Are financial institutions struggling to keep up with modern sanction and PEPs lists? – Part 1
RegTech Analyst
by jameshaxell
3d ago
The war in Ukraine has underscored how quickly sanction and PEPs lists can change. Since 2022, the US, UK, EU, Australia, Japan and Canada have imposed over 16,500 sanctions on Russia, according to the BBC. The current turbulent geopolitical scene means financial services firms need to be ready for regular, and often sudden, changes to PEPs and sanction lists. FinTech Global recently spoke to several industry players to ask whether financial institutions are keeping up with the modern sanction/PEPs landscape. A recent study from IFA Magazine paints a worrying picture of the current state ..read more
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Embracing change: The guide to structuring your CSRD report effectively
RegTech Analyst
by dwillis
3d ago
Time is ticking for companies to align with the Corporate Sustainability Reporting Directive (CSRD). Starting back in January 2023, the regulations will revolutionise how businesses report on sustainability, weaving it into the very core of corporate reporting. According to Greenomy, With deadlines for large EU companies looming in 2025 and obligations extending to SMEs by 2027, being prepared is crucial. This piece provides key insights on structuring your report to not only meet these deadlines but also enhance your business’s transparency, accountability, and sustainability focus. The CSRD ..read more
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Knostic secures $3.3m to enhance GenAI access control frameworks
RegTech Analyst
by dwillis
3d ago
Knostic, a trailblazer in generative AI (GenAI) security, announced today that it has successfully closed a $3.3m pre-seed funding round. This significant financial injection marks a robust entry for the company as it emerges from stealth mode and positions itself as a leader in need-to-know access controls for GenAI applications. The funding round saw contributions from a diverse group of venture capital firms and angel investors including Shield Capital, Pitango First, DNX Ventures, and Seedcamp. Prominent industry figures such as Kevin Mahaffey of Lookout, David Cross of Rain Capital, and s ..read more
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What the 2024 EMIR Refit means for EU and UK reporting entities
RegTech Analyst
by dwillis
3d ago
Is your firm prepared for the upcoming EMIR Refit? As the 29th April 2024 go-live date approaches, understanding the forthcoming changes under the European Markets Infrastructure Regulation (EMIR) Refit is crucial. According to Novatus Advisory, initially enacted in 2014 in response to the financial crisis of 2008, EMIR aims to enhance transparency in derivative trading. The 2024 EMIR Refit, also known as the Regulatory Fitness and Performance Programme, represents the most significant update to this regulation, focusing on quality enhancements and international data harmonisation. The EMIR Re ..read more
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ISS-Corporate acquires Celsia to enhance corporate sustainability reporting capabilities
RegTech Analyst
by dwillis
3d ago
ISS-Corporate, a provider of compensation, governance, cyber risk, and sustainability services, aims to bolster shareholder value and mitigate risks. Celsia, headquartered in Oslo, specialises in Software-as-a-Service (SaaS) solutions for corporate sustainability reporting, focusing on the European Union’s stringent regulatory frameworks. The acquisition of Celsia by ISS-Corporate is strategically aimed at enhancing ISS’s offerings in the sustainability domain, particularly under the new European Union’s Corporate Sustainability Reporting Directive (CSRD). This move is timely as the CSRD regul ..read more
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Encompass, Innovate Finance and City of London launch new RegTech initiative
RegTech Analyst
by dwillis
4d ago
The newly formed RegTech Platform, initiated by Innovate Finance, the City of London Corporation, and Encompass Corporation, aims to propel the RegTech industry forward by addressing crucial challenges and enhancing the communication and effectiveness of RegTech solutions. This collaborative effort is particularly timely, considering the increasing complexity and stringent requirements of regulatory frameworks, including Know Your Customer (KYC) and anti-money laundering (AML) standards. As part of this initiative, a significant proposal known as the “RegTech Test” has been introduced. This te ..read more
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Enhancing financial compliance: How control room software transforms trading rooms
RegTech Analyst
by dwillis
4d ago
In the fast-paced environment of financial trading control rooms, balancing a myriad of tasks is crucial. These control rooms serve as the nerve centre for compliance activities, tasked with managing sensitive information and preventing conflicts of interest. The advent of compliance control room software has marked a significant shift in how these tasks are approached, offering a way to automate conflict management and streamline the review process of investment deals. According to MyComplianceOffice, at the core of any financial firm, the control room acts as the command center for all compl ..read more
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Essential guide to Anti-Money Laundering (AML) compliance in 2024
RegTech Analyst
by jameshaxell
4d ago
FullCircl, a SaaS platform renowned for eliminating regulatory and verification hurdles, has offered a complete guide to money laundering regulations 2024. The updated guide explores the current global Anti-Money Laundering (AML) regulations, providing essential insights for staying compliant. What is money laundering? Money laundering involves disguising funds from criminal activities as legitimate. It generally occurs through multiple transactions to hide the original source, making the money appear legally obtained. To combat this, laws mandate that regulated entities like banks and ot ..read more
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The comprehensive guide to sanctions compliance in international trade
RegTech Analyst
by dwillis
4d ago
Sanctions compliance involves adhering to laws, regulations, and standards from national and international bodies to prevent dealings with sanctioned entities. According to Moody’s, these entities could be countries, organisations, or individuals deemed threats to security, human rights, or economic stability. An effective compliance strategy includes thorough due diligence, transaction monitoring, and continual risk assessments to ensure no involvement with prohibited activities. This process is vital for preventing sanctions violations and involves verifying third-party identities, analysing ..read more
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PVML raises $8m to boost secure AI-powered enterprise data access
RegTech Analyst
by dwillis
4d ago
PVML, a burgeoning innovator in the field of secure, AI-enabled data access, has successfully closed its Seed funding round, netting $8m. The round was spearheaded by NFX, with contributions from FJ Labs and Gefen Capital, marking a significant endorsement of PVML’s vision and technology. The company is at the forefront of addressing the dual challenges of data security and accessibility in the enterprise space. By leveraging advanced technologies such as Differential Privacy and AI, PVML aims to streamline how businesses access and utilise their data while maintaining stringent privacy standa ..read more
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