RegulationsRSS

Blockchain and Bitcoin round-up: 18 August 2017

SAP launches Blockchain-as-a-Service

Quickly following on from the round-up on 16 August, here’s more blockchain and Bitcoin action. Features the Australian government, Blockchain (as in the firm), ShapeShift, Bitstamp and Payza. The Australian government has launched a crackdown on money laundering and terrorism financing – including the digital currency exchange sector being regulated for the first time. The […]

US Senator questions big banks on CFPB arbitration

Too much debt

As expected, US Senator Elizabeth Warren (D-Massachusetts) is not going to let the Consumer Financial Protection Bureau’s (CFPB) final rule on arbitration agreements go down without a fight. The ranking member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protections wants big banks – not just their lobbyists – to address the […]

UK has a go at new data protection laws and it’s not a bad effort

Is there fintech life outside London? Yes, there is. And it is vibrant!

The UK has unveiled details for its new Data Protection Bill, and while it is largely in line with European Union rules, there is also some substance to it (for once).

New state-controlled clearing house to process all payment providers’ transactions in China

china-square-flag

Ant Financial, Tencent and 42 other payments and financial services firms in China have agreed to route their payments transactions through a new clearing house, controlled by Chinese government.

Regtech Supplier Performance Report: ignorance is no longer bliss, it’s now criminal offence

Regtech Supplier Performance 2017 Report

The second edition of Regtech Supplier Performance Report, featuring some 50 regtech suppliers, published by Market Fintech Limited and supported by Banking Technology, says that with over 50,000 regulatory documents published across the G20 since 2009, and an average of 45 new documents every week, we must assume that the future of banking will be driven by technological developments.

NBPCA requests more changes and time to comply with CFPB’s prepaid accounts rule

OCC

US-based Network Branded Prepaid Card Association (NBPCA) submitted its comment letter to the Consumer Financial Protection Bureau’s (CFPB) on the bureau’s proposed changes to the final prepaid accounts rule. The trade group is calling for additional revisions to the rule as well as an extended implementation period.

Time to act: EU Funds Transfer Regulation 2015

Christian Westerhaus, Deutsche Bank

The EU Funds Transfer Regulation 2015 (FTR 2015), which has been in effect since 26 June 2017, aims to deliver full traceability of payments. A lack of regulatory clarity is, however, leading to significant implementation hurdles that require urgent action from all stakeholders.

LGT in regtech revamp with Wolters Kluwer

LGT in regtech revamp

Liechtenstein’s private bank and asset manager LGT is working on a regtech project with Wolters Kluwer. LGT is implementing the vendor’s OneSumX platform for the regulatory reporting and risk management of its Asian operations – in Singapore and Hong Kong.

Bank of Lithuania to offer regulatory sandboxes for fintechs, calls for public feedback

Aerial view of Vilnius, Lithuania

Fintech companies will soon be able to test their products in Lithuania by creating customised regulatory sandboxes under the supervision of Bank of Lithuania.

Brief: How to accelerate compliance reporting with data wrangling

Trifacta

Join the world’s largest banks and cut compliance reporting budgets up to 60%. In this brief, Trifacta takes a closer look at how financial services companies are leveraging data wrangling to accelerate their regulatory reporting.

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