RegTech

In the intricate world of regulatory compliance within FinTech, the three-step standard ‘Know Your Risk’ (KYR) strategy has emerged as a beacon of simplification and clarity.

GRC (Governance, Risk, and Compliance) and cybersecurity symbiotically support and reinforce each other in safeguarding an organisation’s digital and regulatory landscapes. Integrating cybersecurity into GRC programmes enables businesses to address risk holistically, encompassing both policy and digital perspectives.

Sibos 2023 concluded under the amiable autumn skies of Toronto, bringing together financial leaders, such as Victor Dodig from CIBC and others from Santander, State Bank of India, DBS, CLS, and EY, to discuss the resilience of banks and financial institutions amidst geopolitical disruptions. Fenergo attended the panel to understand how some of the big financial leaders are handling financial crime. 

It has been uncovered European financial institutions could each endure up to £1m in compliance costs with the impending AML legislation.

Lloyds Bank has collaborated with the digital identity firm Yoti to launch a new “reusable” consumer digital identity app.

Resistant AI and Instabase have unveiled a strategic partnership, offering an amalgamation of expertise in the realms of financial crime prevention and unstructured data automation, respectively.

Established on 8 August 1967, the Association of Southeast Asian Nations (ASEAN) is a regional intergovernmental organisation consisting of ten countries in Southeast Asia. With the overarching goal of promoting political and economic cooperation and regional stability, ASEAN has been instrumental in fostering collaboration and integration among its member states.

Ripple will no longer acquire chartered trust company Fortress Trust, following the news that Fortress lost $15m worth of customers' digital assets.

Leveraging global media for a more proactive stance on risk is the future of financial crime prevention. Traditional methods often involve manual searches across various applications to identify potential threats in customer and counterparty relationships. While this may have been the standard practice in the past, advancements in technology are reshaping the landscape.

The SEC has always been at the forefront of regulating firms, ensuring they maintain good marketing practices. Its risk alerts play an instrumental role, offering firms the much-needed guidance to prepare for impending examinations.