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Restructuring AML: BCBS sets a new standard for financial crime compliance
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04 Nov
2013

The regulatory almanac: The top ten regulatory events of 2013

  • 4th November 2013
  • RegTechFS

With no fewer than 70,000 pages of regulation, and some record fines, 2013 will be a year to remember (or possibly to forget) for many financial services professional.  And with only four weeks to go until December, and some well-earned rest, we thought it was time for a little retrospection.  With that in mind, here, Read More

27 Sep
2013

2014’s KYC implementation: How long before new data collection becomes unfeasible?

  • 27th September 2013
  • RegTechFS

It’s common knowledge that KYC requirements are becoming a major problem for banks, many of whom have thousands of employees conducting due diligence, document collection or data entry. Unfortunately, the regulatory trend towards more and enhanced customer data has not abated. JWG research has shown that 20+ regulations to be implemented over the next 3 Read More

23 Aug
2013

Doing EMIR right: Cheaper, better, faster… or else

  • 23rd August 2013
  • RegTechFS

The majority of regulations require firms to classify their clients into a discrete set of categories; JWG research has identified at least twelve, including FATCA, AMLD IV, EMIR, CRD IV and MiFID II.  When implementing them, firms are faced with two clear options:  An easy option, twelve separate programmes, each costing ten pounds to implement; Read More

14 Aug
2013

Spot the difference: Beware the lure of substituted compliance

On Tuesday, 13 August, the CFTC made a U-turn on a controversial issue: dual disclosure, reporting and record-keeping requirements for funds.  Having beaten legal challenges brought against plans to impose two sets of rules on funds, one set by the CFTC and one set by the SEC, the CFTC in the end backed down, saying Read More

12 Aug
2013

Death and…? Final UK FATCA rules end uncertainty

  • 12th August 2013
  • RegTechFS

The Government has finally published the International Tax Compliance (United States of America) Regulations 2013  (as FATCA is named in the UK) to formalise the agreement reached between the UK and US Governments last year. We saw the draft regulations in February this year, but there has been a great deal of uncertainty on just Read More

18 Jul
2013

FATCA delayed six months

The Internal Revenue Service (IRS) and the US Department of the Treasury has revised the timelines for implementing reporting and withholding requirements under the Foreign Account Tax Compliance Act (FATCA). These delays are very welcome to firms, particularly FFIs, still facing uncertain requirements and a short implementation timeframe. Withholding on U.S. source income, such as Read More

18 Jun
2013

How high? Re-setting the KYC bar

  • 18th June 2013
  • RegTechFS

Regulators are busy raising the bar for KYC systems and controls. With conflicting purposes and customer data objectives, new guidance and industry solutions are needed in 2014 2013 has been a busy year for both rule-makers and financial institutions as far as KYC requirements go. Aside from the finalisation of a vast array of trading Read More

29 Apr
2013

G20 demands strengthening of tax evasion legislation – is TRACE the answer?

The G-20’s April meeting in Washington set out the agenda for Leaders’ summit in September, and detailed their key legislative priorities. Amongst the expected items on Basel III implementation, tax evasion featured surprisingly prominently. In the communique released last week, G20 ministers said that ‘more needs to be done to address the issues of international Read More