Data Management Insight Entity Data, KYC and Client Onboarding The latest content from across the platform
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…
Feedback for Regulators on Entity Identification Standards is Important, Says RBS’ Davies
In order to ensure that the industry isn’t faced with just another unique identifier to map to, data managers need to take action and provide feedback on their requirements to the regulatory community, according to Mark Davies, head of reference data at Royal Bank of Scotland (RBS). Davies, who is an active member of think…
Avox’s Price Talks up Wiki-data Progress, Market Opportunities in the Ref Data Space
The development of Avox’s online look-up tool for entity data, which it dubbed Wiki-data, is one of the major developments for the vendor over the last year, according to CEO Ken Price. He first elaborated on the idea in detail at last year’s FIMA in London and indicates that the tool has come on leaps…
SocGen Falls Foul of the UK FSA for Transaction Reporting Failures, Data Related Errors Cost it £1.58m
The London branch of French bank Société Générale has been fined £1.575 million by the UK Financial Services Authority (FSA) for data related failures and failed submission of 80% of its transaction reports over a period of more than two years. This marks the sixth case of a fine being handed out for such failures…
RBS is in the Final Stages of Consolidating Legal Entity Database Across Wholesale Business, Says Davies
Royal Bank of Scotland (RBS) Group may have faced a substantial fine this month from the UK Financial Services Authority (FSA) with regards to failures related to its anti-money laundering (AML) checking process, but a lot of work has been going on in the background at the firm in order to get its customer database…
Ball is in Swift’s Court to Convince of the Benefits of the BIC as an LEI, Says SEB’s Strandberg
Christine Strandberg, global product manager at SEB Global Transaction Services, reckons Swift has a job to do to convince the market of the benefits of its Bank Identifier Code (BIC) as a legal entity identifier. However, she is confident that due to the experience of the industry network operator in the standards development process, Swift…
Industry Groups Petition Against CESR’s Proposed Client Categorisation Regime Changes Under MiFID
Industry groups and associations including the Alternative Investment Management Association (Aima), the Association for Financial Markets in Europe (AFME) and the Futures and Options Association (FOA) have all indicated that they do not wish the Committee of European Securities Regulators (CESR) to push ahead with its proposed changes to the MiFID client categorisation regime as…
Opinion: Bridging the Counterparty Risk Gap
By Xavier Bellouard, co-founder at Quartet FS With the European stress testing exercise this summer casting a further spotlight on the industry, financial institutions across Europe are continuing to grapple with risk management. In particular, counterparty risk exposure is under the spotlight after coming to the fore during the demise of Lehman’s. While the majority…