Jamaica National Bank announces full UK launch
The bank has had a representative office in London since 1988.
Regulation
ECB blames Target2 outage on third-party vendor
The outage was not prevented by the failover solution in place.
Capital requirements can impede innovation, says panel
One member of the panel thinks the FCA should look into its capital requirements.
Report: Cloud readiness – banking technology in transition
Cloud-ready SDS IREG enables customers to take the step towards next-generation tax reporting.
Indian regulator IFSCA opens fintech regulatory sandbox for applicants
Once the regulator has decided on applicants, it will determine the conditions of the sandbox.
Stability of financial institutions during and beyond COVID-19
How should banks provide consumers with what they need and can afford?
Restrictive covenants during COVID-19: are they enforceable?
Can you enforce such clauses in a post-pandemic world – and should you?
FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal
The investigation found that GSI breached a number of FCA and PRA principles and rules.
Woman-owned de novo Agility Bank gains regulatory green light in Texas
Agility Bank aims to raise $30 million prior to launch in 2021.
Three major US banks make up half of 2020’s $11.39bn fine total
Together, Goldman Sachs, Wells Fargo, and JPMorgan Chase paid $7.85 billion of this total.
Thoma Bravo buys majority stake in risk and reporting firm AxiomSL
AxiomSL’s services cover more than 110 regulators across 55 jurisdictions.
Modulr lands EMI licence from Ireland’s central bank
The licence will underpin the fintech’s European expansion.
Visa and Mastercard abusing UK duopoly, say retail groups
The major card schemes are accused using their position to charge increased fees.
Silent Eight lands $9m to help firms tackle money laundering
The start-up says it has doubled its valuation in just over a year.
Chinese regulator approves Hong Kong leg of Ant’s $30bn IPO
The company still needs approval from the Hong Kong stock exchange’s listing committee.
Enveil CEO: Fragmented AML regulation creates “Russian doll effect”
Williams likens it to the “Russian doll effect”.
Video: Top fintech stories this week – 16 October 2020
FinTech Futures’ weekly news round-up.
Morgan Stanley fined $60m for improper disposal of personal data
The OCC found examples in 2016 and 2019 of failure to oversee third party companies.
OCC issues $85m penalty to USAA Federal Savings Bank
Military-supporting lender found to have failed risk management.
Klarna under investigation by UK regulator for ‘unsolicited’ emails
The Information Commissioner’s Office (ICO) is investigating the claims.
FIMBank Malta taps Fiserv to improve financial crime risk management
Maltese bank to implement Fiserv AML Risk Manager.
Rabobank outsources regulatory reporting with BearingPoint
BearingPoint to take on a slice of Rabobank’s European reporting needs.
The intersection of digital identity verification and customer empowerment
Mobile onboarding must deliver an experience that is secure and friction-free.
Citi to pay $400m OCC fine for risk management failures
“The heavy lift will be the technology upgrade, which [the regulators] will micromanage.”
Sibos 2020: BNP Paribas chairman says COVID-19 “not a banking crisis”
The work of banks, regulators and governments has kept things calm, says Jean Lemierre.
Banking Technology October 2020 issue out now
Educate, advocate, invest: It’s not enough for companies to pay lip service.
FCA to ban the sale of crypto-derivatives to retail customers
UK regulator aims to clamp down on products “ill-suited” to the public.
Sibos 2020: Industry has widespread “dissatisfaction” with transaction monitoring
Costs, compliance and confusion need to be solved by new technology, says panel.
Daily News at Sibos 2020
Download your free copy of the Sibos supplement today!
Video: Top fintech stories this week – 02 October 2020
FinTech Futures’ weekly news round-up.
Banks’ rapid digitalisation leaving compliance teams in “no man’s land”
Regulators need to understand the challenges facing compliance teams.
South African association predicts the death of the cheque
PASA says it’s willing to help banks make the transition.
US associations go after OCC’s payments charter in critical letter
The OCC is currently in the swings of introducing another special purpose national bank charter.
Why do some fintech start-ups experience high exec churn rates?
“Many founders enter the mindset that an hour lost is an hour gained by the competition”.
Crypto exchange Gemini launches in UK armed with EMI licence
UK customers can now make GBP deposits to fund their Gemini account.
The shifting ground of payments: are banks and SMEs aligned?
It’s safe to assume that in time, every business and consumer will expect immediate settlement as a norm.
Video: Top fintech stories this week – 25 September 2020
FinTech Futures’ weekly news round-up.
FinCEN Files: Legacy technology “not up to the challenge” to tackle AML
Changes could be needed on both sides to prevent another FinCEN Files.
Webinar: What does the future hold for “traditional” banking models?
How banks can thrive amid uncertainty and increased competition.
Westpac agrees to record AUD 1.3bn fine for AML failures
Australian bank on the receiving end of the country’s largest civil penalty.
