September 24, 2024
Unlock Editor's Digest for free FT editor Roula Khalaf picks her favourite stories in this weekly newsletter. Years of regulatory action against German fintech N26 over its weak anti-money laundering controls may have cost the company billions of euros, co-founder Valentin Stalf told the Financial Times, as authorities finally remove a cap on its growth.
September 23, 2024
GRC 20/20’s latest research examines the role of AI in reshaping regulatory compliance within the financial services industry. Their report, titled “Delivering the AI Enabled Regulatory Change Lifecycle,” provides a comprehensive analysis of The Ascent innovative AI-based compliance automation solution. Financial institutions are currently grappling with a wave of regulatory change. The report reveals a
September 20, 2024
The Bangko Sentral ng Pilipinas (BSP) has introduced the Manual of Regulation of Payment Systems (MORPS), marking the first-ever comprehensive codification of payment systems regulations in the Philippines. According to ZaouiaBSP Governor Eli Remolona Jr. stressed the importance of MORPS as a policy framework to support payment system reforms in line with global standards and
September 20, 2024
The UK government and the FCA have announced plans to review regulations on the disclosure of retail information to improve transparency and investor confidence. This initiative aims to replace the regulation on packaged retail and insurance-based investment products (PRIIPs) inherited from the EU with a tailor-made framework for consumer composite investments (CCIs). Expected to be
September 17, 2024
With the advent and widespread adoption of technologies such as machine learning (ML) and generative AI, the InsurTech sector is expected to face tighter regulatory boundaries in 2024. But what does this mean for the industry? Global FinTech I spoke to many industry experts to find out. The InsurTech space is poised for significant regulatory
September 17, 2024
2024 is quickly becoming the summer of consent orders for small banks. This is because with the news Friday (June 28) that the Tennessee-based Bancorp Wire is now the last financial institution (FI) to be subject to the Federal Deposit Insurance CorporationFederal Financial Information Service (FDIC) oversight, operational, compliance and strategic risk management related to
September 15, 2024
Trusted Advisors' legal summary: INTRODUCTION The fintech industry has revolutionized financial services by leveraging technology to improve customer experience, security, and convenience. Artificial intelligence and digital innovation have fueled its rapid growth, enabling seamless self-service options, rapid assistance, and instant access to information. However, this exponential growth is threatened by a complex regulatory landscape, which
September 14, 2024
U.S. regulators are set to crack down on banks over the communities they serve through online lending. The measure is part of a broader effort to update fair lending standards established by the Community Reinvestment Act of 1977 (CRA). The updated regulations aim to prevent redlining, a discriminatory act in which certain areas, primarily populated
September 14, 2024
New Delhi: Financial Services Secretary Vivek Joshi on Wednesday urged the financial technology community to work in close coordination with banks so that it is scalable and compliant with regulations Solutions can be designed. Addressing the FICCI-IBA PICUP Fintech Conference, Joshi said that the fintech sector is growing very fast and India has the highest
September 14, 2024
https://www.pexels.com The use of fintech has grown at a very rapid pace in different fields and has changed the way they perform and complete financial transactions. The legal sector, which has traditionally been considered the slowest to adopt technology, is experiencing a revival of innovation due to the emergence of financial technologies. This has led
September 14, 2024
The area of regulatory compliance is complex and dynamic, presenting an ongoing challenge that is critical to the operational strategies of financial institutions. Ascensionan integrated regulatory lifecycle management platform, recently explored how businesses can ensure they effectively manage their regulatory lifecycle. Every day, businesses face an onslaught of new regulatory content—including topical updates, guidance, speeches,
September 13, 2024
The Reserve Bank of India (RBI) on Thursday released its final guidelines for fintech companies to set up a self-regulatory organisation (SRO) to enforce regulatory norms and promote transparency in the sector. According to the guidelines, OARs must be development-oriented, be genuine representatives and be legitimate arbiters of disputes. An OAR for fintechs (OAR-FT), an
