Compliance Management

The FINRA Annual Conference brings together practitioners, peers and regulators to discuss the compliance space. Red Oak Compliance has released a whitepaper detailing some of the top pain points those attending the conference had.

In the face of current economic tribulations, companies are tightening their belts, seeking value in every pound spent. At the same time, criminal activity, particularly financial crime, escalates during such precarious times, amplifying the demand for effective and resilient financial crime mitigation programmes.

Resistant AI, a fraud and financial crime prevention services provider, has received a clean System and Organization Controls (SOC) 2 Type 1 attestation report.

Despite the rising usage of cryptocurrency, regulations are still quite bare and confusing. Principal to this is crypto tax reporting, which some countries are setting rules for, before even clarifying taxation laws.

The three European Supervisory Authorities (EBA, EIOPA and ESMA) have held a joint digital public event to discuss the Digital Operational Resilience Act (DORA).

Elementus, a blockchain intelligence platform aimed at helping financial institutions and crypto exchanges, has raised $10m in its Series A-1 round.

Staxxer, a Netherlands-based platform for VAT compliance in e-commerce, has reportedly raised €1m in funding.

In a time where the compliance function is changing, RegTech market players are looking at an evolving industry. What trends will stand out in the industry this year?

Following the invasion of Ukraine, financial institutions have seen a tidal wave of sanctions. Implementing strong sanctions screening tools enables FinTechs and neobanks to bolster their market reputation.

Holistic views of integrity risks within the supply chain allows teams to reduce the potential for illicit activity to slip through the net, according to Quantexa.