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KYC compliance: automation and the human
Archive
03 Jul
2017

KYC compliance: automation and the human

  • 3rd July 2017
  • Jordan Dilworth

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..

23 Jan
2017

Best Execution: How compliant are NCAs now?

  • 23rd January 2017
  • Letitia Bolton

On 11 January 2017, ESMA released its follow-up to the peer review on best execution which came out in February 2015.  With significant improvement by many NCAs since the 2015 review, the follow-up reads as a far more positive report, with optimism for further development in the future.  Although certainly not perfect, it reveals that..

02 Jul
2015

Convergence of regulation, supervisory practices and outcomes and a high level of investor protection are key to creating a successful CMU

  • 2nd July 2015
  • RegTechFS

JWG analysis. At CISI’s Annual Conference, Verena Ross presented the latest outlook on EU regulation, covering the Capital Markets Union (CMU), ongoing work in relation to investor protection and the digitalisation of financial services. Ross once more emphasised how a successful CMU, based on a single capital market in the EU, promotes the attractiveness of..

02 Jul
2015

What if your investment-based crowdfunding platform is operating outside the scope of MiFID?

  • 2nd July 2015
  • RegTechFS

JWG analysis. Today ESMA published a Q&A, aiming to clarify the status of investment-based crowdfunding platforms which are outside the scope of MiFID and, therefore, not automatically subject to rules designed to combat money laundering and terrorist financing under AMLD III. Investment-based crowdfunding platforms can have a different regulatory status.  Some are within the scope..

30 Jun
2015

Caught by Europe’s 2017 dragnet? New MiFID II standards could mean the worst

  • 30th June 2015
  • RegTechFS

By Sam Tyfield and JWG. While the latest chapter of the Greece tragedy plays out, today ESMA quietly released its final report on draft technical standards on the authorisations, passporting, registration of third country firms and cooperation between EU competent authorities. Compared to the Consultation Report published in December 2014, ESMA has clarified a number..

09 Jun
2015

Regulatory reporting 2015: recap of the standoff – Part 1

  • 9th June 2015
  • RegTechFS

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..

13 Jan
2015

RegBeacon now published for members.

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..

17 Jul
2014

Trade reporting fines on the horizon

  • 17th July 2014
  • RegTechFS

By Jon Watkins, The TRADE. Regulators are set to clamp down on widespread trade reporting breaches across Europe as a six-month grace period since the rules were introduced expires, according to industry sources. Issues surrounding unique trade identifiers (UTIs), legal entity identifiers (LEIs) and the complexity of the 85 fields required by regulators have plagued..

02 Jul
2014

Transaction reporting presentation from David Nowell

  • 2nd July 2014
  • RegTechFS

With the release of ESMA‘s MiFID II Discussion Paper on 22 May, we received confirmation that transaction reporting is set to get 300% bigger.  The discussion paper outlines 93 fields to be included in reporting, with the addition of algo, trader and client IDs.  For many in the industry, transaction reporting is one of the..

04 Jun
2014

Building the MiFID II surveillance system: your checklist

In our previous article we looked at the current surveillance regime in Europe and the challenges of extending it. See here for more background on the 860 questions that need to be answered by 1 August. While not comprehensive, this will help describe three issues that should be on your checklist: context, identification and linkage...