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Mirror Trading: New Focus on Potential AML Violations

September 18, 2017 By Chris Kentouris Leave a Comment

When it comes to following anti-money laundering regulations, global banks typically pay the closest attention to identifying their clients and payment transfers. However, in preventing regulatory fines, monitoring mirror trading activities may be just as important for trading and AML compliance managers. So warn AML compliance experts who point to Deutsche Bank’s US$600 million fines […]

Filed Under: Compliance, Regulations, Rules, Slider Tagged With: AML, Compliance, KYC, Reporting, SEC

MiFID II: Elaborate Exercise in Repapering

July 28, 2017 By Chris Kentouris Leave a Comment

The second incarnation of the European Markets in Financial Instruments Directive (MiFID II) adds a whole new meaning to the song lyric “Getting to know you” as financial firms and their clients tackle the new rules of onboarding. For financial firms the increased amount of required client data and documentation will prompt changes to their […]

Filed Under: Analytics, Compliance, Data, Investors, Reporting, Risk, Rules, Slider Tagged With: AML, Brokerage Ops, Compliance, EMIR, ESMA, FATCA, FSB, Fund Ops, KYC, MiFID, Outsourcing, Regulators, Reporting

Sanctions Compliance: True Match is Hard to Find

June 15, 2017 By Chris Kentouris Leave a Comment

Filing suspicious activity reports is hard enough for financial firms, but complying with sanctions is even worse. Matching up a name on a database to a government sanctions list is only the first line of defense against doing business with an individual or corporation or country prohibited by the US or another foreign government. Based on the […]

Filed Under: Compliance, Data, Risk, Rules, Slider Tagged With: AML, FINRA, KYC, Regulators, SEC

Bloomberg Takes on DTCC in LEI Issuance (Updated)

May 25, 2017 By Chris Kentouris Leave a Comment

Editor’s Note (6/2/2017): A spokesman for DTCC has informed FinOps Report that effective June 1, 2017, the GMEI Utility has reduced its fees to US$100 to register an LEI and US$80 to renew an LEI. For those who have questions on how the GMEI Utility can cut its fees so dramatically while meeting the GLEIF’s cost-recovery model, here is what […]

Filed Under: Compliance, Regulations, Reporting, Slider, Standards Tagged With: Compliance, DTCC, EMIR, ESMA, KYC, Regulators, Reporting, Standards

AML: Making Suspicious Activity Reports More Effective

April 18, 2017 By Chris Kentouris 1 Comment

Banks and other financial institutions may think they can prove to regulators they are combatting financial crime and terrorist activities by filing as many suspicious activity reports as they can. Yet more often than not they are missing out on the real criminal activity, say anti-money laundering and compliance managers. No one wants to specify […]

Filed Under: Compliance, Regulations, Reporting, Security, Slider Tagged With: AML, KYC, Regulators, Reporting

Blockchain 2017: Regulatory Reality from FINRA

February 2, 2017 By Chris Kentouris Leave a Comment

Straight from the horse’s mouth, US broker-dealers have just been advised about the many ways their use of blockchain could impact their compliance with rules imposed by the Financial Industry Regulatory Authority (FINRA) — including recordkeeping, clearance and settlement, anti-money laundering, trade reporting and customer statements. FINRA , the US self-regulatory agency for broker-dealers, has issued a […]

Filed Under: Clearing, Compliance, Innovation, Outsourcing, Risk, Rules, Settlement, Slider Tagged With: AML, Brokerage Ops, Compliance, Data, FINRA, KYC, Ops Risk, Regulators, Reporting, SEC, Settlement

New York Raises Bar on AML and Sanctions Programs

January 19, 2017 By Chris Kentouris Leave a Comment

Some US and foreign banks with New York offices will soon face the challenge of proving that their transaction monitoring and sanctions filtering programs for catching criminal activity really work. The New York Department of Financial Services (DFS) believes that although banks and banking-regulated institutions may already have AML programs, there are still too many illegal […]

Filed Under: Analytics, Compliance, Data, Reporting, Risk, Slider Tagged With: AML, Compliance, Data, KYC, Ops Risk, Regulators, Reporting, SEC, Standards

Accenture, Broadridge, Synechron on Blockchain

October 2, 2016 By Chris Kentouris Leave a Comment

The financial world is spending countless hours — and millions of dollars — hypothesizing how blockchain — the new distributed way of storing information — could eliminate huge operational costs. Banks, broker-dealers, exchanges, and securities depositories have started exploring its potential vast use with the help of technology providers. Blockchain could theoretically be applied to […]

Filed Under: Compliance, Data, Post-Trade, Rules, Settlement, Slider, Trading Tagged With: AML, Brokerage Ops, Compliance, Corporate Actions, Innovation, KYC, Post Trade, Reconciliation

OTC Derivatives Players: The ISIN Engine Emerges (Updated)

September 16, 2016 By Chris Kentouris Leave a Comment

Editor’s Note: On September 20, ANNA announced that the automated allocation engine for international securities identification numbers for OTC derivatives would also support the derivatives product taxonomy created by the FIX Trading Community as well as other open-standard product taxonomies. The mapping of the FIX taxonomy with the ISO taxonomy is set to be completed […]

Filed Under: Compliance, Data, Derivatives, Infastructure, Innovation, Reporting, Slider Tagged With: Data, ESMA, KYC, MiFID, Regulators, Reporting, Standards, Swaps

Artificial Intelligence: The Next Frontier in AML Compliance

September 8, 2016 By Chris Kentouris Leave a Comment

Concerned about potential regulatory fines and skyrocketing costs, the world’s largest banks are turning to artificial intelligence to improve their compliance with know-your-customer and anti-money laundering regulations. “The value proposition for AI solutions is highest for large banks with significant volumes, complexity, multiple lines of business and geographical reach as these banks are affected most […]

Filed Under: Analytics, Compliance, Data, Risk, Risk, Rules, Slider Tagged With: AML, Compliance, Data, Innovation, KYC, Reporting, Standards

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