RegTech Insight Blogs The latest content from across the platform

Trade Associations Demand Reporting Changes Ahead of MiFID II Review

The European Forum of Securities Associations (EFSA), in conjunction with members from Spain, France, Italy, Belgium, Germany, Denmark, Poland, and Sweden, this week released an open letter calling for a number of changes to be considered as priorities in any upcoming review of MiFID II by the EU authorities. “There are some areas… which need…

NICE Actimize Adds Cryptocurrency Element to AML Solutions Portfolio

NICE Actimize, a specialist in autonomous financial crime management, has jumped on the blockchain bandwagon with the addition of cryptocurrency intelligence platform CipherTrace to X-Sight Marketplace, its financial crime and compliance ecosystem. Founded in 2015 by three Silicon Valley entrepreneurs, CipherTrace claims to be the world’s first blockchain forensics provider, offering tracing and security services…

SIX Changes the Game with New Sanctions Data Service

Last week, Switzerland-based Six launched a new Sanctioned Securities Monitoring Service (SSMS) on the Open:FactSet Marketplace (OFM) – a move that it hopes will change the game when it comes to filling in the gaps of KYC compliance for investment professionals. The service is designed to help users mitigate risk by understanding the potential impact…

SteelEye Partners with TeleMessage to Solve the Mobile Communications Conundrum

Recent regulations, including MiFID II, have introduced highly prescriptive rules about the recording, storage and access requirements of voice and electronic communications relating to financial dealings. With all relevant telephone conversations and electronic communications now required to be recorded – including those which take place on mobile phones – surveillance technology is not only a…

Are You Keeping Up With The Regulator?

By Dr Bimal Roy Bhanu, Group CEO at Ai XPRT. Not many things in life are certain, but in the financial services industry it’s obvious to all participants that regulators are continually tightening the national and international governance, risk and compliance requirements. The ultimate aim for firms in 2020 is to stay one step ahead…

No Grace Period For Reg BI Compliance

For US-regulated firms affected by the upcoming Regulation Best Interest (Reg BI) and concurrent Customer Relationship Summary (Form CRS), due to come into force on June 30, 2020, the pressure is on to comply – and it is looking as if the regulator has no plans to go easy on its targets. The 2020 Examination…

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…

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,…