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How 2024 will be a Monumental Year with Evolving Regulatory Requirements
By Leo Labeis, CEO at REGnosys. This year will be uniquely busy with numerous changes to global reporting regimes. This article explores the changes firms need to be aware of and how RegTech solutions can help them stay ahead of the curve. RegTech is one of the fastest advancing areas of fintech with the global…
Corlytics Reports Eye-Watering Fines for 2023 Regulatory Breaches
Corlytics, a provider of regulatory risk intelligence, has released an enforcement data report for 2023 revealing financial crime, data protection, and governance as the main risk categories for financial services with the highest penalties. Some $6.7 billion of fines were imposed for financial crime, most of which were for money laundering and terrorist financing. Looking…
Now is the Time to Prepare for January 2025 DORA Compliance Deadline
Rich Cooper, Global Head of Financial Service Go-To-Market at Fusion Risk Management. The Digital Operational Resilience Act (DORA), which is designed to consolidate and upgrade Information and Communications Technology (ICT) risk requirements and sets out a common set of standards for mitigating risks, takes effect across the EU in January 2025. The legislation covers a…
Compliance Automation Provider Ascent Technologies Acquired by Edgewater Equity Partners
Ascent Technologies, a Chicago-based provider of AI-driven compliance automation, has been acquired by Edgewater Equity Partners, a private equity firm in Boston. The acquisition aims to accelerate development of Ascent’s compliance automation platform and enhance its value proposition to customers. The acquisition is a strategic move for Edgewater Equity Partners, which acknowledges Ascent’s capability in…
Firms in the US Prepare to Meet Compliance Date for UPI in Regulatory Reporting
The Derivatives Service Bureau (DSB) has released figures indicating industry readiness for the first jurisdictional compliance date for the inclusion of the Unique Product Identifier (UPI) in regulatory reporting in the US on 29 January 2024. The US is the first jurisdiction to start UPI reporting in G20 derivatives markets with EU EMIR Refit regulations…
Encompass Plans Corporate Digital Identity Platform Following Acquisition of CoorpID and Blacksmith KYC
Encompass Corporation, a provider of real-time digital Know Your Customer (KYC) profiles, has acquired CoorpID and Blacksmith KYC from ING to develop a platform that solves the critical challenge of identification and verification of corporate and institutional clients. ING will be a stakeholder and development partner to Encompass and will use the platform in the…
Broadridge and Boring Money Collaborate on Consumer Duty Solution for Asset Managers
Boring Money, a financial data and insights business, and Broadridge Financial Solutions have collaborated to help asset managers address the requirements of the UK’s Consumer Duty regulation. The duty applies to all new financial services products, and to all products and services currently available to retail customers. Among others, consumer duty affects regulated firms, and…
New Year’s Resolutions: Get OTC Derivatives Reporting Fit for EMIR Refit
By Thomas Steimann, Head of Regis-TR at SIX. The OTC derivatives markets have faced a slew of new regulations since the 2008 Global Financial Crisis, to which the market has continued to adapt. 2024 will be no different. The EMIR Refit is the latest in a wave of regulatory change for the derivatives markets, with…
Delta Capita and Montis Group Enhance Partnership to Develop Advanced Digital Securities CSD Infrastructure
Delta Capita and Montis Group have announced the expansion of their commercial partnership, building on their initial success in developing the Montis Central Securities Depositary (CSD) system. This digitally-native CSD system, powered by Delta Capita’s MACH Distributed Ledger Technology (DLT) platform, is designed to provide the market infrastructure needed for regulated tokenised assets, in the…
Regulated Firms that Don’t Trust Electronic Identification Verification Risk Financial Crime
More than 36% of people in regulated firms who ‘can’t trust’ electronic identity verification technology and instead rely on manual checks are leaving their doors open to financial crime, according to research by anti-money laundering specialist SmartSearch. This statistic, from SmartSearch’s 2023 annual survey of 500 compliance stakeholders across financial, accountancy, property and legal services,…