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Digital identity – KYC for the digital age?
Archive
09 Feb
2015

Digital identity – KYC for the digital age?

  • 9th February 2015
  • RegTechFS

By Darragh O’Grady and JWG. Regulatory requirements coming in over the next 3 years will mean firms need to know – and prove that they know – more things about their customer than ever before.  Combined with the growth of ‘digital banking’, firms are now having to innovate on the digital front, whilst ensuring compliance Read More

09 Feb
2015

Customer data battle: can the KYC clearing house break the stalemate?

JWG analysis. There is a war going on to ‘Know Your Customer’.  As regulators continue to release new requirements for firms to collect and maintain information about their clients and counterparties, the struggle to comply has turned into trench warfare fought across many fronts, and new strategies are needed to avoid a long and uncertain Read More

29 Jan
2015

CDMG publishes new research – next meeting now set for February

  • 29th January 2015
  • RegTechFS

On the 22nd January, over 30 stakeholders from 12 firms met Customer Data Management Group (CDMG)  meeting to discuss their 2015 priorities for regulatory KYC requirements. JWG presented a summary of 40+ new regulations that require firms to manage counterparty information over the next 3 years.  Alec then presented summaries of the 11 regulations in scope Read More

16 Jan
2015

The cure for KYC sickness

JWG analysis. 2015 will see a number of new regulatory requirements, long in the proposal or draft stage, crystallise into prescriptions for better customer data management.  At a time when record fines for AML failures and new personal liability for senior managers have intensified the pressure to ‘get KYC right’, these ‘remedies’ pose significant challenges Read More

12 Nov
2014

JWG Q4 2014 data helicopter view

Video: Regulatory reform: 2014 helicopter view.   At our visit to FIMA this month, we summarised our current views of the latest data requirements as covered in our recently published research, ‘G20 FS reform: will you survive or thrive?’ By 2020, the industry could face a regulatory page count that tops three Eiffel Towers high worth Read More

13 May
2014

The minefield of KYC compliance

JWG analysis. The idea of KYC compliance has traditionally been associated with AML, PEP checks and international sanctions, however the new wave of regulations that is to begin rolling out in 2015 will place a whole new set of pressures on businesses to ‘know their clients’. Rachel Wolcott, writing for Accelus’ Compliance Complete, has highlighted Read More

25 Mar
2014

Regulatory reform – 2014 helicopter review

  • 25th March 2014
  • RegTechFS

Video: Regulatory reform – 2014 helicopter view. Regulation is coming thick and fast.  Seventy thousand pages a year fast! Dealing with this deluge with a page-by-page, regulation-by-regulation approach is becoming impossible as the G20 commitments become spread across many rulebooks.  This means that firms trying to tackle the changes one-by-one will end up with sky-high implementation Read More

23 Jan
2014

The drive for tax transparency: A new political agenda for AMLD IV

  • 23rd January 2014
  • RegTechFS

JWG analysis. The new political drive towards tax transparency is landing in money laundering legislation, and complicating an already complex landscape. G8 Leaders, as a result of the summit held in June last year, committed to publishing ‘action plans’ setting out the concrete steps they will take to combat tax evasion. It appears that those Read More

10 Dec
2013

Beyond EMIR: The future of regulatory data exchange

  • 10th December 2013
  • RegTechFS

One of the things we’ve learnt the hard way in 2013 is that the sell-side need better ways of communicating with their clients.  Maintaining a web of communications between increasingly complex, multi-entity organisations and many thousands of clients is never going to be easy, but new regulatory data demands are making it even harder. EMIR Read More