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The KYC Goldilocks paradox – can we please have a standard?
08 Oct

The KYC Goldilocks paradox – can we please have a standard?

  • 8th October 2014
  • RegTechFS

Huge fines and complex KYC rules are causing banks to ‘de-risk’ their client portfolios leading to many without access to banking.  Now both consumers and politicians are unhappy.  For years, the industry has struggled without real standards in the AML arena.  So what happens next? SIBOS news was full of more KYC claims again this Read More

22 Nov

Country-by-country reporting: HMT tells banks to design their own reports

The 4th Capital Requirements Directive (CRD IV) requires banks to report to their national regulators, so-called ‘country-by-country reporting’.  Individual Member States have been tasked by the EBA with issuing national standards for firms regulated under CRD IV to carry out this reporting.  The results from the UK’s Country-by-Country reporting (CBCR) for capital requirements consultation were Read More

30 Aug

£4.4 billion to get divorced? UK treasury estimates cost of ring-fencing to the industry

As part of its on-going drafting of the Banking Reform Bill (BRB) which will implement the Vickers plans for ring-fencing retail banking in the UK, the Treasury recently released an impact assessment of the draft secondary legislation.  It makes for interesting reading as it gives an initial indication of the costs the government thinks will Read More

18 Jul

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 Read More