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Discussion around current trends in regulations for banks globally
A US financial regulator opened an investigation last month into claims that Apple's credit card offered different credit limits for men and women. Steve Wozniak, the co-founder of Apple tweeted tha...
Westpac Bank in Australia is facing one of its gravest crises from systemic AML/CTF failures over a 5-year period that contravened the AML/CTF Act on over 23 million occasions. Heads are rolling at W...
Last week, HSBC and Santander agreed, following CMA action, to refund customers after they both broke a legal order relating to unarranged overdrafts. Part 6 of the CMA’s Retail Banking Market Invest...
We have been asked to explain the differences between rules-engines and machine learning for anti-money laundering/banking secrecy act applications on numerous occasions. This question typically arise...
Reserve Bank of India has shared draft guidelines for "On Tap" Licensing of Small Finance Banks in the Private Sector on 13th Sept 2019. As of now, SFB appears to be the only way to become a...
The Legacy Approach In my prior article, I discussed Rules Engines vs Machine Learning for AML/BSA/CFT compliance. In this article we differentiate legacy AML process from modern a Agile Compliance ap...
“Data is King” has become an idiomatic phrase. Banks have an abundance of data, but the recent fines levied by the FCA against prominent UK banks for their failure to accurately report transactions un...
Offshore banking has always carried an air of subversion about it, but following the release of the Panama Papers in 2016 the industry was catapulted into an entirely new and highly critical light. Si...
As I strode quickly off the plane I had taken back to the US and towards customs recently after an international trip, I reached into my satchel. Like the rest of humanity, I did not want to spend any...
The REGTECH Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries in Regulation, Wiley August 2019. Authors: Janos Barberis, Douglas W. Arner, Ross P. Buckley. Amazon ...
Despite all the new and varying financial players in today’s market, banks still hold a vital position in society. Firstly, they play a huge part in ensuring the stability and the integrity of the fin...
Regulators put little trust in the strength of the current payment authentication system and rightly so, as fraud levels have hit an all-time high. In the last year, over 2.6 million UK accounts have ...