Tag Archives: Regtech

FATF discusses FinTech and RegTech

FATF has updated on recent discussions with the FinTech and RegTech sectors. It has recently focused on: using digital IDs for CDD. Institutions increasingly use this, and discussions focused on whether there is any need for change or clarification in the FATF recommendations to support the practice; and the regulatory landscape for crypto-assets. Participants stressed […]

FCA looks at new technologies and AML

FCA has published the results of a survey it commissioned on emerging technologies, and how they can help firms in their AML prevention work. Firms make significant use of technology, particularly in onboarding, analytics on client screening, and saw great potential in technology helping in transaction monitoring. FCA is keen to help firms use technology […]

ESMA responds on Fintech

ESMA has responded to the Commission’s consultation on Fintech. It sees Fintech as a positive evolution so long as business models continue to aim to improve the customer experience and financial inclusion. It identifies some concerns that it thinks need to be addressed, including: the risks (from a market integrity and investor protection standpoint) and costs […]

ESMA speaks on Regtech

ESMA has spoken on how the financial services industry has adopted Regtech. Patrick Armstrong looked at the changes in how we work that have been subject to almost constant change in the past 10 years. Yet, he said, many institutions that survived the financial crisis still have in place antiquated IT systems that are ineffective, […]

FATF updates after plenary session

FATF has held its plenary meeting. Key issues discussed included: work on improving transparency and beneficial ownership: FATF and the Egmont Group are looking at mechanisms used to hide beneficial ownership with a view to assessing how to overcome the challenges of determining it; impact of work on de-risking; updating of list of jurisdictions with […]