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Six Ways to Stay Ahead of Financial Regulators with RegTech
By Burt Esrig, Managing Director and Michael Lehman, Partner, ACA Compliance The RegTech industry has exploded, with over 250 RegTech businesses worldwide and $1bn invested last year, as firms look to beat the regulators and the competition. But firms still aren’t doing enough. There have been $26 billion in fines for non-compliance with AML, KYC and sanctions regulations over the past decade….
Fenergo Launches New Rules-as-a-Service Solution
Client lifecycle management software provider Fenergo has launched a new cloud-based Rules-as-a-Service solution to futureproof financial instititions against evolving regulatory requirements. The plug and play solution will enable financial institutions to integrate Fenergo’s current regulatory rules capabilities into their existing digital platforms. A recent study by Fenergo suggests that the improvement of data and document…
FCA Sets Out No-Deal Action Plan for Post-Brexit Transaction Reporting
The Brexit deal may still be up in the air but even as the Government scrambles to resolve a seemingly insoluble impasse, regulators are paddling hard under water to attempt a (relatively) seamless transition should the UK depart on March 29 with no deal. The UK Treasury has drafted legislation giving the FCA temporary power…
Shield FC Wins Deloitte RegTech Challenge
Shield Financial Compliance (Shield FC) has been named by Deloitte as one of the most innovative start-ups using artificial intelligence (AI) to solve regulatory challenges in the financial sector. Shield FC’s cross-regulation compliance platform provides a 360 view of all electronics communications and trades, making compliance more efficient and ROI driven. “As Deloitte, we are…
No Enforcement Doesn’t Mean No Problem, Warns FCA on MiFID II Compliance
The question of regulatory enforcement is a tough one, and the FCA has come in for its fair share of criticism over how it has handled the compliance requirements for the radical new fee disclosure requirements brought in by MiFID II in January last year. The regulator has been adamant in its stance that MiFID…
Brussels Issues Draft Guidelines for AI Regulation
In December 2018 the European Commission’s High Level Expert Group on Artificial Intelligence (AI HLEG) released its ‘Draft Ethics Guidelines for Trustworthy AI’, a working document for stakeholder engagement that cites AI as “one of the most transformative forces of our time.” The guidelines emphasise that “an ethical approach to AI is key to enable…
Australia Expands Accountability Regime
The recently-released report from Australia’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that ‘BEAR’ (the Banking Executive Accountability Regime) should be expanded to all Australian Prudential Regulation Authority-regulated financial services institutions. Commissioner Kenneth Hayne called for a phased rollout of the regime, with the next step covering superannuation (pension)…
MiFID II: A Long Way from Happy Ever After…
It is over a year since MiFID II was finally implemented on January 3, 2018 and in the mad dash to meet the regulatory deadline, many firms adopted immediate measures and mandatory shortcuts to meet the new research rules, that are now emerging as less than sustainable over the long-term. Fast forward 13 months, and…
Alpha FMC and Kaizen Partner on Transaction Reporting Compliance
Specialist regulatory reporting solutions provider Kaizen has teamed up with wealth management consultancy Alpha FMC to offer a new transaction reporting compliance assurance service. The collaboration will comprise a “health check” for specialist wealth managers and smaller asset managers including an assessment of current governance and control frameworks, a check on the accuracy of reported…
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,…