Binance Partners with IdentityMind to Enhance Compliance

IdentityMind, a risk management and RegTech compliance platform offering KYC and AML service including real-time onboarding, transaction monitoring, and case management solution built for digital currency exchanges, in March announced a new partnership with Binance, the world’s biggest cryptocurrency exchange by trading volume and users. As part of a joint mission to help raise the industry’s standard, Binance and IdentityMind will work together to improve existing data protection and compliance measures for Binance’s global operations.

Clausematch Opens Asia-Pacific HQ

London-based ClauseMatch, which provides a Software-as-a-Service solutions that automates compliance management for banks and financial institutions, is expanding into Asia Pacific with the launch of new headquarters based in Singapore. The firm has also teamed up with local platform RegPac Revolution to gain networking connectivity and traction in the region. Arathi Arul, VP for Business Development at ClauseMatch, will lead the roll-out of the company’s service offerings in Asia Pacific from Singapore.

Singapore FinTech Association Forms Regtech Sub-Committee

After almost a year of gestation, the Singapore Fintech Association has formed a new RegTech Sub-Committee, with an official launch currently being planned for May 30, 2019. Its mission is to foster the RegTech ecosystem in the financial sector in Singapore through talent development, engagement with regulators, engagement with Industry, and nurturing the development of RegTech companies. The Sub-Committee is currently comprised of Chionh Chye Kit, CEO & Co-Founder of Cynopsis.co; Guy Shepphard, Head of Asia-Pacific Financial Crime at SWIFT; Rolf Haudenschild, Head of Regulatory & Risk Services at Ingenia Consultants; and Andrew Tan, Partner at Ignite Consulting.

Numerix Adds ISDA SIMM Margin Module to Oneview Derivatives Pricing and Risk System

Numerix, a provider of risk technology, has added an initial margin module using ISDA’s Standard Initial Margin Model (ISDA SIMM) methodology to its derivatives pricing and risk system, Numerix Oneview. Built on cutting-edge derivative models and a high-performance compute engine, Oneview provides a holistic view of the entire derivatives business across the front and middle offices. As an officially licensed vendor of ISDA SIMM, Numerix will offer a fully-featured initial margin solution for institutions that trade non-cleared derivatives.

The final phases of uncleared margin rules come into effect from September 1, 2019.

Regional Banks Join KY3P Initiative Aimed at Standardising Vendor Due Diligence

A group of 12 regional banks has invested in KY3P, a company working with the financial industry to minimise the burden of responding to duplicative due diligence requests from financial institutions. The group adds to existing design partners Barclays, Goldman Sachs, HSBC, Morgan Stanley and UBS. KY3P was initiated by IHS Markit in 2015 and offers a central, cloud-based platform for vendor onboarding, collection and verification of due diligence data and vendor risk monitoring covering a range of third parties, including vendors, affiliates, sub-advisors, distributors, clearinghouses and other service providers in the financial industry.

Cappitech Launches New Insights Product

Cappitech has announced the launch of Insights, a product that enables compliance teams and risk managers to improve the data quality of their regulatory reporting and benchmark their performance to their peers. Insights provides actionable data at-a-glance, allowing firms to set KPIs and view the key reasons for trade rejections as well as granular data on late reports. Next-generation charting tools enable users to identify underlying problems in their processes. Cross-regulation, Insights provides comprehensive reporting analysis across MIFIR, EMIR, MAS, Canadian and ASIC Derivative Reporting. Insights is offered as part of Capptivate, Cappitech’s cross-regulation, cloud-based platform.

SoftLab9 Signs Agreement with Moody’s Subsidiary Bureau Van Dijk

Software development company SoftLab9 has signed an agreement with Bureau Van Dijk (BVD), a subsidiary of Moody’s credit agency, to provide global company information for SoftLab9’s EnhanceComply.com compliance products.

“[BvD] enhance our coverage with the world’s most comprehensive data sets, including beneficial ownership, corporate structure, and more. Adding these capabilities will make SoftLab9’s enhanced due diligence one of the most thorough services available,” said Rahim Mohamed, Co-founder and CEO of Softlab9.

SoftLab9 also confirmed plans to integrate AI to its datasets for greater efficiency in analysing large amounts of structured and unstructured data.

Apex Group Selects AQMetrics to Power Regulatory Reporting Teams

Apex Group, the fifth-largest fund administrator in the world with over $610 billion in assets under management, has selected RegTech firm AQMetrics as its regulatory reporting technology solution. Apex plans to utilise AQMetrics for its ESMA, CFTC and SEC regulatory reporting requirements. The integrated AQMetrics platform will deliver a full suite of multi-jurisdictional regulatory reporting solutions to the global Apex Group.

HMRC Releases List of Firms in Breach of AML Regulations

HMRC on March 4,2019 published a list of nine businesses issued with penalty notices for the 2018-19 tax year, for failing to comply with the new 2017 Money Laundering Regulations. Five penalties were enforced by HRMC between June 2017 and October 2018 under the 2017 regulations, to the value of £1,390.80. A further 545 penalties were enforced under the 2007 AML regulations over the same period, to the value of £2.54 million.

The FCA is believed to have given notice to hedge funds to expect FCA AML investigators within the next month.

Singapore’s Jumio Joins with ComplyAdvantage to Reduce AML Risk Exposure

Jumio, an AI-powered trusted identity as a service provider, this week launched Jumio Screening: an automated AML screening solution that integrates ComplyAdvantage, a real-time, dynamic financial crime database. The partnership gives Jumio users access to a global proprietary database of structured risk profiles covering enhanced sanctions, regulatory and enforcement watchlists, politically exposed persons and adverse media. The integration automatically flags any new online customers when they are initially onboarded, if their names are listed within any of these databases. The new service also delivers alerts and ongoing monitoring after the initial onboarding process to help financial organisations maintain compliance.