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FCA Gives Financial Sector A PEP Talk
7th Jul 2017 | Written by:
New UK guidance for financial firms serving politically exposed persons (PEPs) has the potential to ease firms’ compliance burden greatly, experts believe, providing it is approached in the right way.
Brexit Could Fragment Anti-Money Laundering Efforts, Experts Warn
6th Jul 2017 | Written by:
Although the UK transposed the 4th Anti-Money Laundering Directive (4th AMLD) just in time last month, financial crime experts are concerned about the great unknown of Brexit and its impact on a...
FSB Sets Up Remittance Task Force To Tackle De-Risking
5th Jul 2017 | Written by:
One of the world’s top financial watchdogs is to focus efforts on removing “unwarranted barriers” for remittance firms seeking to access banking services, after new data showed a continuing decline...
U.S. Policymakers Set Sights On Bank Secrecy Act
3rd Jul 2017 | Written by:
As the U.S. financial sector grapples with a period of legal unpredictability, industry heavyweights are setting their sights on reforming another long-standing piece of banking regulation: the...
FCA Announces Next Batch Of Sandbox Successes
16th Jun 2017 | Written by:
Payments innovators have praised the UK Financial Conduct Authority’s (FCA) regulatory sandbox programme after it unveiled the second batch of successful applicants.
Regtech ‘Unlikely’ To Solve De-Risking Woes
14th Jun 2017 | Written by:
Experts are doubtful that the emergence of new regtech products will reverse de-risking by banks, despite acknowledging the potential benefits of improved transparency and payments tracking.
Basel Committee Issues New AML Guidelines
12th Jun 2017 | Written by:
The influential Basel Committee on Banking Supervision has issued new guidelines to financial institutions on improving their anti-money laundering (AML) and counter-terrorist financing (CTF)...
Weekly News In Brief: June 9, 2017
9th Jun 2017 | Written by:
The Bank of Israel attempts to tighten security of the country's payment card market; Dodd-Frank Act reforms pass the U.S. House of Representatives; the FSB examines fintech, virtual currencies and...
FSB Regional Consultative Group for the Americas Discusses Regional Issues on Correspondent Banking and Fintech
9th Jun 2017 | Written by:
In late May 2017, the Financial Stability Board (FSB) Regional Consultative Group for the Americas held a discussion on its approach to correspondent banking and fintech. The key aspects of such...
Remittance Giants Speak Out On De-Risking
7th Jun 2017 | Written by:
Banks that refuse to do business with the cross-border remittance sector are opening themselves up to greater risk, according to the head of one of the world’s top money transfer firms.
EU Watchdogs Consult On AML Risk To Firms Operating In Third Country
2nd Jun 2017 | Written by:
The European financial authorities have outlined how EU institutions should apply anti-money laundering (AML) policies and procedures to branches located in countries outside the bloc when a third...
Cayman Islands Releases Enhanced AML Strategy
1st Jun 2017 | Written by:
The government of the Cayman Islands has released an anti-money laundering (AML) and counter-terrorist financing (CTF) strategy paper, planning changes to regulation over the next four years.
De-Risking Discouraged Amid UK Money Laundering Shake-Up
25th May 2017 | Written by:
Termination of corresponding banking relationships will not be enough to satisfy UK regulators once current anti-money laundering reforms are complete, legal experts have said.
Firms Look To Regtech To Counter Legal Onslaught
22nd May 2017 | Written by:
The financial sector is rapidly turning to regtech as a way of managing a steadily increasing compliance burden, a new survey has found.
US: CSBS Issues Vision 2020 for Fintech and Non-Bank Regulation
12th May 2017 | Written by:
On May 10, 2017 the Conference of State Bank Supervisors (CSBS) Board of Directors announced Vision 2020, a series of initiatives to modernize state regulation of non-banks, including financial...
U.S. States Rival Federal Authorities With Ambitious Fintech Reforms
11th May 2017 | Written by:
An influential group of state financial regulators has announced plans to integrate the fintech licensing and supervisory system across all U.S. states, upping the stakes in their rivalry with...
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