UBS fined by Hong Kong’s SFC for compliance breaches
SFC slaps $1.5 million fine on Swiss bank for multiple issues.
Regulation
Extended deadline announced for Banking Tech Awards 2021
The new nomination deadline for the Banking Tech Awards 2021 is 20 August.
It’s a matter of comms | Episode 9 | Demystifying scope 1, 2 & 3 emissions
What are scope 1, 2 and 3 emissions and how can businesses start recording and reporting on them?
FCA investigating Monzo as challenger reports £115m yearly loss
The FCA is investigating Monzo over potential breaches of money laundering laws.
Perpetual KYC and the move away from periodic reviews
Continuously monitoring customer information using AI could have advantages for banks and fintechs.
Nigerian central bank plans October 2021 digital currency pilot
The central bank ordered the cessation of cryptocurrency exchange services in February.
UK government plans further sale of state-owned NatWest shares
NatWest plans to be fully private by 2026.
Russian central bank asks exchanges to avoid cryptocurrency firms
Bank of Russia asks stock exchanges not to list crypto-adjacent companies.
Finansinspektionen goes live on BearingPoint RegTech’s Abacus Regulator
Swedish financial supervisory authority deploys range of modules from vendor.
British Business Bank launches £375m scheme for tech start-ups
The Future Fund: Breakthrough scheme follows on from its now-closed predecessor.
UBS pays $8m to settle SEC compliance charges
US regulator found failings in the bank’s handling of exchange-traded products.
Robinhood plans $35bn IPO as crypto arm predicts $30m probe settlement
Retail trading app expects to sell shares between $38 and $42.
Is regtech living up to expectations? (And if not, why not?)
Until regtech is embedded into the core processes of wealth management, its potential remains constrained.
Reserve Bank of India blocks Mastercard from onboarding new domestic customers
RBI claims Mastercard Asia/Pacific has failed to comply with an earlier directive on data storage.
ECB agrees to move forward to investigation phase of digital euro project
Work will now focus on functional design and prototyping and will involve focus groups.
White House backs US open banking reform
The Biden Administration is looking to tackle the slow progress of open banking in the US.
FCA levies £90m penalty against Lloyds Bank General Insurance for misleading comms
Insurer offered “competitive pricing” the FCA found to be false.
AirAsia subsidiary BigPay bids for Malaysian banking licence
E-wallet firm aims to capture one of five offered by the Malaysian central bank.
FINRA orders Robinhood to pay $70m penalty for “false and misleading information”
The sanction is the largest financial penalty issued by the regulator.
BayernLB picks Broadridge to cover regulatory reporting needs
Broadridge to help German bank with SFTR, EMIR, SiFIR, and MMSR reporting.
Saudi Arabia grants first digital banking licences
STC Pay and ARTAR given green light by central bank.
Dear Luc: Can my start-up succeed while working from home?
This week our writer wonders if they really need a London address, or can working from home be just as good?
Open Banking Expo Canada meet-ups launch virtually this June
Free and open to banks, credit unions, fintechs, regulators, Big Techs, and other industry players.
Hanseatic Bank to streamline transaction authentication with Netcetera
German bank aims to unify payment confirmation to help users.
What the Fintech? | S.2 Episode 13 | The terror of technological debt
Vincent Kilcoyne, executive vice president at SmartStream, joins us on our What the Fintech? podcast.
Federal appeal overturns New York block on US Fintech Charter
The three-judge panel said NYDFS failed to show it had suffered “actual or imminent injury”.
Afterpay user files US class action lawsuit over “huge undisclosed fees”
The user says Afterpay doesn’t educate customers about the bank’s overdraft fees
Sri Lanka’s NDB Bank deploys video KYC with OneConnect and Axion
The bank aims to comply with new regulatory mandates.
FCA: “Significantly high” number of crypto firms not meeting AML standards
The UK watchdog has extended application deadlines for firms to seek regulation.
Trading floor: overcoming the dangers of personal mobile devices
There is now an immediate requirement for proper enforcement tools and the first line of defence.
FinovateFall Supplement: be part of one of the biggest fintech events of the year
The perfect platform for your organisation to deliver a strong message to engaged fintech professionals.
Innovate Finance hires Adam Jackson as new policy director
Industry body preps to push the sector’s regulatory interests.
Video: Infosys Finacle on adapting to business model innovation
We talk about how traditional banking models have become disrupted, and how consumer demands need new experiences
Catch up in the cloud – regulatory reaction to COVID-19
What are the regulators doing to keep track with the acceleration of digital in banking?
UK payments industry reacts to second SCA deadline extension
Many firms are still unhappy with “the disruption” SCA is presenting.
ComplyAdvantage extends funding round with Goldman Sachs investment
The funding is an extension of its Series C funding round from July 2020.
Video: pick of the week – UK regulators not happy with some fintechs and AmEx
A top pick of stories from the world of finance and tech in bitesize video format, twice a week.
Video: Top fintech stories this week – 20 May 2021
The FinTech Futures weekly round-up of the industry’s top stories and happenings from across the globe.
UK regulator fines AmEx over sending four million unsolicited emails
Subscribers “had not provided adequate consent” for a portion of the 50 million messages Amex sent in 2019.
FCA demands UK fintechs clarify non-bank status to customers
Companies have six weeks to write to their customers.
