AxiomSL Achieves ISO Certification

AxiomSL, a global provider of regulatory-reporting, risk and data-management solutions, has received ISO/IEC 27001:2013 certification (known as ISO 27001). The certification covers AxiomSL’s core software and ControllerView flagship product, its system development, professional and client support services and company operations. It also covers AxiomSL’s cloud-based solutions, operations and client support. Companies receive this certification following a rigorous audit; which in AxiomSL’s case was performed by the Standards Institute of Israel, a certification body accredited through the ANSI-ASQ National Accreditation Board.

Accuity Adds AI to Financial Crime Compliance Screening

Accuity has introduced an AI-driven account screening capability, Firco Automated Alert Reduction, aimed to increase accuracy in detecting and evaluating screening matches during Know Your Customer (KYC) processes. The solution results from Accuity’s acquisition of Safe Banking Systems in July 2018 and has been optimised through integration with WorldCompliance data. Rather than leaning on manual processes and managing an abundance of false positives, the Firco solution applies AI techniques to potential matches produced by screening systems and includes a scoring methodology that calculates the probability of a match being correct and evaluates how material the risk is to the business.

Imandra Gains Seed Funding for AI Platform Designed to Make Algos Safe

Imandra, creator of a cloud-native automated reasoning engine designed to make algorithms safe, has completed a $5 million round of seed funding led by UK and US investors AlbionVC, IQ Capital and LiveOak Venture Partners. The capital will be used to support application of the company’s Reasoning as a Service platform in financial services and other sectors, and to hire more AI, engineering and product specialists. Grant Passmore, co-founder and co-CEO at Imandra, notes that as reliance on complex software grows, advances in AI are needed to ensure the algorithms we depend on are safe, explainable and fair.

CME Group Releases ENSO Data Insights

CME Group has released ENSO Data Insights, a benchmarking tool using ENSO’s alternative dataset. ENSO is part of the CME Group. Data Insights gives hedge funds, asset managers and banks access to a diverse pool of global multi-asset class securities to help them compare best execution financing rates, trend analysis for long and short position sector changes, sector breakdown, top position movers and most active stock borrow rate changes as they relate to the ENSO rate. Users can evaluate how market dynamics are driving costs and demands to borrow stock, optimise counterparty management and seize alpha generating opportunities.

Glue42 Adds Apps to Desktop Interoperability Ecosystem

Glue42 has expanded its desktop interoperability ecosystem with the addition of independent software vendors Adaptable Tools and BCC Group, and service provider Norman & Sons. The providers are offering their services via the Glue42 platform that uses the FINOS FDC3 open standard to provide a seamless user interface and data integration between desktop apps. Adaptable Tools adds its Adaptable Blotter DataGrid solution, BCC Group real-time market data sources via its cloud native ONE Solution, and Norman & Sons’ its expertise in ensuring user experience and interface designs, as well as desktop implementations, align with customers’ business goals.

Sequantis Expands RegTech Offering

Sequantis, the French specialist in services and tools to help investors effectively monitor their financial investments within the accounting and regulatory rules framework, has announced the expansion of Sequantis Look-Through (LT), its RegTech company. With expertise in regulations analysis and compliance assistance, Sequantis LT was founded by Sequantis partners Nicolas Fournier and Olivier Durquety.

The company offers a regulatory reporting outsourcing service and currently assists asset management companies and institutional investors in relation to compliance with the various forms of regulation, such as PRIIPS, Solvency II and MIFID II.

Australia To Invest $390m in Financial Regulation

Australia’s new budget will include an additional AUD550 million ($390 million) to boost funding for policing the country’s financial sector, according to Reuters, citing Treasurer Josh Frydenberg.

The funds will finance the implementation of recommendations issued earlier this year by a government-appointed Royal Commission enquiry into financial sector greed and malpractice. The recommendations include a new oversight body for corporate regulators and the overhaul of remuneration structures across the industry.

The government will allocate A$400 million in additional funding to the Australian Securities and Investments Commission and A$150 million for the Australian Prudential Regulation Authority over the next four years.

SFTR Legislation Enters Official Journal of the EU

The seven delegated regulations and three implementing regulations comprising Securities Financing Transactions Regulation (SFTR) level II legislation were published in the Official Journal of the EU on March 22, 2019, making the regime legally binding.

According to the International Securities Lending Association, the reporting obligations deadlines will be as follows: April 11, 2020, reporting obligation for credit institutions and investment firms as well as all third country regulated firms; July 11, 2020, reporting obligation for CSDs and CCPs; October 11, 2020, reporting obligation for all other financial counterparties; January 11, 2021, reporting obligation for all non-financial counterparties.

Fiorano Partners with Konsentus for PSD2 Compliance

Fiorano Software, a specialist in enterprise middleware, integration and API management, has added Third Party Provider (TPP) Identity & Regulatory checking services from Konsentus, a UK-based Regtech company providing live SaaS-based APIs to check TPP identity and regulatory status, to its ready-to-deploy PSD2 platform to provide enhanced support to institutions working towards PSD2 compliance.

Whilst the first major deadline passed on March 14, whereby institutions had to make their ASPSP interfaces available for external testing, the next major PSD2 deadline is September 14, when banks must demonstrate the effective application of all EBA technology mandates.

Union of Arab Banks Calls for Increased RegTech Investment

FinTech has been enthusiastically adopted by local banks but the Middle East region is lagging behind on Regtech investment, warned Wissam Fattouh, who is also Chairman of the MENA Financial Crime Compliance Group. Speaking at a MENA Regulatory Summit in March, Fattouh urged greater investment in regtech applications, without which he warned that firms would be more exposed to cyber security risks and financial crime.