Accuity Introduces Chinese Language Functionality for Online Compliance
Accuity, a provider of global payment routing data, AML screening software, and services, today unveiled Chinese language functionality for its web-based look-up tool, Online Compliance, powered by WorldCompliance. A versatile component of Accuity’s Compliance Solutions, Online Compliance allows users to identify and research sanctioned entities, Politically Exposed Persons (PEPs) and other high-risk individuals and organisations....
CFTC Plans Roundtable on Data Details of OCR Reporting for Next Week, Including Entity ID Proposals
The Commodity Futures Trading Commission (CFTC) has indicated that it will lead a public roundtable on 16 September to discuss its proposed new ownership and control report (OCR), including the practicalities of customer identification. The move is in response to the concerns raised by industry participants, including Futures Industry Association (FIA) president John Damgard who...
Collaborative Approach to Instrument and Entity Identification Could be the Key, Suggests A-Team Group and CGS
Can commercial initiatives and innovation through partnerships succeed where standards bodies have failed in the world of entity and complex instrument identification? That is the question posed by A-Team Group and Cusip Global Services’ (CGS) most recent whitepaper, “Expanding Global Identifiers in Complex Assets and Other Areas”, and one which, given the focus of the...
Commerzbank Focused on Integration of Dresdner’s Customer Data onto its Central Database
Commerzbank may have fallen foul of the UK regulator earlier this year as a result of transaction reporting errors, but the German bank has been engaged in sorting out some of its underlying data issues by doing some of the groundwork to integrate the customer data acquired as part of its takeover of Dresdner Bank...
CESR on the Case for Post-Trade Data Quality, Pushes Ahead with Complexity Classification Changes
In its latest feedback paper as part of the ongoing MiFID review, the Committee of European Securities Regulators (CESR) has confirmed post-trade data quality remains high on its agenda and despite negative feedback from some corners of the market, it will be pushing ahead with classification changes to the definition of certain complex products under...
EXL and Datanomic Partner to Provide Best in Class Compliance Solutions and Services
ExlService Holdings, a provider of outsourcing and transformation services, and compliance and data management solutions specialist, Datanomic, have combined their complementary capabilities to deliver exceptional compliance solutions and services for joint clients around the globe. This partnership offers customers a new end-to-end service to configure, implement and operationalise compliance screening with execution support at a...
Cost of CFTC OCR Customer Data Collection Proposals is Too High, Says FIA’s Damgard
The cost of the Commodity Futures Trading Commission’s (CFTC) proposals to introduce new customer data reports, dubbed the account ownership and control report (OCR), is likely to represent a “significant burden” for market participants in the futures industry, according to Futures Industry Association president John Damgard. In a letter sent to CFTC secretary David Stawick...
Does the European Commission’s “Control Tower” Need a Data Utility Foundation?
This week the European Parliament and Council negotiators have agreed a package of plans to boost the regulatory community’s control of the financial markets, in line with some of the changes going on in the US. One of these has been to plan for the establishment of the European Systemic Risk Board (ESRB) by January...
US SEC Charges Broker-Dealer Pinnacle Capital Markets with AML Related Customer Data Management Failings
In a move that mirrors some of the actions being taken across the pond with regards to customer data infractions, the Securities and Exchange Commission (SEC) has charged US-based broker-dealer Pinnacle Capital Markets with failing to comply with a key piece of anti-money laundering (AML) legislation and forced it to pay out a US$25,000 fine....
RBS Focuses on Data Quality in Order to Better Support its Risk Function
In addition to its entity data management project, the Royal Bank of Scotland (RBS) is also working to improve the overall quality of its reference data as part of its One Risk project. Mark Davies, head of reference data at RBS, explains to Reference Data Review that the firm’s risk function prompted the move, which is...