Regulatory pressure on financial institutions and services to crack down on illegal activity has never been stronger. The sophistication levels of criminals wishing to process finance illegally, coupled with the increased scrutiny financial institutions are now facing, supported by fines and investigations, has put extra emphasis on ensuring companies are doing as much as they possible can do to comply with AML regulation.
Sonali Bank (UK) Limited was the latest institution to be hit with a heavy fine in the UK relating to poor AML compliance, following a Financial Conduct Authority (FCA) investigation that concluded that it hadn’t done enough to maintain a ‘robust and risk-focused’ AML system between August 2010 and July 2014.
In announcing its judgement in October 2016, the FCA highlighted SBUK’s systematic weakness at all levels of its AML control and governance structure, including its ‘senior management team, its money laundering reporting function, the oversight of its branches, and its AML policies and procedures’. The overlying message to financial institutions from the FCA couldn’t be clearer Get your AML house in order in 2017.
It’s therefore understandable that over the past few years the fintech market has responded to the industry demand for new and markedly improved AML software. The market is now saturated with solutions providers, which inevitably leads to the question: How do you evaluate the services each suppler offers? bobsguide asked two of the leading industry suppliers to offer their thoughts on how to differentiate between AML compliance offerings.
It is evident that the volume of information and level of analysis available to investors and portfolio managers in 2017 puts even greater emphasis on selecting the right fund management software.
Fintech providers are constantly looking to improving the technology available to investors, in order to provide them with the fastest, most accurate, analytic data to inform decision-making.
But what factors should financial institutions and portfolio managers prioritise when considering purchasing new fund management software? Bobsguide asked several of the leading figures in the fund management industry to give us their perspective on the critical tech issues currently facing financial services.
The role of treasurers has evolved substantially in the past decade or so, and consequently the software underpins treasury management has also needed to develop.
Corporate treasury management software is one of the fastest moving areas of fintech, and financial institutions and businesses are keen to upgrade outdated legacy software in order to take advantage of the new technology available and also make their systems more fit-for-purpose as this area of finance has advanced.
But how has the industry grown to encompass new roles for treasurers, and what software is now required to meet these responsibilities? Treasury software specialists give us the answers.