Clausematch

Evgeny Likhoded's RegTech X Weekly has moved ➡ to Corlytics. Sign up to continue receiving the round-up on LinkedIn 👉 : https://bit.ly/3OmV6Mr Find more industry news and updates in the complete version of RegTech X by Evgeny Likhoded, sign up to get it straight in your inbox 👉: https://bit.ly/3QzCRoX #regtechx #regtech #compliance #regulation #tech #AI #news #digest

Good morning! Hope you had a nice weekend. In this RegTech X digest, 🇨🇭 🤖 discussions at Davos'24, an influential global forum, sparked headlines about AI. 🌐 Global leaders at the World Economic Forum debated whether to regulate AI's effects or implement guardrails for AI itself. 📕 The Swiss banking watchdog warned that the lack of coordinated regulation for AI could have significant consequences. 🔖 Hernández de Cos emphasized the importance of financial regulation as a blueprint for policymakers at an AI-focused summit in Switzerland. 🗞 The World Economic Forum's newly released Global Risks Report 2024 highlights misinformation and disinformation as the highest short-term risks. Technological power concentration and cyber insecurity are also significant risks. 💸 Additionally, last week saw AML gaining attention with the unveiling of a provisional agreement by European Union policymakers on stricter anti-money laundering rules. 🔴 In the US, the SEC has charged JP Morgan $18 million for obstructing clients and brokerage customers from reporting breaches of law. JP Morgan has agreed to pay the penalty charge. 🇬🇧 While in the UK, the Consumer Duty remains a top priority for the FCA, even though the deadline for implementation has passed. The work for firms within its scope is not finished. Find further industry news and updates in the complete version of RegTech X by Evgeny Likhoded sign up to get it straight in your inbox 👉: https://bit.ly/3QzCRoX To ensure you continue receiving RegTechX on LN in the New Year, please sign up for👉 Corlytics #regtechx #regtech #compliance #regulation #tech #AI #news #digest

Good morning, and Happy Monday! In this RegTech X digest, crypto is again in the spotlight. ₿ The U.S. securities regulator (SEC) approved the first-ever U.S.-listed ETFs that track bitcoin's performance. This milestone decision is expected to drive billions into new funds and expose more investors to crypto investing. 💸 Fines of approximately €2.1 billion were imposed in the EU in 2023 for GDPR violations, and the latest Amazon data privacy lawsuit in the Netherlands may have broader public policy implications. 🍏 A lobby group representing Big Tech firms criticized proposals to regulate digital payment apps and wallets. 📗 According to Deloitte’s Regulatory Outlook, the year ahead poses significant challenges for banks, including operational, financial resilience, and conduct-related hurdles. 🔮 Sifted FT asked industry experts and released predictions for European FinTech in 2024. 💰 Global capital investment in fintech nearly halved in 2023 to $51 billion, with the UK seeing an even sharper decline, according to Innovate Finance data. I hope you have a great week ahead. Find further industry news and updates in the complete version of RegTech X by Evgeny Likhoded sign up to get it straight in your inbox. 👉: https://bit.ly/3QzCRoX To ensure you continue receiving RegTechX on LN in 2024, please sign up for👉 Corlytics   #regtechx #regtech #compliance #regulation #tech #AI #news #digest

  Good morning and Happy New Year! 🤖 2024 holds remarkable breakthroughs as AI revolutionises industries and reshapes our lives, pushing the boundaries of innovation and also bringing new developments in AI regulation.   ⚖ 2024 is expected to bring economic fluctuations, election uncertainties, political protests, and legal actions that will intensify regulatory challenges. 📘 KPMG has released their ninth annual Regulatory Insights, shedding light on the 10 regulatory challenges of the year. 🔍 The European Banking Authority (EBA) will also take steps to predict how strains in non-bank financial institutions, including cryptocurrency-related entities, will impact lenders. 🌿 Additionally, ESG continues to be in the spotlight, with the New York State Department of Financial Services providing guidance on managing climate change-related risks for regulated banking and lending institutions.   💡 The 2023 regulatory and financial crime compliance landscape was volatile and complex. Emerging from the pandemic, we faced challenges like geopolitical tensions, the cost-of-living crisis, and inflation. 💸 The Singapore money laundering case shed light on the region's anti-money-laundering capabilities, prompting financial institutions to strengthen their detection of financial crimes. 📈 Overall, the ongoing digital transformation in banking, including open banking and AI, will drive significant increases in regulatory technology spending in 2024 and beyond.   Thank you for following RegTech X, and let the new chapter begin.    Find further industry news and updates in the complete version of RegTech X by Evgeny Likhoded sign up to get it straight in your inbox 👉: https://bit.ly/3QzCRoX To ensure you continue receiving RegTechX on LN in the New Year, please sign up for👉 Corlytics   #regtechx #regtech #compliance #regulation #tech #AI #news #digest

Good day, and Happy Monday! We hope you had a wonderful weekend and are now almost gearing up for a well-deserved Christmas break. 🎅 ✨   In the latest issue of the RegTech X digest, the significance of regulation is in the spotlight.   📖 The FCA chairperson reassured their commitment to avoiding lax rulemaking and streamlining regulations to foster UK financial services growth. 🤖 The spotlight is also on AI regulation, with exponential growth and integration of AI prompting regulatory considerations. 📈 According to Corlytics, the number of regulatory publications on AI doubled starting from March 2023. 🇪🇺 EU lawmakers have agreed on landmark legislation to regulate AI, but delays in implementing the AI Act mean no immediate changes. Europe has leaped forward in regulating AI, while Australia's productivity commissioner urges caution and finding the right balance. 🆕 A provisional agreement has been reached to create a new European authority for countering money laundering and terrorism financing.   Find further industry news and updates in the complete version of RegTech X by Evgeny Likhoded. Sign up to get it straight in your inbox 👉: https://bit.ly/3QzCRoX To ensure you continue receiving RegTechX on LN in the New Year, please sign up for👉 Corlytics We hope you have a great week and a happy Festive Season!🎄 #regtechx #regtech #compliance #regulation #tech #AI #news #digest

Operational resilience and third-party risk management are in the spotlight in the latest edition of RegTech X. ☁ UK regulators are seeking to strengthen oversight of outsourcing and introduce new rules to protect the financial system. 🔍 The Bank of England is also reviewing AI and machine learning for potential financial stability risks. 🤖 BlackRock is embracing generative AI tools, while US risk managers highlight the need for direct regulation of cloud services. ⏳ The SEC's new cyber disclosure regulations are approaching. Meanwhile a recent ransomware attacks have affected US credit unions. 🏆 In positive news, RegTech Analyst has released the latest RegTech100, and the Banking Technology awards celebrate key developments for 2023. 🎧 Join me and the Camelot webinar tomorrow to explore AI regulation and its impact on the insurance sector. 👉 Find more industry news in the complete version of RegTech X. Sign up to receive it straight to your inbox👉: https://bit.ly/3QzCRoX To ensure you continue receiving RegTechX on LN please sign up for👉 Corlytics We hope you have a great week! #regtechx #regtech #compliance #regulation #tech #AI #news #digest

Good morning! We hope you had a good weekend. 🌿 ESG compliance takes center stage in this RegTech X digest. The Financial Conduct Authority (FCA) has released the long-awaited Sustainability Disclosure Requirements (SDR) consultation policy statement, introducing four labels to sustainable funds. 🗣 A survey by Thomson Reuters has found that the UK's proactive approach to ESG rules is putting internal pressures on risk and compliance teams. However, critics warn that the new ESG labelling regime may not set a high enough standard to quash greenwashing. 💸 On another note, Eleven Big Tech firms and social media platforms have signed up to a UK Online Fraud Charter to combat scams. According to a report by Arkose Labs, generative AI is fueling an increase in payment-card scam tactics. 🤖 The Compliance Week survey shows that 41% of respondents are using AI to improve compliance, while 59% are not. According to TR, 91% of C-Suite executives are already using or planning to use Gen AI. Find industry news and updates in the complete version of RegTech X. Sign up to get it straight in your inbox 👉 : https://bit.ly/3QzCRoX To ensure you continue to receive RegTechX by Evgeny Likhoded on LN please sign up for👉 Corlytics. Have a great week! #regtechx #regtech #compliance #regulation #tech #AI #news #digest

Great to see Corlytics & Clausematch in this roundup. https://lnkd.in/emgEq2M8 #corlytics #clausematch #regtech

Good morning! We hope you had a good weekend. This RegTech X digest focuses on crypto regulation ₿ 📖 and AML 🛑. 📱 The European Banking Authority (EBA) has initiated a consultation on implementing the Travel Rule to combat money laundering in crypto asset transfers. 💡 A policy officer from the European Commission highlights deficiencies in crypto exchanges, fueling the need for MiCA regulations in Europe. 💸 In the US, Binance settled a $4.3 billion investigation by the Department of Justice (DOJ), with the founder stepping down and pleading guilty to AML violations. 🎧 The digest also features industry podcasts on AML and KYC, including Compliance Clarified with guest Michelle Giddings and 'KYC Decoded' on AI removing biases in processes. 🏆 PayPers presents regulatory technology vendors that made the headlines in 2023, while Finextra lists AI developments in major 50 banks 🤖. Find further industry news and updates in the complete version of RegTech X. Sign up to get it straight in your inbox 👉 : https://bit.ly/3QzCRoX To ensure you continue to receive RegTechX by Evgeny Likhoded on LN please sign up for👉 Corlytics. Have a great week! #regtechx #regtech #compliance #regulation #tech #AI #news #digest

For Corlytics, as a regtech both serving customers in the UK market and having recently acquired a leading UK regtech firm, Clausematch, this makes for interesting reading as we continue to see our market share in the UK, as well as elsewhere growing. So here are some of the key findings from Grant Thornton UK LLP's new UK #regtech survey in collaboration with the City of London Corporation, shedding light on regtech in the UK. 📊💡 💥Regtech Industry Snapshot: Valued at £6.6 billion in the UK annually, the regtech industry is experiencing dynamic growth, fuelled by rising customer demand, government regulations, and investor interest. 🔍 Some highlights (quite a few more in the full report): 🎯Challenges and Priorities: 39% identify horizon scanning as the most challenging regulatory aspect. Top investment areas in the next 12 months: Fincrime and Horizon scanning. 47% prioritise ease of use and integration when acquiring regtech. Regtech Buyers and Vendors: 50% of vendors spot opportunities in ESG, financial crime, and AI regulations. Collaboration is a top priority, with 30% of regtechs focusing on acquiring new clients. 25% believe clear signals from regulators would encourage more regtech investment. 🎯Regulatory Obligations: 65% of regulated firms foresee increased obligations in 2023/24, but only 50% plan to invest more in regtech during this period. 🎯International Focus: 79% of regtech vendors trade internationally, eyeing Europe and North America for expansion. Challenges include regulatory variations, data privacy, and cultural barriers. Key factors for international expansion: partnerships, investments, and B2B introductions. 🎯Regtech Solutions: Top budget areas include financial crime, horizon scanning, governance risk, and compliance. Integral to regulatory plans: Financial crime (AML/KYB/KYC) and data privacy. 🌟 Opportunities and Conclusion: The regtech industry offers engagement, best practice sharing, and learning opportunities for all stakeholders. Collaboration and the role of an industry body are crucial for future success. The report concludes on a positive note, foreseeing promising growth and innovation in the UK's regtech landscape. Full report here https://lnkd.in/eU8FfEdz Nikhil Asthana Maria Phillips Martin Trotter 🚀📈 #regtech #innovation #financialservices #industryinsights