Compliance Management

As the Corporate Sustainability Reporting Directive (CSRD) and EU Taxonomy gain momentum, companies are prioritising their ESG reporting strategy. Central to this strategy is...

Compliance automation is a game-changer in how chief compliance officers (CCOs) present crucial regulatory compliance information to board members. This technological advancement not only makes compliance processes more efficient but also equips board members with vital knowledge for informed decision-making.

TD Bank Group, known for its comprehensive range of banking, investment, and wealth management services, and Plaid, a leader in developing technology platforms for connecting digital financial applications, have announced a significant partnership. This collaboration marks a vital step in advancing financial data sharing technologies.

Vneuron, a Parisian RegTech firm founded in 2007, has carved its path as a forerunner in the world of risk & compliance technology. Upon its inception, the company had ambitious targets, as it looked to ruffle the feathers of the established quo and revolutionise the space.  

Money laundering is the lifeblood of organised criminals – put simply, without the ability to move and convert criminal proceeds into “clean” money to fund further crime and the lavish lifestyle criminals aspire to, organised crime gangs cease to function.

Fraud in the UK has become a significant concern, with 40% of crimes being fraudulent. Money muling is at the forefront, where fraudsters utilise synthetic or real mule accounts for financial gain. The UK government, recognizing the seriousness, plans to publish an action plan to combat this issue. 

Proliferation Financing (PF) is becoming an increasingly important aspect of the compliance landscape, akin to well-known areas like anti-money laundering (AML) and counter-terrorism financing (CTF). Recently, regulators, particularly in the UK, have begun implementing stricter measures to help businesses identify and mitigate PF risks.

The landscape of financial services faces intensified scrutiny in communications compliance. In an era marked by consistent and assertive regulatory enforcement, a proactive approach to preserving and managing employee communications is critical. The need for a robust and defensible strategy is no longer optional; it's an imperative for firms, irrespective of their scale or niche, as MyComplianceOffice discuss in their latest whitepaper. 

As the end of the year draws near, financial firms are under the gun to complete their annual FINRA and state/jurisdiction registration renewals. With deadlines fast approaching, it's critical to have a robust framework in place for timely, cost-effective, and efficient renewals, not just for this year but for the future as well.

In 2022, Fenergo's annual research survey of global investment banks highlighted a labor-intensive environment in Know Your Customer (KYC) processes. These processes were costing banks as much as $35m annually.