We need global regulation of all technology … but can we? Building on yesterday’s piece, there is a call in many circles for the global regulation of Big Tech. In fact it goes far further than Big Tech. It’s a call for regulating everything online. From cryptocurrencies to social media to artificial intelligence … it... The post Can you close the gate after the horse has bolted? appeared first on Chris Skinner's blog ..read more

I’ve had a lot of thoughts recently about how much automation can go. In most banks, one or two people look over the shoulder of those doing the work to make sure they comply. If we could get rid of all those people checking the checkers, there would huge savings which made me beg the... The post Can we delegate compliance to technology? appeared first on Chris Skinner's blog ..read more

In a land known as Fed, there are two superheroes: AML and KYC. They fly around the world looking for villains attacking the financial markets and aim to zap them. It is a difficult task, and getting more and more difficult every day, but they try … and they fail. In 2009, the estimated annual... The post The superhero adventures of AML and KYC appeared first on Chris Skinner's blog ..read more

In June, the EU put forward proposals for a new Payment Services Directive, PSD3. Having been involved in these developments since their inception in the 2000s, I was intrigued to read the text of PSD3, particularly as the main point bankers made about PSD2 is that they were forced to open up to Third Party... The post A new Payment Services Directive, PSD3: what’s in it? appeared first on Chris Skinner's blog ..read more

For twenty years, I’ve been very close to the harmonisation strategies in Europe for a single financial centre structure. From UCITS to MiFID to SEPA and the PSD, it’s all very close to my heart … as it is with David Doyle, a good friend and an EU Financial Services Regulatory Expert (speaking at the... The post The EU Digitalisation Strategy for the Financial Services Sector is put to the test appeared first on Chris Skinner's blog ..read more

There is an important thing happening that many may have missed imho. We talk all the time about Open Banking and how that’s developing. Why don’t we talk about Open Regulation? Open Regulation uses APIs (Application Program Interfaces) to tap into banks systems and see if they’re doing things right or wrong. It’s a concept... The post Let’s talk about Open Regulation appeared first on Chris Skinner's blog ..read more

Since records began, humans have tried to find a way around the rules. Drive slow, drink less, don’t fight, avoid drugs … there are always a few who want to get around the rules. I grew up in an era of massive football hooliganism. I saw someone stabbed with a knife at a match. My... The post What happens if bankers use WhatsApp for insider dealing? appeared first on Chris Skinner's blog ..read more

There are rules and regulations, and then there is leeway and dodges. It’s all down to how the rules are viewed and how they are regulated that counts. This is the big debate in the UK right now. Party animal Boris’s government has received many penalties for breaking the Covid restrictions they themselves created, whilst... The post There are rules, regulations and dodges appeared first on Chris Skinner's blog ..read more

For most of my time working with banks, regulators were about clipping banks’ wings to suit the market. Today they are all about opening markets and enabling innovation. Jason Butcher, an entrepreneur and a friend, recently posted a picture of a tree on LinkedIn and likened it to today’s financial technology world. The diagram depicted the roots... The post Are regulations the roots of innovation? appeared first on Chris Skinner's blog ..read more

After yesterday’s blog How can you oversee a system you don’t see?, Ricardo replied on twitter: So, I investigated how our social media platforms’ algorithms fail, and there are lots of examples. Let’s start with Facebook. Facebook’s algorithm is blamed for the spread of misinformation and divisive content, radicalising users and failing to protect them from some of the most... The post How can you oversee an algorithm you can’t explain? appeared first on Chris Skinner's blog ..read more