RegTech Insight Blogs The latest content from across the platform
SteelEye Sets Its Sights on Cross-Product Market Manipulation
Integrated surveillance provider SteelEye has launched a new feature designed to protect financial institutions against the emerging threat of cross-product market manipulation, also referred to as cross-market spoofing. The new feature, Cross-Product Detection, helps surveillance teams identify and address manipulative practices across multiple asset classes and platforms. Cross-market spoofing is an increasingly sophisticated and challenging…
FinCrime Enforcement Actions Up 31%, H1/2024 – Fenergo Study
Recently released findings from client lifecycle management (CLM), know your customer (KYC) and transaction monitoring specialist Fenergo indicate a 31% increase in the global value of penalties for anti-money laundering (AML) violations, compared to the same period in 2023. The findings underscore a significant rise in enforcement actions, particularly in the Asia-Pacific region, where penalties…
SEC Charges 26 Financial Firms for Record-Keeping Failures, Resulting in $392.75 Million in Penalties
The U.S. Securities and Exchange Commission (SEC) has taken enforcement action against 26 broker-dealers, investment advisers, and dually-registered firms for widespread violations in maintaining and preserving electronic communications. The charges highlight longstanding failures by these firms to comply with federal record-keeping requirements. The implicated firms admitted to the facts outlined in the SEC orders, acknowledging…
Delta Capita’s Kapoor and Kingsley Outline Compliance Tech Strategy
Delta Capita, best known for its capital markets consulting and managed services solutions, bolstered its client lifecycle management (CLM) offering earlier this year through the acquisition of GoldTier, a client onboarding solution, from LSEG. This has now been woven into Delta Capita’s AI-powered Karbon suite, which aims to streamline client onboarding, KYC, AML and regulatory…
MCO Extends KYC/KYTP Reach with Pythagoras Acquisition
Conduct risk and compliance technology provider MyComplianceOffice (MCO) has acquired Pythagoras, a Swiss provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) solutions. The acquisition strengthens MCO’s product portfolio in the compliance technology sector, and marks a significant step in the company’s global reach, leveraging Pythagoras’ presence across Europe, South Africa and Hong Kong….
Consumer Duty is Transforming Wealth Management but there is Still Work to be Done
By Suman Rao, UK Managing Director, Avaloq. A year on from the implementation of Consumer Duty, its impact on the UK wealth management industry has been undeniable, causing a positive cultural shift across the industry as firms modify their practices and behaviours to ensure they provide fair value for clients. Navigating the regulation’s requirements has…
CrowdStrike Incident Tests Operational Resilience
In an ironic twist of fate, the cybersecurity company CrowdStrike, best known for protecting systems from digital threats, recently became the source of a widespread operational resilience event, when a routine update to its Falcon Sensor security software caused chaos by crippling approximately 8.5 million Microsoft Windows systems worldwide including major banks and investment firms….
AI in FinCrime Prevention – 23 Thought Leaders to Watch in 2024
Financial crime (FinCrime) has escalated into a formidable challenge for global financial institutions, with estimated costs soaring to staggering levels. Regulatory bodies worldwide, including the U.S. Federal Reserve and the European Central Bank, have intensified scrutiny over financial institutions with compliance failures in this high-stakes environment coming with hefty penalties including fines reaching into the…
Automation Key to Overcome Implicit Cost Conundrum as PRIIPs Predicament Looms
By Kifaya Belkaaloul, Head of Regulation, NeoXam. With just over 150 days until the Packaged Retail and Insurance-based Investment Products regulation (PRIIPs) changes, the financial industry must confront a looming implicit costs conundrum – and fast. The update to the regulatory framework on January 1 seeks to ensure that asset servicers undertake a more detailed…
Citigroup Fine Shows Importance of Having Robust Data Setup
The US$136 million fine meted out to Citigroup for data irregularities dating back to 2020 should serve as a warning to all financial institutions that robust data management is essential to avoid sanctions amid tougher regulatory regimes. The Federal Reserve and Office of the Comptroller of the Currency (OCC) jointly imposed the penalty on the…