Tag: regulatory requirements

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For data compliance, banks and payment firms show signs of ‘getting it’

New data protection laws are changing marketing forever for merchants, payment firms and other companies. It started with GDPR, the EU’s landmark privacy regulation that ensured consumers must consent to receive digital communications from corporations. California is next: The California Consumer Privacy Act, modelled largely after GDPR, will go into effect Jan. 1, 2020. As…
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4th December 2019 0

APEXX announces transformative partnership with eShopWorld

APEXX Global, the first single marketplace for global payments, has today announced a partnership between itself and international Irish cross-border e-commerce giant, eShopWorld. The partnership, which aims to transform the payments process for its clients whilst also reducing associated costs, kicked off with APEXX processing payments for eShopWorld’s Russia based clients. APEXX Global’s co-founder and…
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28th November 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

Firms lagging in choosing SFTR systems

A large portion of the market is yet to choose systems for Securities Financing Transactions Regulations (SFTR) compliance due to uneasiness around interpretations of the rules, according to Herve Carrere, director of post-trade product management at Finastra. “We can see that several firms are still in the phase of considering choosing a system, or to…
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23rd October 2019 0

Give regulators new powers or risk missing net zero, NIC warns

Regulators must be given new powers to ensure utility firms invest in sustainable infrastructure or the UK’s net-zero emissions target is at risk. In a new report, published today (11 October 2020), the National Infrastructure Commission has warned that ministers must move to strengthen power the country’s utility regulators – Ofgem, Ofwat and Ofcom –…
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15th October 2019 0

CFTC Says Enforcing Risk-Management Rules Is a Priority

In a first, swaps regulator charges the bank with violating risk-management regulations put in place after the financial crisis The Commodity Futures Trading Commission for the first time charged a bank with violating risk-management rules adopted after the financial crisis, a signal to the industry to bolster internal controls in their swaps businesses. The CFTC…
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8th October 2019 0

How regtech is changing compliance at financial firms

Regulation technology spurring changes within departments aimed at meeting financial rules Just as digital technology is forcing advisers to evolve their business, it’s also impacting compliance departments across the financial services industry. At a recent technology event in New York hosted by the Securities Industry and Financial Markets Association, regulatory and compliance experts discussed the…
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7th October 2019 0

ECB top: “Libra has undoubtedly been a wakeup call for central banks and policymakers”

Benoît Cœuré, the executive board member of the European Central Bank, has told the German Bundestag that stablecoins like Facebook’s Libra initiative come with both risks and opportunities. He made the remarks on Wednesday, September 25. Cœuré commented that the “global payments system still faces two major challenges: access and cross-border retail payments.” He noted…
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26th September 2019 0

Axonius nets $20m to support of cybersecurity asset management platform

Cybersecurity Asset Management company Axonius has netted $20m in its Series B round which was led by new investor OpenView. Existing backers of Axonius including Bessemer Venture Partners, YL Ventures, Vertex, WTI, and Emerge, also contributed funds to the round. The new proceeds bring Axonius’ total equity raised to $37m. The funding comes just months…
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30th August 2019 0

Luxembourg regulator highlights hard Brexit implications for UK firms

Luxembourg’s financial regulator has called for UK asset managers to notify it as soon as possible if they want to be able to conclude new contracts in the country following a potential “hard Brexit”. In a press release, CSSF reiterated that, if the UK exits the EU without ratifying a withdrawal agreement, it would become a…
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21st August 2019 0