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CTA Reporting Suspended but BSA Obligations and BOI Risks Remain
Following a series of legal challenges and court rulings, the future of the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) repository at the Financial Crimes Enforcement Network (FinCEN) remain unclear. Congress passed the CTA in 2021, and the law went into effect on January 1, 2024. The filing deadline for companies that…
19 RegTech Insights for 2025 from our RegTech Summits
The RegTech Summits in London and New York delivered a deep dive into AI-driven compliance, accelerated settlement, and evolving regulatory frameworks among other key RegTech topics, with industry leaders and regulators weighing in on the biggest challenges ahead. From the implementation of accelerated settlement cycles across global markets to the rise of generative AI (GenAI)…
DG FISMA Rejects the ESAs’ Draft RTS for DORA
Less than one week after the Digital Operations Resilience Act (DORA) came into full force in the EU, the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) issued a letter to the Chair of the Joint Committee of the European Supervisory Authorities (ESAs) rejecting the draft regulatory technical standards (RTS) submitted…
“No WhatsApp Ban” – FCA’s Transition from Prescriptive Rulemaking to Outcome-Focused Regulation
There was a flurry of headlines recently following statements from Financial Conduct Authority (FCA) Chief Executive Nikhil Rathi on a podcast, where he laid out the FCA’s new five-year strategy and its mandate for growth. In response to a direct question about regulating encrypted messaging apps and WhatsApp specifically, Mr. Rathi stated that they’re not…
Understanding Reticence for AI in Compliance: Interview with Strategic Risk Advisor, Jon Elvin
The Saifr sponsored whitepaper—From Caution to Action: How Advisory Firms are Integrating AI in Compliance—published in November, explored a number of key themes surrounding the adoption of generative AI (GenAI) enabled technologies for compliance by advisors and wealth management companies. We recently covered the theme of in-house versus vendor supplied solutions in an interview with…
Operational Resilience Testing for DORA with Fusion Risk Management
The Digital Operational Resilience Act (DORA), an EU regulation aimed at strengthening the IT security of financial entities is now ‘live’ and fully applicable as of January 17. This legislation mandates that financial institutions, including banks, insurance companies, and investment firms, ensure they can withstand, respond to, and recover from all types of Information and…
GenAI in Compliance, Buy vs. Build: Interview with Saifr CEO Vall Herard
The Saifr sponsored whitepaper – From Caution to Action: How Advisory Firms are Integrating AI in Compliance – published in November, explored a number of key themes surrounding the adoption of generative AI (GenAI) enabled technologies for compliance by advisors and wealth management companies. One theme examined survey participants attitudes regarding vender supplied versus in-house built…
Video: MCO’s Avni Katechia Discusses Proactive Approaches to Regulatory Change Management Challenges
In this video, Avni Katechia, Senior Solutions Consultant at MyComplianceOffice (MCO), discusses the evolving challenges of regulatory change management and how firms are adapting their compliance strategies to meet increasing demands. She highlights the complexities of managing regulatory obligations across multiple jurisdictions, the growing focus on data protection regulations such as GDPR and CCPA, and…
FinScan Data Quality Chief Seeks to End Compliance Failure Excuses
The dog ate my homework. The train was delayed. The postman mislaid your birthday card. At one time or another, we’ve all used a weak excuse to forestall censure for an error of behaviour or judgement. And mostly, we’ve got away with it. In financial regulatory compliance, however, excuses won’t wash. Especially when it comes…
GLEIF Begins a New Decade in Growth Mode
The Global Legal Identifier Foundation (GLEIF) enters its second decade this month with its novel system of identifiers for everything from companies and their financial instruments to real assets fast becoming a global standard. While the next five years are expected to see yet more entities join the GLEIF’s open data project, the organisation’s immediate…