The Riksbank, Sweden’s central bank, has announced the launch of a year-long pilot project of its proposed e-krona. The project will use distributed ledger technology inspired by the blockchains that run cryptocurrencies. Cashless in Sweden: Physical cash is headed toward obsolescence in Sweden. Nearly everyone uses a mobile payment application […]
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The buy-side is saving compliance and control professionals from the cold
If you work in compliance or regulation in an investment bank, you probably have very good reason to fear the rise of technology. As so-called ‘Reg-tech’ has taken hold, compliance spending is banks’ new target for cost-cutting. It’s fortunate, then, that compliance jobs are still very plentiful on the buy-side. “The buy-side has […]
ZignSec launches new anti-money laundering product as the RegTech company views global markets
The Swedish RegTech company ZignSec has rolled out a new anti-money laundering (AML) product as the Nordics are still dealing with the fallout of a massive banking scandal. The identity verification venture, which went public in 2019, made the announcement at an event hosted by Sthlm Fintech Week on Monday, […]
Mitratech acquires ClusterSeven so it can offer an end-to-end data privacy solution
Legal and compliance software builder has acquired ClusterSeven so it can offer an end-to-end solution suite for easing data privacy and information governance efforts. Mitratech offers a compliance suite which enables GRC professionals to meet obligations of regulations including SOX, MiFID II, GDPR, Volker and more. To ease compliance burdens, […]
FCA takes control over AML and CTF supervision of UK cryptoasset activities
UK businesses conducting cryptoasset activities must register with the FCA. The UK Financial Conduct Authority (FCA) has become the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor for businesses engaging in certain cryptoasset activities under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs). Any UK business […]
Why Prioritizing Cybersecurity Makes Compliance Easier
Every month in 2019, a new high-profile data breach made headlines. More than a billion customers of various companies had their private information stolen by hackers or exposed to unsecured servers. This poor management of private data angered many – including lawmakers. New data privacy laws in California and New York […]
The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020
Even though banking and financial services have been slower than other industries to adopt the latest technology into their operations, financial organizations are trying to catch up by incorporating artificial intelligence, blockchain, and other technology to benefit their customers, remain competitive and improve business results. Here are the 7 biggest […]
Protiviti and International RegTech Association study sets out roadblocks to effective KYC
Protiviti and the International RegTech Association (IRTA) have released the findings of a global market study they conducted to investigate the effectiveness of current ‘Know Your Customer’(KYC) processes. The study reveals an urgent need for more effective industry alignment to accelerate the digitizing of KYC processes and greater use of […]
The Bank of Google
In 1994, Bill Gates said: “We need banking, but we don’t need banks anymore.” So why hasn’t Bill Gates opened a bank? Well, because technology giants don’t really want to be banks. Banking has a lot of the audit and compliance overhead, that tech giants don’t need or want. Big […]
New Zealand just became the first country to legalize salary payments in cryptocurrencies
New Zealand now legally allow companies to pay salaries in cryptocurrency starting September 1, becoming the first nation to do so, according to a Financial Times report. The country requires the preferred cryptocurrency to be pegged to a standard currency and directly convertible into a normal form of payment. This […]