Tag: Compliance

Money Service Businesses (MSBs) have emerged as a crucial part of the financial ecosystem, bridging a gap that once only traditional banks would fill.

The contemporary regulatory environment has ushered in an era where the financial penalties and reputational damage of regulatory fines are intolerable for firms. The 2023 Starling Compendium emphasises that firms must instate processes to deter misconduct before it even occurs.

A significant upgrade has been introduced to KYC Portal's application completeness feature, aiming to enhance the user experience.

In a recent post by Diligent, the company outlined the seven-step process to master the implementation of controls and ensure security.

The final deadline for compliance with the UK Financial Conduct Authority's (FCA) new Consumer Duty is swiftly approaching in July 2023. The regulatory agency has been actively providing guidance, conducting multi-firm reviews, and sharing specific industry insights in the form of Dear CEO Letters to ensure that firms are adequately prepared for the implementation.

Compliance within the financial services industry has taken a new turn as online trading and the emergence of 'finfluencers' on social media platforms have magnified the risks of market manipulation. The shift in the landscape demands greater attention to the prevention, detection, and mitigation of market abuse.

The ongoing AI revolution is indisputably transforming risk management and customer identification processes (KYC), even though human input remains pivotal to these functions. Moody's Analytics recently delved into how AI will transform risk management and know your customer (KYC) compliance.

As part of its continuous efforts to enhance data orchestration within Know Your Customer (KYC) parameters, KYC Portal is launching a new feature designed to provide increased flexibility in the integration with third-party data sources.

Moody's Analytics recently took the opportunity to explain how screening for politically exposed persons can strengthen KYC processes. 

In a recent post by RegTech firm Clausematch, the company asked the question: are firms managing compliance in a black box?