Regulation & Compliance news

Regulation & Compliance headlines

Footprint raises $13 million to automate consumer onboarding

18 h

Salt gets FCA approval to provide consumer lending services

17 May

Basel Committee publishes report on the digitalisation of finance

16 May

Model Office rolls out new Consumer Duty Board Report

16 May

Deutsche Bundesbank abandons plans to expand office space as more worker go remote

15 May

Koodoo taps Resistant AI for document fraud checks

15 May

Wolters Kluwer releases Regulatory Violations Intelligence Index

14 May

Etops adopts AML and KYC analytics capabilities from Polixis

14 May

Caseware releases cloud-based financial reporting tool

14 May

Romania's Salt Bank signs AML deal with Napier AI

14 May

More /regulation announcements »

BaFin fines N26 €9.2m over late money laundering reports

German regulator BaFin has fined N26 €9.2 million for anti-money laundering failures but could be preparing to lift a cap on the number of new customers the digital bank can take on.

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AI should be trained to respect a regulatory 'constitution' says BofE policy maker

Resolving the challenges of cross-border payments

PSR steps back from capping Visa and Mastercard fees despite lack of competition

Plenitude acquires Contineo Financial Risk Solutions

EBAday 2024: The keys to successful digitalisation

US Supreme Court sides with CFPB funding

Australia passes Digital ID Bill

FCA charges reality TV stars over 'finfluencer' campaign

Cube acquires global regulatory intelligence businesses from Thomson Reuters

Nasdaq boosts market surveillance with GenAI

[Impact Study] Fraud and AML Case Management: How to Operate at the Speed of Risk

[Impact Study] Fraud and AML Case Management: How to Operate at the Speed of Risk

Regulation & Compliance blogs

Analytics in Banking

Learnings from the Ben Bernanke Report

Simon Axon

Simon Axon - Teradata - London

SEPA and European Payments

How SEPA Instant Credit Transfer is Transforming Businesses

Elias Thomaidis

Elias Thomaidis - Aspire Systems - London

Banking Regulations

Preparing for DORA: A Roadmap to Compliance for Financial Institutions

Martin Bradbury

Martin Bradbury - Dynatrace - London

Banking

What does Basel IV mean for EU banks? A quick review of the challenges and opportunities

Mete Feridun

Mete Feridun - EMU Centre for Financial Regulation and Risk - Cyprus

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Latest TV

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Resolving the challenges of cross-border payments

Join FinextraTV live at NextGen Nordics 2024 with Patrik Havander, Head of Visa B2B Connect Europe, as we delve into the landscape of B2B cross-border payments. Discover how banks are adapting to maintain B2B payment volumes amidst declining retail payments, explore emerging technologies shaping the future of cross-border transactions, and learn what steps banks can take today to stay ahead in the ever-evolving payments landscape.

The Evolution of Fraud Detection

Join FinextraTV in discussion with Megan Heald, Senior Product Manager at NICE Actimize, at NextGen Nordics 2024 as we explore how innovation and regulation have sculpted the anti-fraud landscape over the past two decades, contrast the present state of fraud detection with past approaches, and glean essential insights from future trends and strategies for safeguarding institutions against fraud.

Driving Natural Capital Investment: Acquiring Ten Estates, 30,000 Acres in Two Years

Join Richard Stockdale, Founder of Oxygen Conservation, as he discusses the company's rapid expansion and innovative land acquisition strategy in an interview with Richard Peers of ResponsibleRisk. Through data-driven approaches and Natural Capital Financing, Oxygen Capital is spearheading regenerative practices, prioritizing community involvement and knowledge sharing.

Climate Scorpion: The Sting is in the Tail - Introducing Planetary Insolvency

Sandy Trust, Head of Organisational Risk at M&G, and Lucy Saye, Actuarial Manager at Deloitte, and previous chair at the IFoA Sustainability Board, present the 'Climate Scorpion' report. This report follows the IoFA and University of Exeter's 'The Emperor's New Climate Scenarios' paper, challenging the accuracy of NGFS and CBES scenarios. In this in-depth FinextraTV Unplugged interview with Richard Peers, ResponsibleRisk, they delve into tipping points, cascading risks, and the potential for positive tipping points, exploring the uncertainty surrounding Carbon budgets and their underlying assumptions. Given the Earth's complexity, climate modeling remains uncertain. The interview discusses how financial institutions and corporations can plan amid this uncertainty.

The long read

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Hamish Monk

How to prepare for DORA

Hamish Monk - Writer - Finextra

Discussion

AI should be trained to respect a regulatory 'constitution' says BofE policy maker

Jamie French

Jamie French

Oh dear, I dont think Mr Kroszner understands how these models work

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AI should be trained to respect a regulatory 'constitution' says BofE policy maker

John Davies

John Davies

It's a lovely idea but simply not feasible or even technically possible. It's like putting in back-doors for encryption, it's just not mathematically possible without fundamentally breaking cryptography. Firstly the LLMs or GPTs being referenced are global, so who's regulations to you build into the model? Secondly LLMs don't follow rules like that, they can be tuned towards a direction but like people they find loopholes and unless the rule is rock solid and unambiguous, which they rarely are, they simply won't work on LLMs. Censored LLMs, which is effectively what this is suggesting work badly, you're training it and then un-training it. We saw what happened with some of the recently censored models proposing black German soldiers in 1943, Native Indian founding fathers of the USA, all in the admirable effort of inclusion but failing. What is needed is better management of LLMs, UK and EU should be using privately hosted LLMs and then frameworks around those to assert compliance and adherence to regulatory practices. This is a hybrid of LLMs, RAG and traditional integration. It can be done but not in the way suggested here.

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PSR steps back from capping Visa and Mastercard fees despite lack of competition

A Finextra Member

A Finextra member

Yes, and since Brexit Scheme Interchange Fees in the UK are no longer regulated/capped by the EU. As a historic anecdote, the EU capped the Interchange Fee effective from end of 2015 with: 0.2% of the transaction value for Visa and Mastercard consumer debit cards and at 0.3% for Visa and Mastercard consumer credit cards.

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UK payment firms push back on APP fraud refund plan

A Finextra Member

A Finextra member

I think you'll find it is Bim Afolami. Also, if the average fraud is 30K, firms are unlikley to be paying out more than that in practice. Given this, the up to 415K limit will be exceptional, so there doesn't appear to be a justification for not keeping it.

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UK payment firms push back on APP fraud refund plan

FCA boss invited to UK parliament to address 'naming and shaming' plans

Blockchain researchers use AI to spot Bitcoin money laundering

BofE warns payment firms to be ready for new operational resilience rules

The long read

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Renate Prinz

Reverse solicitation: Is this the end to license-free provision of financial services?

Renate Prinz - Partner, McDermott Will & Emery

Elsewhere...

The long read

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Chris Holmes

Open banking next step: A request for public input on how to structure the 'Future Entity'

Chris Holmes - Peer - House of Lords