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Thirty U.K. financial technology services firms have established their own organization for sharing data on suspicious activity and other legal and regulatory risks, but said their efforts will be limited without input from the mainstream banking sector.
Dozens of fintech firms are delaying their applications for special-purpose banking charters from the U.S. Office of the Comptroller of the Currency after state officials filed a civil complaint seeking to block the federal regulator, say sources.
Several dystopian novels describe a future in which homo sapiens become enslaved or extinct because of the rise of robots and computers. Current buzz in the compliance world doesn't include speculation on our extinction, but there is lots of talk about the rise of "regtech."
Dozens of technology-based financial services firms, or fintechs, are establishing robust anti-money laundering programs to boost their credibility with banks and avoid regulatory penalties, even as regulatory expectations for the industry remain uncertain, say sources.
Uncertainty over whether British and Canadian regulators expect financial institutions to incorporate social media checks into their customer due-diligence processes is complicating efforts to manage compliance risks, say sources.
Once a bogeyman for anti-money laundering compliance departments, the technology underlying virtual currency platforms may one day be among the most important tools to identifying financial crime, industry experts say.
Bank compliance departments continue to underreport Internet Protocol and e-mail addresses in their regulatory filings to the U.S. Treasury Department despite repeated requests for such disclosures from federal officials.
British officials will soon review the promises and risks of alternative payment systems, including virtual currencies, as part of a broad initiative to promote advances in financial technology.
