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Discussion around current trends in regulations for banks globally
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Introduction We bid farewell to 2022 with a Christmas present from the Chancellor where he announced and reinforced a spate of new and on-going initiatives for the financial services sector. Continuing with the momentum, the first quarter of the 2023 has been buzzing with regulatory updates around Conduct, Digital Payments, Re-alignment of EU re...
30 March 2023 /regulation /markets
Nevan McBride Risk Practice Director at Jaywing Risk
The final rules and guidance for a new Consumer Duty, published by the FCA in a policy statement in July 2022, set higher and clearer standards of consumer protection across financial services, and requires firms to put their customers’ needs first. The rules require firms to consider the needs, characteristics and objectives of their customers – ...
27 March 2023 /regulation
Rajeev Verma Consultant at Tata Consultancy Services Ltd
Role of Process Mining in enabling ESG compliance Overview ESG progression in BFSI Industry : Undoubtedly there is never seen focus on environmental, social, and governance issues post-pandemic Covid-19. Although the financial sector has been investing in CSR activities for the last few decades, the momentum has been building due to the rising
28 February 2023 /regulation /sustainable
Steve Morgan Banking Industry Market Lead at Pegasystems
Many will be keenly aware that the UK’s financial regulator the FCA is asking the retail banking sector to drive ahead with applying tougher customer service standards. With the initial July 2023 deadline on the horizon, keeping to their timetable should mean greater adoption of more agile development, low code and automation technologies and tech...
22 February 2023 /regulation
Steven Rackham CTO for Financial Services at NetApp
Big Tech’s influence is becoming more and overarching across numerous different sectors. From retail to politics, Big Tech is slowly infiltrating our lives. One sector which is trying to ensure it keeps some control is the financial services sector. Last July, the Bank of International Settlements published a paper arguing that the reliance of fin...
09 February 2023 /regulation
Simon Luke UK Country Manager at First AML
In 2015, the European Parliament passed a directive “on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing”. Under this article, member states were obliged to ensure access to beneficial ownership to those with a legitimate interest. In 2018, this was extended to any member of the genera...
11 January 2023 /crime
Omkar Nisal Managing Director UK & Ireland at Wipro Ltd
On September 24, 2020, the European Commission published the first drafted proposal for a Digital Operational Resilience Act (DORA) as part of the Digital Finance Package (DFP). The aim is to guide financial institutions through the complexities of crypto assets, blockchain technology, and digital operational resilience, as well as advising on a
21 December 2022 /security /regulation
Jenny Nittmann Managing Director at Nitt & Huff GmbH
CESOP – An EU-wide VAT transactional reporting obligation for payment service providers If your business provides payment services in scope of the EU PSD2 legislation, you may be required to report transactional data related to cross-border payments to CESOP, the EU’s new “Central Electronic System of Payment” information. Reporting starts in Janu...
06 December 2022 /payments /regulation
Yahya Mohamed Mao Head of Business Development & Marketing at Swiss GRC
Central banks and financial supervisors worldwide are making progress in the identification, assessment, and management of climate-related financial risks. Banks are increasingly being required by regulators to address climate risk. Some have begun, but many must still develop plans, build capabilities, and develop risk-management frameworks. Pr...
05 December 2022 /regulation /identity
Martin Bradbury Regional Director, Financial Services UK&I at Dynatrace
Financial services providers operate some of the most critical systems that both consumers and businesses interact with on a daily basis. Everything from buying a coffee to paying an invoice or taking out a mortgage is dependent on having continuous access to a bank and its services. It is vital that these services are resilient and always availab...
15 November 2022 /regulation /cloud
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