Editor’s pick: Regulations, how to comply and thrive

By Alex Hammond | 15 September 2017

MiFID II countdown: FCA clarity is still needed before implementation

Cosmo Wisniewski, Principal Consultant, Citisoft plc

While relaxing on a sun lounger in the heat-haze of a distant shore, it is perhaps easy to forget that back in the UK, the Financial Conduct Authority (FCA) has recently published its final policy statement to assist with MiFID II (Markets in Financial Instruments Directive) implementation. Just as the holiday season was about to kick in may not have been the perfect time to release such a key statement, but now is certainly the perfect time to mention a few changes to MiFID II requirements.

PSD2 as an opportunity and the benefits of open banking

Erik Zingmark - Co-Head of Transaction Banking, EVP, Nordea

Let’s be completely open: Europe’s new Payment Services Directive (PSD2) will fundamentally change banking as we know it. Forever. It is not a fad. Life will be different in 2018 when banks are to allow approved third parties to offer services to their account holders. Perhaps too few banks have understood the scope of the changes they will face – and the consequences are obvious: not all banks will survive.

Compliance solutions: To build or buy regtech?

Yamini Kona, Principal Consultant, infosys technologies ltd

Regulatory compliance has always been and will always be one of the top priorities and concerns of every financial institution (FI). Regulatory reforms following the global financial crisis of 2008 compelled FIs to make substantial investments in risk and compliance – both in terms of technology and headcount – to prevent and remediate regulatory issues. Despite their best efforts, FIs often find themselves falling short of regulatory obligations owing to highly manual processes and silo-based solutions which hinder transparency, efficiency and availability of fast and meaningful data. Non-compliance means being slapped with hefty penalties not to mention consequent reputational damage.

The 4th EU AML Directive: What you should know

David Beach, Reporter, bobsguide

The EU’s 4th Anti-Money Laundering Directive (4th EU AML Directive) was enacted on 25 June 2015, and fully implemented on the 26 June 2017, replacing the third Anti-Money Laundering Directive.

As well as a greater emphasis on risk assessments to combat money laundering (AML) and terrorist financing (CTF) at every level, the Directive further enhances the requirement for more thorough Customer Due Diligence and upon the definition of a Politically Exposed Person.

“There is no excuse for failing to comply with the 4th AML directive”

Alex Hammond, Managing Editor, bobsguide

bobsguide sat down with Kompli-Global CEO Jane Jee to discuss the burden the Fourth Anti-Money Laundering Directive places financial services under, how prepared they currently are to comply with it, and what the AML landscape in the UK will look like post-Brexit.


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