customer data objectives, new guidance and industry solutions are needed in 2014 2013 has been a busy year for both rule-makers and financial institutions as far as KYC requirements go. Aside from the finalisation of a vast array of trading Read More

29 Apr
2013

AMLD IV: Prove you’re doing it right

  • 29th April 2013
  • RegTechFS

Anti-Money Laundering systems and controls continue to make news in the wake of the high profile failures of 2012. On 5 February, the proposal for the updated EU Anti-Money Laundering Directive was finally released. The proposal imposes a number of new requirements significantly increasing the scope and volume of firms’ KYC processes likely to be Read More

21 Mar
2013

Classification: ‘Step One’ for FATCA

  • 21st March 2013
  • RegTechFS

FATCA is continuing to cause the financial services industry headaches and it is unclear that a classification ‘solution’ will appear before the deadline for the withholding tax hits in early 2014. Back office professionals are stuck navigating 500 pages of final regulation released by the IRS in January, the Intergovernmental Agreements (IGAs), and their additional Read More

09 Oct
2012

The cost of not monitoring your customer

  • 9th October 2012
  • RegTechFS

When the G20 first revealed its plans in April 2009, the scale and scope of new reforms was all encompassing. Now, we are seeing how serious the regulatory community is about them. The battle to know your customer provides a first glimpse of just how seriously the industry will take the new reforms. At the Read More