Pallavi Kapale Senior Financial Crime Officer (2LOD) at Bank of China (UK) Limited
Fraud accounts for atleast 40% of financial crime in the UK. In 2022, UK banks have identified over 39,000 accounts demonstrating behavior indicative of money muling[1]. NCA estimated that over GBP 10 billion is laundered via money mule activity in the UK annually[2]. The global increase in fraudulent activities is a growing concern for businesses...
15 July 2024 /regulation /crime Banking
Veronika Tibilashvili Senior Consulting Department Manager at Lextensio
KYC (Know Your Customer) and Due Diligence are key elements for the successful operation of any business, especially in today's globalized world, where the risks of fraud and financial crimes are increasing. These procedures help companies avoid legal problems, preserve their reputation and protect their financial interests. What is KUS and Due ...
15 July 2024 /security /regulation Information Security
Willem Lambrechts Managing Director at Drebbel
The Critical Importance of Archiving Digital Contracts and Signatures in the Context of European eIDAS, NIS2, and DORA Regulations As digital transformation accelerates, the shift from paper to digital contracts and signatures has become ubiquitous. However, this shift brings with it significant regulatory obligations, especially within the Europea...
12 July 2024 /regulation /startups RegTech
Harriet Christie Chief Operating Officer at Mirrorweb
In March 2023, SEC Chairman Gary Gensler described Artificial Intelligence as “the most transformative technology of our time, on par with the internet and mass production of automobiles". When any groundbreaking tool arrives, a period of adaptation is required. This is more pronounced for regulators, who need to quickly assimilate enough inf...
11 July 2024 /ai /regulation RegTech
Andrei Scutari Open Banking Head of Sales at Salt Edge
In June 2023, The European Commission announced its proposals on regulations governing the payment services industry within the union. The much-anticipated third Payment Services Directive (PSD3) represents the completion of the Commission's review of the second Payment Service Directive, released nine years ago and is slated for release in the f...
09 July 2024 /payments /regulation Banking
Joris Lochy Product Manager at Intix | Co-founder at Capilever
Over the past two decades, the banking industry has faced staggering penalties for non-compliance, totaling an astonishing $387,559,149,283 (source: Violation Tracker). This colossal sum underscores a pressing issue: despite numerous efforts, the financial sector continues to grapple with compliance, with no signs of the penalties decreasing. Ever...
08 July 2024 /regulation /crime RegTech
Steven Rackham CTO for Financial Services at NetApp
The deadline for organisational compliance with DORA is at our doorstep. With the 17th of January 2025 just under 6 months away, it’s safe to say that the clock is ticking for financial services to be ready for the regulation. Preparing for such a significant piece of regulation can be difficult for financial organisations of all sizes, but it is ...
04 July 2024 /security /regulation Financial Services Regulation
Kieran Holland Head of Technical Solutions at FinScan
High-quality data is the bedrock of an effective anti-money laundering (AML) and watchlist screening programme. Incomplete or inaccurate data can lead to false negatives, potentially allowing illicit activities to go unnoticed. Conversely, it can trigger false positives, leading to unnecessary investigations and resource wastage. With data volumes...
03 July 2024 /regulation /crime RegTech
Eli Talmor CEO at ID-Bound
DeFi - Addressing the Limitations of Traditional Finance. DeFi, or Decentralized Finance, aims to tackle several problems users face with traditional financial systems: Limited Access: Traditional finance often excludes people due to factors like geographical location, credit history, or minimum balance requirements. DeFi, built on blockchain techn...
03 July 2024 /regulation /identity Decentralized Finance (DeFi)
Guy Melamed CEO at Exberry
Ever-increasing digitalisation is propelling the world of financial services to act faster and do more than ever before. One side effect of this is the increased risk posed by the failure of critical suppliers. This is the reason EU regulators have introduced the Digital Operational Resilience Act (DORA), which will implement uniform rules for fin...
02 July 2024 /regulation /markets Capital Markets Technology
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.