Category: management

Explore the RegTech Revolution

Will KYT drive technology innovation in banking compliance?

From KYC to KYT: the need to “know your transaction” Know your customer (KYC) forms the bedrock of financial crimes compliance, from customer identification and acceptance to monitoring customers’ transactions against their recorded profile, expected behaviour and peer group behaviour. So understandably, customer profile creation and risk classification become the starting point of banking compliance.…
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15th May 2019 0

Banking regulations and fintech compliance: A two-fold approach to risk management

Financial technology, or fintech, companies are revolutionizing the services offered by financial institutions. However, innovation isn’t without risk. We break down the risks and how to approach your risk management program for all parties. Fintech companies are on the rise and rapidly replacing traditional banking functions with smart technology. Banks and credit unions are collaborating…
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9th May 2019 0

How To Avoid Nightmares When Onboarding AI-Powered Regtech

The rapidly expanding realm of artificial intelligence (AI) presents a powerful tool for meeting the requirements of regulatory oversight. But like any powerful tool, using it incorrectly can lead to disaster. I have seen firms allocate large budgets to onboard extremely advanced technology to solve a particular challenge, but their efforts are not always successful.…
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8th May 2019 0

Will The BigTech Empire Capture LegalTech? The Exari Example

Exari, the well-known document automation platform and contract lifecycle management system, has been bought out by US-based and NASDAQ-listed business spend management company, Coupa Software. Importantly, Coupa works across all sectors. The key thing for the California-based Coupa was not the legal bit, instead it was the connectivity between its data analysis strategy and Exari’s…
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25th April 2019 0

Blockchain Front Page: Can Crypto Debit Cards turn Bitcoin into Real Money?

At the end of February, Shift announced it was shutting down its Coinbase debit card. In a message to customers, it explained that it hopes to relaunch in the future, but for now U.S. residents are left with few crypto debit card options. A few days ago, Coinbase announced they were partnering with PaySaf, to…
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17th April 2019 0

EU Aims To Improve Fintech Coordination

Today the European Commission and the European Supervisory Authorities (ESAs) are launching the European Forum for Innovation Facilitators (EFIF), with the objective to improve cooperation and coordination in support of the application of new technological developments in the EU financial sector. Innovation facilitators usually take the form of ‘innovation hubs’ and ‘regulatory sandboxes’. Innovation hubs…
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11th April 2019 0

Big banks’ clampdown on data puts Silicon Valley apps on alert

Long-simmering tensions between the financial industry and Silicon Valley startups are erupting behind-the-scenes into a battle over the reams of valuable data held inside Americans’ bank accounts Bloomberg File photo by Michael Nagle. The app was quickly becoming a cult favourite among penny-pinching U.S. consumers — and also a bane for their banks. In just…
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9th April 2019 0

Apr FCA, SEC sign MoUs to reaffirm cooperation after Brexit

The UK’s Financial Conduct Authority (FCA) and US Securities and Exchange Commission (SEC) have signed two memoranda of understandings (MoU) to reaffirm cooperation following Brexit. These agreements will cement the two countries cooperation, consultation and information sharing following the UK’s withdrawal from the EU, to ensure efficient oversight of regulated entities across borders. During their…
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2nd April 2019 0

Regulatory compliance – The new business enabler

Leila Szwarc, global head of compliance and strategic regulatory services at TMF Group, explains how Asia-Pacific organisations can cultivate a more robust approach to compliance amid data privacy concerns and the changing local and international regulatory landscape Leila Szwarc, TMF Group According to a recent Risk.net/TMF Group survey, 56% of Asia‑Pacific (Apac) organisations currently see…
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20th March 2019 0

Gartner: top 7 security and risk management trends for 2019

Threat detection investment, security aligning to business goals and passwordless authentication are among the top trends in security and risk management, according to Gartner Security and risk management are two of business’ biggest considerations in today’s increasingly volatile cyber security landscape — failings in this arena will lead to potentially irreversible financial and reputational damage.…
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18th March 2019 0