Financial research firm TowerGroup has estimated that US brokerages will spend $700m on compliance systems over the next three years. The group claimed that the US Patriot Act has had a tremendous impact on the regulatory infrastructure of the securities industry – including driving the need to quickly implement anti-money laundering (AML) strategies across an industry that has not traditionally fallen under such strict guidelines. Unlike their retail banking counterparts, investment banks are starting largely from scratch in deploying technology that can flag and track transactions that may be linked with illegal activity, said the group. For broker/dealers, non-compliance with AML mandates carries huge downsides – including exposing firms to monetary and reputational risk. So while AML compliance may require substantial investments in technology and process changes, these investments should not be judged strictly on the basis of traditional return on investment.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more