Tag: regulations

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FCA issues coronavirus cryptocurrency scam warning

The UK’s Financial Conduct Authority (FCA) has warned investors to avoid coronavirus-related cryptocurrency schemes that may seem too good to be true. Crypto scams are on the rise to exploit investors In a warning published on its website, the regulator says criminals and scammers are trying to take advantage of confusion and market instability in…
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17th March 2020 0

Giant Financial Institution, the BBVA, Asks Fintech Firms to Develop Regtech and Finance Solutions via its Open Talent Program

BBVA (Banco Bilbao Vizcaya Argentaria, S.A)., a Spanish multinational financial services company, is making changes to its Open Talent competition for early-stage firms and startups, in order to work cooperatively with Fintech businesses. BBVA is one of the world’s largest financial institutions. It offers services in Spain, South America, North America, Turkey, and Romania. The…
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16th March 2020 0

Glasgow-based AutoRek Partners with Nationwide to Offer Data Management and Cloud-powered Financial Controls

Glasgow-headquartered AutoRek, a firm that provides financial controls and regulatory reporting software, has teamed up with Nationwide to offer a data management solution and cloud-powered financial controls for a three-year period, with a two-year extension plan. Gordon McHarg, managing director at AutoRek, stated: “I am really pleased to welcome an organisation of Nationwide’s calibre to…
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13th March 2020 0

Financial regulators address the economic & operational effects of COVID-19

Financial regulators across the globe have issued statements announcing precautionary measures to address the economic impact of the coronavirus (COVID-19), signalling a growing willingness to intervene. The Bank of Japan (BoJ), European Central Bank (ECB), UK’s Financial Conduct Authority (FCA) and the US Federal Reserve have all announced a range of measures that target the…
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12th March 2020 0

Right Here, Right Now: Taking Action On Financial Crime

If there is one truism about financial crime, it’s that the perpetrators are ever-present and ever-evolving. Just as technology has revolutionized banking and finance, so too has it given criminals more sophisticated tools. Indeed, as financial institutions work to keep pace with exponential technology advances, criminals seem to be pulling even—and in some cases, maybe…
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2nd March 2020 0

European Union unsure how to regulate Facebook’s Libra

The EU cannot work out exactly what Libra is according to a memo by European Commission executive vice-president, Valdis Dombrovskis. Dombrovskis refers to the “need to ensure clarity” about what Libra is, but that the information provided by Facebook is not sufficient. Libra is described as a “moving target” that does not easily within existing…
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26th February 2020 0

Red Deer and Cappitech combine MiFID II and MAR services for the buy-side

Compliance technology providers Red Deer and Cappitech will offer each other’s services to their respective clients for a more integrated solution. Technology providers Red Deer and Cappitech have teamed up to combine their services to provide investment firms with a holistic regulatory compliance solution. The partnership will see Red Deer and Cappitech offer each other’s…
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22nd January 2020 0

FCA takes control over AML and CTF supervision of UK cryptoasset activities

UK businesses conducting cryptoasset activities must register with the FCA. The UK Financial Conduct Authority (FCA) has become the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor for businesses engaging in certain cryptoasset activities under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs). Any UK business conducting specific cryptoasset activities falls…
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17th January 2020 0

Top Fintech Trends Entrepreneurs Must Watch in 2020

Financial technology (fintech), for all of its faults, helps us get more things done more efficiently. Artificial Intelligence (AI) takes it even further, allowing us to conduct business and have conversations when there isn’t even another human involved. We can have online chats with bots, for example, to accomplish or learn a myriad things. Innovation is always on the…
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2nd December 2019 0

Protiviti and International RegTech Association study sets out roadblocks to effective KYC

Protiviti and the International RegTech Association (IRTA) have released the findings of a global market study they conducted to investigate the effectiveness of current ‘Know Your Customer’(KYC) processes. The study reveals an urgent need for more effective industry alignment to accelerate the digitizing of KYC processes and greater use of shared platforms. KYC processes involve…
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25th November 2019 0