Tag: Wealth management

The financial sector, including banks, payment firms, FinTechs, and wealth and asset managers, faces significant challenges in interpreting regulatory guidance and converting it into...

Anti-money laundering (AML) strategies in the wealth and asset management (WAM) sector are undergoing significant transformations to combat financial crimes more effectively.

In an era where regulatory oversight of the wealth and asset management sector is intensifying globally, the stakes for compliance have never been higher. This sector, pivotal to national economies, plays a crucial role in helping consumers manage their assets and achieve their financial goals. However, its significance also makes it a potential target for misuse by malicious entities aiming to launder money.

In an era where digital transformation is paramount, asset managers are recognising the indispensable role of automating Anti-Money Laundering (AML) processes.

Big changes are sweeping through Europe's financial landscape, thanks to the introduction of stringent Anti-Money Laundering (AML) laws. These new regulations are particularly significant for high net worth individuals (HNWIs) and businesses in the luxury sector. The mandate? Heightened vigilance and transparency in financial dealings, aiming to curtail the misuse of funds.

It is no secret that regulators around the world are becoming increasingly tougher on financial services companies. There is an unrelenting level of regulation being drafted and fines are hitting eyewatering sums. A report from Finbold pegged fines for non-compliance with AML, KYC and data privacy regulations at a total of €12bn in 2020.

With the ESG-focused principles of MiFID II regulation coming into force, wealth management firms need to be prepared for its impact and how they can future-proof their investment processes.

A recent blogpost by MyDocSafe has detailed how the onboarding process within wealth management is impacting the client experience through its complexity.

Docupace, a front and back-office automation solution, has partnered with WalkMe to offer broker-dealers and advisors better tools to implement Docupace services.

Financial market data platform Refinitiv has expanded its financial crime solution tool suite into the wealth management and retail banking space.