Month: February 2019

Explore the RegTech Revolution

Forget Sandboxes: Why Governments Should Accept Licensing From Other Jurisdictions

When the UK’s Financial Conduct Authority announced the first round of Fintechs for their regulatory sandbox in 2015, it was heralded as a progressive move and reinforced the UK’s dedication to financial innovation. The FCA is now hosting their fourth cohort of companies, and it is evident that this may not be the right model…
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15th February 2019 0

Saudi Business Is About to Get More Complicated for EU Banks

European Union banks will face higher hurdles in dealing with clients from countries including Saudi Arabia as the bloc moves to tighten controls on illicit financial flows. Panama and the U.S. Virgin Islands will also be put alongside Iran and North Korea on a new EU roll call of 23 countries identified as posing higher…
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14th February 2019 0

Temenos Looks To Replace Old Legacy Banking Systems

Although mainframe bank legacy systems have persisted far longer than most people thought likely a few years ago, that may be changing at last as some vendors develop phased replacement. “Banks aren’t going to jump to pull out that complete heart all at once, “ said Jay Mossman, CEO of Temenos  North America. “We offer…
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13th February 2019 0

Bank of Spain Warns Citizens Against Crypto Given Lack of Local Regulations

Spain’s central bank has issued a reminder to citizens warning of the risks involved in transacting unregulated cryptocurrencies. The Bank of Spain’s notice, issued Feb. 10, followed an official blog post published two days earlier, which had outlined the institution’s stance on cryptocurrencies, their characteristics, and their legal status in Spain and the wider European…
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12th February 2019 0

Q&A: MIT prof talks about teaching blockchain – and who’s learning

Abel Sanchez is one of two instructors teaching the Applied Blockchain course at MIT, one of many universities with courses on the distributed ledger tech. While about half the students can code, others have never coded a line in their life, but they’re still learning. Blockchain is hot, both as an evolving distributed ledger technology…
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11th February 2019 0

Smart Contracts Are No Problem for the World’s Legal Systems, so Long as They Behave Like Legal Contracts

Cryptocurrencies have been a headache (if not a nightmare) for the law. Ever since Ross Ulbricht launched the Silk Road online marketplace in February 2011, Bitcoin and its ilk have been disrupting the ability of authorities to police the globe, and to ensure that norms, regulations and laws are being observed. For a while, it…
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8th February 2019 0

Luminance increases presence in the US with Pepper Hamilton agreement

Leading law firm Pepper Hamilton LLP has adopted Luminance’s technology, as the British AI company continues to expand its presence in the US market. The firm has deployed Luminance for M&A due diligence reviews after a trial that compared the machine learning technology with a manual review. “When comparing Luminance to our previous manual processes,…
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7th February 2019 0

The swift climb of regtech: How technology is transforming regulatory compliance

Having emerged from obscurity to be the new buzzword, here’s what you must know about regtech. Worldwide, financial services in all forms are subject to extensive regulatory supervision for the protection of a large number of stakeholders. Regulatory compliance – characterised by long and tedious processes and costs – has largely been considered a “necessary…
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6th February 2019 0

BankThink Bank regulators are getting serious about innovation

I predict we’ll look back on 2019 as the breakthrough year when the U.S. financial agencies moved, each and all, to begin the digital modernization of regulation and compliance. Regulatory change is slow by nature — by design, really, because getting things wrong can do so much damage. It’s also buffeted by political winds that…
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5th February 2019 0

The cloud industry in 2019 – Three key predictions for the CIO

As we head into 2019, it will be imperative for CIOs to see cloud computing as a critical element of their IT strategy, and not just as a cost that needs to be carefully managed Advancements in solutions and integrated data tools will substantially enhance operations in the cloud, leading it to ultimately become the…
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4th February 2019 0