FTC Investigates PCI Audits
Legal experts suggest that the investigation could provide insight on how the FTC might seek to influence the audit process going forward.
Regulation
APEX: How to Win the Hearts of Regulators
A U.S. Treasury Department lawyer gives tips about how to stay ahead of the curve when it comes to regulatory rulemaking.
Commerzbank live on SAP HANA for finance and risk management
Commerzbank is now live with an integrated set of finance and risk solutions powered by the SAP HANA platform. SAP says the bank has more than 70% of its balance sheet running on SAP Bank Analyzer and SAP Accounting for Financial Instruments. It adds that Commerzbank is able to close its monthly books “significantly faster”, […]
Bank of Cyprus UK chooses Lombard Risk for regulatory reporting
Bank of Cyprus UK has selected Lombard Risk’s new AgileReporter for automated regulatory reporting to replace Hitec Labs’ PolicyHub. The bank says it wanted to “improve” on its existing solution which required a number of supplementary manual processes to deliver its reports. Andrew Michaelides, CFO of Bank of Cyprus UK, says: “As complex regulatory requirements […]
Myth-Busting on Expanding into Europe
Craig James, CEO of London-based compliance consultancy Neopay, delivered a talk at the All Payments Expo in New Orleans on March 22 to help companies eyeing Europe as an international expansion market.
Federal Agencies Issue Guidance on Prepaid CIP
Federal financial institution regulatory agencies on March 21 issued guidance clarifying the applicability of the Customer Identification Program (CIP) rule to prepaid cards issued by banks.
European Commission asks for ESMA rethink on MiFID II
MiFID II is delayed yet again as the European Commission (EC) asks the European Securities and Markets Authority (ESMA) for a “rethink”. ESMA has received a letter from EC concerning certain parts of the regulation draft. EC wants a rewrite of three technical standards that govern trading on commodities, exemptions for companies providing support market […]
Wolters Kluwer signs new client in Poland, Bank Pocztowy
Poland-based Bank Pocztowy is implementing a new risk management system, OneSumX, supplied by Wolters Kluwer. The solution will support the following areas: asset and liability management (ALM), market risk, liquidity risk, and credit risk (for the Basel III capital charges calculation). The bank will also use Wolters Kluwer to provide funds transfer pricing (FTP) analysis […]
Industry: Report on Tax Refund Delays Misses Mark
A recent report claiming that heightened anti-tax fraud efforts have led to taxpayers suffering delays in receiving refunds via prepaid cards mischaracterizes the situation, industry observers say.
Cordray Testifies before House; Rep. Hensarling Plans for Regulatory Reform
The hearing followed an announcement from Committee Chairman Reb. Jeb Hensarling (R-Texas) of Republican committee members’ plans to reform financial reform in Washington, including demanding that regulatory agencies undergo a cost-benefit analysis of every regulation.
Bangladesh Bank Hackers Steal $81 Million
Hackers behind an $81 million theft that involved the U.S. Federal Reserve have cost the leading banking official in Bangladesh his job.
UBS Securities automates risk and surveillance with Eventus
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed UBS Securities for its flagship Validus risk and surveillance platform. Mark Holder, global co-head of electronic trading at UBS, says Eventus and Validus offered “impressive capabilities that strengthen our current platform”. The implementation has just begun. “Validus is going to bring a […]
Fundamental Review of the Trading Book: impact on capital requirements and risk architecture
The introduction of the Fundamental Review of the Trading Book (FRTB) requires a rethink when it comes to risk architecture and data requirements. Xavier Dubois, Wolters Kluwer’s senior risk and finance specialist for EMEA, outlines the key points. There is an area of complete agreement when it comes to examining the potential impact of FRTB – […]
PSR’s payments push for more indirect access
The UK’s Payment Systems Regulator (PSR) is pushing for more competition in the supply of indirect access to payment systems. In its interim report “Market review into the supply of indirect access to payment systems”, the PSR says work to open up access is “generating increasingly positive results” but wants more. It adds: “Although there […]
Aktia Bank signs for Accuity’s Global WatchList, perseveres with core system conversion
Finland-based Aktia Bank is implementing Accuity’s Global WatchList to provide regulatory sanctions and other compliance data. The solution covers politically exposed persons (PEPs), companies, vessels, goods, countries and payment information. Accuity says that Aktia’s decision to sign for the Global WatchList was driven by the compliance needs and the need to improve the efficiency of […]
PSD2 reforms: innovation in payment predicted
The Payment Services Directive (PSD) legislation was adopted in 2007 with the objective of making cross-border payments across the EU as easy, efficient and secure as “national” payments within a member state. With the arrival of PSD2, the trend of digital innovation in payment will accelerate, states Antony Bream, UK managing director at Crealogix. The original Directive […]
Viewpoint: What’s the Best Route to Market in Europe?
Europe is the largest single market in the world and an attractive proposition for most payments businesses looking to expand, but you do need to look at the different options available and determine the best route to market for your own firm.
Viewpoint: No-Action Letters from the CFPB: What to Consider Before You Ask for One
The CFPB’s new no-action letter policy is designed to alleviate regulatory uncertainty for innovative financial services businesses, but asking for one could be a double-edged sword.
Retailer Sues Insurance Company over Data Breach Defense Costs
This suit between a retailer and its insurance carrier highlights the importance of ensuring that any insurance coverage meant to account for costs and assessments stemming from a data breach is adequate.
Viewpoint: Ensuring a Level Playing Field for Federal Virtual Currency Regulation
FinCEN’s virtual currency guidance creates different AML standards for virtual currency and traditional funds, but with a slight modification the agency can “re-level” the playing field without compromising its AML policy goals.
Fuchs Joins List of High-Ranking CFPB Staffers Who Flee to Private Sector
Meredith Fuchs joins at least 45 Consumer Financial Protection Bureau employees who have left the bureau for the private sector since 2011.
Refresh continues at Lombard Risk: new product, brand and website launched
A long-standing regulatory reporting software vendor, Lombard Risk, is undergoing a shake-up, with new identity, website and product offering unveiled. This follows on from the recent management overhaul, including the arrival of new CEO, Alastair Brown (he moved from RBS) and new global head of product, Tina Wilkinson (she moved from FIS/Sungard), and the resignation […]
Fundamental Review of the Trading Book: analysing the impact
Exactly who is affected as a result of the Fundamental Review of the Trading Book (FRTB)? Xavier Dubois, senior risk and finance specialist for EMEA at Wolters Kluwer, explores the subject. Earlier year, the Basel Committee on Banking Supervision (BCBS) set out the long awaited revised standards for minimum capital requirements for market risk. We […]
Equiniti acquires Risk Factor and KYCnet
Equiniti Group has completed the purchase of Risk Factor and KYCnet. The acquisitions are part of Equiniti’s strategy of buying specialist technology platforms to provide regulation driven services for its clients. Last year it bought Transglobal Payment Solutions, while back in 2012 it acquired investment system supplier Peterevans. It also purchased a UK-based lending software […]
US to move to shorter T+2 settlement cycle by September 2017
Make a note, 5th September 2017 has been unveiled as the industry target for the US to move from a T+3 to a T+2 settlement cycle. The decision on this has been reached by the US T+2 Industry Steering Committee (T+2 ISC), organised by The Depository Trust and Clearing Corporation (DTCC) and co-chaired by the […]
Fed: Small Banks Not Feeling the Hurt from Debit Interchange Limits
Despite some claims from the banking industry that small banks may be at a competitive disadvantage in a post-Durbin Amendment interchange environment, a new Philadelphia Fed report suggests that banks with less than $10 billion in assets have not suffered from the Durbin Amendment, which capped debit card interchange for larger financial institutions.
Securities Financing Transactions Regulation: danger signs
The aims of the Securities Financing Transactions Regulation (SFTR) may be laudable – but how much difference will some of the changes really make, other than create another operational burden? As Tracy Dilks, senior consultant, and Akber Datoo, founder and managing partner, D2 Legal Technology, suggest, the regulator might as well put a sign in […]
CFPB Makes First Data Security Enforcement against Dwolla
The CFPB has hit online payments provider Dwolla with an enforcement action over what the agency describes as misleading claims the company made about customers’ data security and the risks of using Dwolla’s online system. The action is the CFPB’s first enforcement related to a data security issue, the agency said.
Turkish Man Pleads Guilty in $55 Million Global ATM Heist Scheme
A Turkish man pled guilty Tuesday in a federal court in Brooklyn to planning and leading cyber-attacks that swiped $55 million from ATMs around the world.
Digitising risk data architecture reporting
Can applying semantics make BCBS 239 reporting consistent and comparable across all regulatory bodies? Rupert Brown explores the options when best practice isn’t good enough… Regulatory vagaries and the punitive fines make these tense times for bank risk officers. On the one hand, regulators are asking for a whole lot of architectural work to be […]
CFPB’s Latest Complaint Report Spotlights Prepaid
The CFPB’s latest consumer complaint report is out, and this month the agency took a closer look at prepaid-related complaints. Even though the agency says prepaid complaints “spiked in recent months,” such complaints continue to comprise a small fraction of the issues brought to the bureau’s attention.
Sen. Rounds Calls on CFPB for Cost-Benefit Analysis for Benefits Cards
As the CFPB prepares to release its final rule on prepaid accounts—expected this month—U.S. Senator Mike Rounds (R-S.D.) is urging the agency to conduct a cost-benefit analysis on how the rule would affect government benefits cards and potentially increase taxpayer costs.
Privacy Shield Roils Critics, Muddying U.S.-EU Data Sharing Picture
The recently proposed data-transfer pact between the U.S. and European Union has come under fire from critics, including privacy activists and some EU lawmakers, who claim the deal fails to adequately protect EU citizens from surveillance by American intelligence agencies.
The state of compliance for financial services
Financial institutions need to determine how to comply with the least disruption and cost in the short time frames provided. Image courtesy of Datameer. Click on picture to enlarge or use zoom feature within browser. Or you can read the PDF here.
A whistle-stop tour of the regulatory calendar
As financial institutions across the board gear up for 2016, the year ahead poses some notably regulatory challenges. Not least among these is the impending Market Abuse Regulation (MAR) from the European Commission; there will also be further progress on MiFID II. On 3 July this year, an event will take place which will mark […]
MiFID II date confirmed – but why are financial institutions doing more and achieving less?
As the European Commission finally confirms an implementation date for MiFID II, Volker Lainer of GoldenSource explains why now is the time for financial institutions adopting a quick fix approach to regulation to reconsider. After waiting and wondering, financial institutions finally have a firm date of January 3rd 2018 for MiFID II compliance. Whether this […]
Apple to Testify in House Committee Hearing on Encryption
Apple will testify tomorrow before the House Judiciary Committee on encryption amid its fight with the FBI over creating software to hack an iPhone of one of the terrorists responsible for the December attacks in San Bernardino, Calif. Fellow tech companies, including Google, Facebook, Microsoft and Twitter, are expected to file amicus briefs in support of Apple’s decision not to comply with a court order demanding that Apple comply with the FBI’s request.
Distributed ledger identity: misplaced trust
Distributed ledgers have a role to play in identity verifications, but there are potential pitfalls, state Professor Michael Mainelli and Vinay Gupta. They are increasingly touted as the answer to the identity problems plaguing finance and government. They may well be part of the answer, but more important is recognising they are only tools to help […]
Preparing for PSD II
The European Commission’s upcoming PSD II legislation will bring big changes to the payments landscape in Europe. Banking Technology talks to Jerry Norton, VP of financial services at CGI, to find out more. In October, the European Parliament gave its approval to the level one text of the Payment Services Directive II, which aims to further the […]
PSR tells banks to sell stakes in VocaLink to increase payments competition
The UK’s Payment Systems Regulator (PSR) says banks should sell their stake in the nation’s payments infrastructure, VocaLink, to “help increase innovation and competition”. The PSR has published its provisional findings of its market review into the ownership and competitiveness of the infrastructure that supports the payments systems; Bacs, Faster Payments System (FPS) and LINK. […]
