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UK Regulators Unveil Ambitious New Dynamic Data Strategy
The UK’s Financial Conduct Authority (FCA) and the Bank of England last week revealed bold new plans to drastically boost their data and analytics capability, using advanced analytics and automation techniques to deepen their understanding of how markets function and to efficiently predict, monitor and respond to firm and market issues. Alongside investment in new…
Regulatory Ramp-up: AML Penalties Double, UK Legislation Goes Live
Last year saw 58 Anti-Money Laundering (AML)-related penalties handed down globally, totalling $8.14 billion – double the amount and almost double the value of 2018 figures (29 penalties at $4.27 billion), suggesting that not only are regulators cracking down with more rigour, but the stringency of their sentencing is also increasing. In this punishing environment,…
ESMA Announces Last-Minute SFTR LEI Repreive
This week ESMA released the long-awaited final guidelines for the upcoming SFTR regulation, due to come into force for most firms in April. Included in the final draft is a grace period of 12 months for the reporting of LEI codes – a reprieve that has been met with a collective sigh of relief from…
RegTech Summit London (Redirected)
Now in its 4th year, the RegTech Summit in London explores how the European financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.
Firms Must Act Now on 5MLD Compliance – Are You Ready?
On December 20, 2019 the UK Government quietly introduced the Fifth EU Money Laundering Directive (5MLD) into UK law, coming into force on January 10, 2020 – in other words, this Friday. The Directive was introduced as part of ‘The Money Laundering and Terrorist Financing (Amendment) Regulations 2019’, and is an amendment to existing regulation,…
Simplifying Compliance Tracking with User Behaviour Analytics
By James Wooster, COO, Glue42. Spending IT budget on compliance solutions is never satisfying. While the impact of fines is easy to measure, the uncertainty of the risk means that other business cases always look more attractive. The scope of MiFID II and CAT compliance has placed additional burdens on financial institutions as both require…
Basel Committee Launches Consolidated Basel Framework
The Basel Committee on Banking Supervision (BCBS) has launched a new consolidated framework, bringing together all of its 14 global standards for the regulation and supervision of banks and financial institutions for the first time on a new section of its website. The framework is the finalised version following the incorporation of feedback submitted against…
Industry Demands Clarity Over 5AML
With less than a month to go before the fifth EU anti-money-laundering (5AML) rule comes into force, serious concerns are being raised regarding the lack of direction from the UK Government – with no final regulation yet transposed into national law. In an open letter to the Chancellor of the Exchequer, SmartSearch CEO John Dobson…
SteelEye Extends Reach with Office in Paris
SteelEye, a compliance technology and data analytics firm, has taken the next step in its international expansion with the opening of an office in Paris. The office supports SteelEye’s rapid growth and positions the company closer to regulated financial markets in France, as well as the Benelux region, Switzerland and many of its existing clients….
ESMA Updates AIFMD Q&A
The European Securities and Markets Authority (ESMA) has updated its Questions and Answers on the application of the Alternative Investment Fund Managers Directive (AIFMD), which are intended to provide common supervisory approaches and practices in the application of the AIFMD and its implementing measures. The regulator has added one new Q&A on the AIFMD reporting…