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FINRA Starts the Clock on OATS Retirement
By Peter Gargone, CEO at n-Tier. FINRA’s August 14 SEC rule filing, coupled with its July 29 compliance webinar, provide the clearest view yet on FINRA’s approach to enforcing CAT regulatory compliance and achieving the industry’s goal of retiring OATS reporting. Peter Gargone of compliance software specialist n-Tier discusses the complexities of the transition, and the…
AML Penalties Increase in APAC as Regulators Rev their Engines
By the end of July 2020, AML, KYC and sanctions fines for global financial institutions reached $5.6 billion, according to the latest findings from client lifecycle management specialist Fenergo. Notably however, although overall penalties were actually down by a third compared to the same period last year, fines issued by APAC regulators related to AML…
AI to Assist Regulatory Compliance and Drive Transparency and Growth in an Uncertain World
By Lucas Wurfbain, Co-CEO, FeedStock. The impact of the Covid-19 pandemic on the asset management industry has been transformative and wide-ranging. Increased market volatility and a large-scale move to remote working environments, alongside the ever-present uncertainty that comes with almost daily changes in government policy are now the new normal. The regulatory environment has also…
Cross-Sector Data Platform Hopes to Revolutionise the Fight Against Financial Crime
Last week, a consortium of businesses, banks and the UK Financial Conduct Authority (FCA) announced a pioneering new AI-driven data access platform set to launch in 2021, led by RegTech firm RegulAItion. The AIR Platform promises to transform the way in which data is accessed by regulated industries, providing a digital infrastructure for scalable, automated…
Gresham Boosts Regulatory Reporting Function with Inforalgo Acquisition
UK-based Gresham Technologies has completed its acquisition of data automation specialist Inforalgo Information Technology, in a move that will significantly expand the firm’s cloud capabilities across its Clareti data platform. Inforalgo specialises in cloud-hosted, straight-through-processing (STP) solutions and intelligent automation technologies for financial institutions, providing complex real-time connectivity delivered as a flexible automated service and…
SEC Approves Final Rules on Proxy Advisors
The US Securities and Exchange Commission has voted to adopt new rules requiring proxy advisors to provide companies with access to their voting advice at the same time as shareholders, following a protracted battle over the regulation of investment firms that has spanned several years. According to the SEC the new rules – which also…
EBA Seeks to Reduce Reporting Costs for Financial Firms
The European Banking Authority (EBA) is exploring ways to streamline supervisory reporting requirements and reduce reporting costs for financial institutions, especially smaller ones, as part of its drive to create a more “proportionate” regulatory and supervisory framework. Common supervisory reporting was first introduced in the EU back in 2013, and the EBA is mandated by…
COVID-19 Effects on NSFR Reporting: Financial Institutions Must Set Sail Strategically Amid Choppy Seas
By AxiomSL. Concerns that effects of the COVID-19 pandemic could lead to a global liquidity crisis have caused a surge in regulatory requirements for liquidity monitoring and reporting that have hugely strained financial institutions. Meeting the net stable funding ratio (NSFR) lies at the heart of this operational and strategic challenge. New Standards On The…
SIX Launches Fully Delegated SFTR Reporting for Swiss Repo Market
The Swiss Stock Exchange’s SFTR reporting services is now live in synchronisation with the introduction of the SFTR regulation. Over 170 clients stand to benefit from this offering. The Swiss Stock Exchange automates the way it provides Unique Transaction Identifiers (UTI) creating a scale offering featuring SFTR-compliant and fully delegated reporting. For the delegated reporting, SIX…
SmartSearch Launches US Operations
UK-based anti-money-laundering (AML) firm SmartSearch on July 14 launched operations in the US, following a period of sustained growth. According to CEO John Dobson: “We have developed a bespoke product for the American market so that US firms using SmartSearch have the same absolute confidence as those in the UK, that their AML checks are…