Insurtech and the future of financial modelling

May 01, 2019 at 12:01AM Mark Brown, Willis Towers Watson: technology revolution or evolution? While there seems to be a series of insurtech revolutions happening across the industry, it would be fair to say that when it comes to the trio of financial, actuarial and management reporting, the pace of change seems to have been a lot slower. To date, nobody has stood up and said, “I’ve got a great new way to be an actuary” or “hey, I’ve found an app that replaces accountants”. But my contention is that this does not mean nothing has been happening or that … Continue reading Insurtech and the future of financial modelling

FIS, Fiserv and Infosys compete for Robinhood’s core banking tech deal

April 29, 2019 at 12:33AM Robinhood plots a retail bank in the US FIS, Fiserv or Infosys will be providing core processing software to Robinhood Bank once it receives authorisation from the Office of the Comptroller of the Currency (OCC). Robinhood has applied for a national banking charter to launch a consumer-focused bank in the US. “Robinhood currently uses innovative technologies to deliver brokerage services to US retail consumers. It proposes to leverage those same and other innovative technologies to offer banking services in a safe and sound manner to US retail consumers,” it explains in its application to the OCC. … Continue reading FIS, Fiserv and Infosys compete for Robinhood’s core banking tech deal

Accuity Launches AI-Powered Financial Crime Compliance Screening to Detect and Prioritise Highest Risk Individuals

April 17, 2019 at 08:59AM Accuity, the leading provider of financial crime compliance, payments, and Know Your Customer (KYC) solutions, has announced its AI-driven account screening capability, ‘Firco Automated Alert Reduction’, which increases the level of accuracy in detecting and evaluating screening matches during the KYC process. It has also been optimised to integrate seamlessly with WorldCompliance data to expand its visibility into sanctions, politically exposed person (PEP) and adverse media lists, in support of compliance requirements. This new module augments existing financial crime filters and alleviates a significant burden for organisations with large-scale compliance operations that rely heavily on … Continue reading Accuity Launches AI-Powered Financial Crime Compliance Screening to Detect and Prioritise Highest Risk Individuals

N26 under German regulator’s microscope

April 15, 2019 at 01:43PM German challenger N26 is going under scrutiny by German regulator BaFin, which has found several deficiencies that the bank must address as soon as possible. “We’ve increased our workforce from 500 employees in August 2018 to more than 1,000 today” Valentin Stalf, CEO of N26, has released a statement highlighting its commitment to fixing those issues: “As all licensed banks, N26 is subject to regular internal and external independent audits, including those by the German financial regulatory body BaFiN. Like all German banks, we are under BaFin’s supervision and have a very close working relationship … Continue reading N26 under German regulator’s microscope

Wolters Kluwer and Equifax Team Up to Offer End-to-End CECL Solution

March 29, 2019 at 08:45AM Equifax, a global data, analytics, and technology company, and Wolters Kluwer’s Finance, Risk & Reporting (FRR) business, are teaming up to provide an end-to-end Current Expected Credit Losses (CECL) solution. The companies are combining their respective CECL offerings and capabilities to help financial institutions comply with new standards instituted by the Financial Accounting Standards Board (FASB) for a complete solution that ensures an integrated and supportable framework. These new CECL standards will take effect in the first quarter of 2020 for financial institutions that are registered with the U.S. Securities and Exchange Commission (SEC), and … Continue reading Wolters Kluwer and Equifax Team Up to Offer End-to-End CECL Solution

Wiring financial organisations for regulatory success

March 27, 2019 at 12:01AM Anastasia Dokuchaeva, ClauseMatch: firms need to be much bolder in their use of tech Regulatory compliance is a time and resource-consuming burden for every financial institution – since the global financial crisis, regulatory requirements have increased exponentially. Regulators are increasingly demanding more detailed information, and firms now have to demonstrate greater levels of responsiveness, accuracy and monitoring of their data, transactions, governance and policies. More complex regulatory requirements mean that regulated financial institutions are facing spiraling compliance costs, and as a result, many are looking for solutions which will not only enable them to comply … Continue reading Wiring financial organisations for regulatory success

PwC to pay $335 mln over failed audits of Alabama’s Colonial Bank -U.S. regulator

March 15, 2019 at 05:58PM WASHINGTON, March 15- A top U.S. banking regulator said on Friday that PricewaterhouseCoopers will pay $335 million to settle claims of "professional negligence," after saying the auditor should have identified problems leading to the 2009 collapse of Alabama- based Colonial Bank. The FDIC had sued the company in its role as receiver for Colonial Bank, which once… via Banks https://cnb.cx/2TaqlLk Continue reading PwC to pay $335 mln over failed audits of Alabama’s Colonial Bank -U.S. regulator

Thailand prepares portal for regulated ICOs

March 15, 2019 at 12:01PM The Securities and Exchange Commission (SEC) of Thailand, the regulatory watchdog, has greenlighted the country’s first portal for scrutinised initial coin offerings (ICOs). Thailand aims to protect investors while giving firms new ways to get funding The Bangkok Post reports that the decision needs final approval from other government agencies such as the Ministry of Commerce, according to the SEC’s fintech director, Archari Suppiroj. However, the first ICO will be launched in the near future under the royal decree on digital asset business. The aim of the portal is to protect investors, which is done … Continue reading Thailand prepares portal for regulated ICOs

5AMLD: know your compliance changes

March 11, 2019 at 12:01AM David Pope, HooYu: know your AMLDs! The 1st Anti-Money Laundering Directive (AMLD) was adopted by the EU in 1990. Nearly 30 years on, with new threats and increased digitisaton, regulators are changing the rules again to better protect consumers and businesses. The 4th Anti-Money Laundering Directive (4MLD) had a deadline of June 2017 for the EU directives to become law in EU countries. The 5th Anti-Money Laundering Directive (5MLD) has a deadline of the 10 January 2020 for the same process. As for the 6th Anti-Money Laundering Directive (6MLD), proposals have already been published – and we can expect updated … Continue reading 5AMLD: know your compliance changes

US Senate attacks lax Equifax cybersecurity defences

March 08, 2019 at 02:00PM The US Senate has pulled no punches in its criticism of Equifax’s 2017 data breach and cybersecurity defences. Back in 2017, information specialist Equifax suffered a breach that potentially affected around 146 million US consumers. The firm “failed to prioritise cybersecurity” It said criminals exploited a US website application vulnerability to gain access to certain files. Based on the company’s investigation, the unauthorised access occurred from mid-May through July 2017. In May last year, Equifax submitted a letter to several US Congressional committees providing additional detail on the data elements impacted by the incident. For … Continue reading US Senate attacks lax Equifax cybersecurity defences

HIPAA Hot Topics and Current Trends

March 01, 2019 at 10:16PM 12:00 pm Central | 1:00 pm Eastern | 11:00 am Mountain | 10:00 am Pacific | 9:00 am Alaska | 8:00 am Hawaii-Aleutian* Main points covered: Recent OCR guidance and areas of focus, what is OCR working on and the OCR 2016 audit program Other regulators rules and guidance, SAMSHA, FTC, Cures Act, GDPR, CCPA, The post HIPAA Hot Topics and Current Trends appeared first on Corporate Compliance Insights. (This is only a summary. Click on the headline to view the entire article at Corporate Compliance Insights and participate in the discussion.) via Corporate Compliance … Continue reading HIPAA Hot Topics and Current Trends

Learn how Blockchain is revolutionising data processing

February 22, 2019 at 10:30AM Blockchain technology provides unprecedented levels of visibility, traceability, and accountability, enabling businesses to reduce costs and waste, optimise processes, enforce compliance, and reduce human error. These features lend themselves to a number of financial applications including the creation of audit trails for governance and compliance; combatting fraud; and prevention of money laundering. Blockchain makes it crystal clear where value originated and when, how, and to whom it was transferred – you can see why this new technology is driving business transformation on a global scale. Fill in your details below and receive the Information Builders asset … Continue reading Learn how Blockchain is revolutionising data processing

Trulioo: 3 Steps to Know Your Customer

OCTOBER 17, 2016 KYC: 3 Steps to Know Your Customer Republished: November 26, 2018, updated to reflect the latest industry news, trends and insights. Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws. Do you know your customer? You better, if you’re a financial institution (FI) or you face possible fines, sanctions and maybe even public ridicule if you do business with a money launderer or terrorist. More importantly, it’s a fundamental practice to protect your FI from fraud and losses due to … Continue reading Trulioo: 3 Steps to Know Your Customer