Investments|Sector Updates

Investments|Sector Updates

Court marks first-ever FATCA conviction with bank exec’s plea

A federal court in Brooklyn, New York, has made the first-ever conviction for failing to comply with the Foreign Account Tax Compliance Act (FATCA).

FCA warns of financial crime risks post-Brexit

The financial conduct authority has warned that the UK will be unable to manage the risk of financial crime under a no-deal Brexit.

FINRA releases report on regulatory technology

Financial Industry Regulatory Authority (FINRA) has highlighted five key areas here industry participants have most prominently leveraged RegTech innovations.

Denmark looks to increase money laundering fines

With Danske bank currently embroiled in a money laundering scandal, Denmark is reportedly looking to increase fines with new legislation.

FCA aims to strengthen e-money regulations

The Financial Conduct Authority has set its sights on tightening up regulation of the e-money sector.

Law Commission calls for AML laws to be streamlined

The UK is failing to get to grips with anti-money laundering efforts due to the ‘onerous compliance burden’ according to the UK Law Commission.

FCA aims to change the rules for crowdfunding platforms

The Financial Conduct Authority has proposed tough new regulations regarding peer-to-peer (P2P) lending platforms

RegTechs can’t go it alone, there’s no individual solution for compliance

No individual RegTech has the complete answer to achieving compliance, there needs to be an ecosystem which brings different providers together, according to EY partner Mike Zehetmayr.

PSD2 to fuel biometric payment adoption, according to Mastercard

With PSD2 implementing new rules on strong customer authentication, Mastercard is predicting a big future for biometric technology.

More regulatory expertise is needed to help RegTech flourish

Regulations are taking the focus from the organisation to the customer; however, more regulatory expertise and know-how is needed to help the RegTech sector flourish, according to Dr. Ashima Chopra, an independent FinTech Consultant.

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