RegTech Insight Brief
Broadridge Acquires PivotData and Sol Hedge Regulatory Reporting Functions
Global fintech provider Broadridge Financial Solutions has acquired certain private fund regulatory reporting capabilities from New York-based PivotData, a data warehouse and compliance reporting solutions platform for the investment community, and its partner Sol Hedge. Broadridge will leverage their capabilities to help private fund asset managers meet their regulatory reporting requirements.
“PivotData and Sol Hedge’s proprietary data transformation, normalization and load (ETL) processes and in-house compliance experience will provide clients with a reliable, cost-effective and timely regulatory reporting solution,” said the firm.
Cube Joins MetLife Japan for RegTech Pilot
Global regulatory intelligence provider Cube has been selected by MetLife Insurance to take part in a regulatory intelligence and change management pilot project at its Asia innovation centre LumenLab, as part of its open innovation programme, Collab 4.0. The program invites six finalists (from around 140 applicants across 40 countries) to compete for a JPY10 million ($91,000) contract to pilot their solutions with the firm’s Japan business.
CUBE is an enterprise-scale platform that leverages AI to capture financial services regulatory intelligence and automate the process of managing regulatory change.
Broadridge Acquires to Extend Regulatory Reporting Offer
Broadridge Financial Solutions has extended its regulatory reporting offer for asset managers with the acquisition of certain private fund regulatory reporting capabilities from PivotData, a data warehouse and compliance reporting solutions platform for the investment community, and its partner Sol Hedge. PivotData and Sol Hedge’s proprietary data transformation, normalisation and load processes, as well as their in-house compliance experience, are expected to provide asset management clients with a reliable, cost-effective and timely regulatory reporting solution.
CubeLogic Adds CubeWatch Sentiment Analysis
CubeLogic has added CubeWatch sentiment analysis to its portfolio of business intelligence driven risk management, workflow and reporting solutions. CubeWatch monitors social media and other data sources, and automatically organises, filters, translates, scores and weights data collected to provide risk management practitioners with insight into market, geographical and climate related events in real time. The solution is offered as a standalone product or integrated with CubeLogic’s RiskCubed platform.
NICE Actimize Extends Financial Crime Capability
NICE Actimize has established a financial crime consulting and advisory practice and introduced a target operating model designed to pinpoint client objectives, create a technology roadmap and establish an enterprise operational plan.
The consulting practice is working with clients to evaluate the people, process and technology aspects of financial crime programmes, identify inefficiencies and provide guidance on reducing costs and improving effectiveness of existing programmes.
The practice and methodology are part of NICE Actimize’s vision of autonomous financial crime management that could unify and mitigate risk through targeted use of big data, advanced analytics, artificial intelligence and robotic process automation.
RegTech Market Worth $12.3bn by 2023, Says New Report
A new report from MarketsandMarkets suggests that the global regtech market could grow from USD 4.3 billion in 2018 to USD 12.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 23.5%. Key drivers include the increased cost of compliance, adoption of regulatory sandbox approach, and low entry barriers for Software-as-a-Service (SaaS)-based offerings. The large enterprises segment is expected to hold the largest market share, as most publicly traded companies are compelled to adopt regulatory programs. North America is expected to dominate in geographical terms.
BIG Offers Blockchain Course for Crypto Investigations
BIG Blockchain Intelligence Group (BIG), a Vancouver-based developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, claims to have launched the “world’s first” investigator-developed, eight-hour online certification course for cryptocurrency investigations. Originally created for US law enforcement officials, the course has been adapted for use by finance and compliance professionals and consists of five fee-based modules including a detailed forensic review of cryptocurrency transactions and covering a variety of crypto crimes. Completion earns the credential of “Certified Cryptocurrency Investigator” from BIG.
New Hotscan360 Solution From Canada’s CGI
Anti-financial crime solutions provider CGI has launched CGI HotScan360, an enhanced version of its existing HotScan solution. CGI HotScan360 provides integrated, intelligent and real time anti-money laundering, customer due diligence and fraud detection capabilities. The platform uses a real-time risk engine to scan and score thousands of transactions per second utilising machine learning, advanced analytics and automation. “CGI HotScan360 is a modular solution that allows banks to integrate certain modules with other systems or omit them, as necessary,” says CGI. “The solution also complies with the latest and upcoming regulations such as PSD2, GDPR and SEPA instant payment requirements.”
Asian Development Bank Launches AML Scorecard
The Asian Development Bank (ADB) has launched a new scorecard designed to enhance regulatory efficacy to boost access to trade financing while enhancing efforts to combat financial crimes. The ADB Scorecard is informed by and complements the work of the Financial Action Task Force (FATF) and the Financial Stability Board (FSB). It is comprised of “Seven Elements of Effective Regulation” including consistency, risk alignment, co-design, communication, technology/data, enforcement and quality control. “The Scorecard is not an end in itself, but the beginning of a process. The next step is a workshop with stakeholders to address issues,” says the ADB.
Fintrail Solutions Launches Financial Crime Forum
US-based financial crime consultancy Fintrail Solutions has launched the US chapter of the FinTech FinCrime Exchange (FFE), a free members forum already operating in Europe which brings together a network of fintech firms to collaborate on the best practices in financial crime risk management and create a globally connected community in the fight against financial crime.
“Currently, there is no platform in the United States where financial technology and regulatory technology firms can share information and learn from each other,” said Julie Myers Wood, Fintrail Solutions Co-Founder. “This new chapter of the FFE changes that.”