ComplianceRSS

APRA’s EFS Form Review consultation: first stage of a long road

To Apple Pay or not to Apple Pay, that is the question

On 16 January 2017, the Australian Prudential Regulatory Authority (APRA) released for public consultation its Economic and Financial Statistics (EFS) Form Review. Notably, this consultation package represents a major overhaul of many of the financial and statistical returns currently prepared by the Australian authorised deposit-taking institutions (ADIs) as well as introducing a new set of returns to be submitted. We examine what’s at stake.

Swift’s KYC registers right notes with Turkmenistan and Uzbekistan

New addition to Swift's network

A number of banks in Turkmenistan and Uzbekistan have signed up to use Swift’s Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about correspondent banks, funds distributors and custodians required for due diligence processes. In both deals, Swift worked with its business partner in the Central Asia region, […]

CIBC automates reg reporting in UK and APAC with Wolters Kluwer’s OneSumX

CIBC in regtech deal with Wolters Kluwer

Canada’s banking group CIBC is implementing Wolters Kluwer’s OneSumX for regulatory reporting across its locations in the UK, Japan, Australia, Hong Kong and Singapore.

DTCC sells Clarient Global and Avox to Thomson Reuters

Thomson Reuters acquires Clarient Global and Avox from DTCC

The Depository Trust and Clearing Corporation (DTCC) has agreed to sell its Clarient Global and Avox businesses to Thomson Reuters.

Barclays to overhaul back office ops & set up standalone entity, Barclays Services

Barclays-PLC

Barclays is embarking on a major back office operations overhaul, with the creation of a standalone company, Barclays Services. It will support the operations of the bank’s retail and investment businesses once they are formally separated.

Irish Funds and Deloitte power blockchain for regulatory reporting

about-deloitte-icon

Irish Funds is working with Deloitte and others to develop a blockchain proof of concept (PoC) for regulatory reporting. The project will focus on the Resident Investment Fund Returns (Money Market and Investment Funds Returns Reporting – MMIF) regulation and will use blockchain and smart contract technology to create a platform for regulatory reporting accessible […]

Equitable Bank automates IFRS 9 reg requirements with Wolters Kluwer’s OneSumX

National Bank of Canada will use Orc algorithms and direct market access

Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.

Dubai ponders regulatory framework for loan-based crowdfunding platforms

DIFC

The Dubai Financial Services Authority (DFSA) has issued a consultation paper, “Crowdfunding: SME Financing Through Lending”. The paper proposes a regulatory framework for anyone looking to operate a loan-based crowdfunding platform in the Dubai International Financial Centre (DIFC).

Deutsche Bank fined record £163m for AML control fails

deutsche bank

The UK’s Financial Conduct Authority (FCA) has fined Deutsche Bank £163 million for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial Services […]

BNP Paribas Securities Services invests in fintech start-up Fortia

BNP Paribas Securities Services invests in AI start-uo Fortia

BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.

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