EU regulators to probe links between banks and non-banks; businesses eye political protests as looming 2024 risk; investment in RegTech to rise
Good morning and Happy New Year!
I hope you had a wonderful break. 2024 is poised to be a year of extraordinary significance. The new year promises to witness remarkable breakthroughs, where AI will continue to revolutionise industries, reshape our lives, and push the boundaries of innovation. We can expect more developments in the world of artificial intelligence regulation as well.
It is also expected to be a year of continued economic fluctuations, election-year uncertainties, political protests and legal actions giving fuel to already elevated levels of regulatory intensity.
KPMG released the ninth annual addition of KPMG Regulatory Insights shedding more light on 10 Regulatory challenges of 2024 .
The Wall Street Journal’s Risk and Compliance Journal also spoke with acting comptroller of the currency Michael Hsu, one of the nation’s top banking regulators and a leading voice on risk and on banks being “too big to manage”, about the past year and the challenges looming for the industry .
The European Banking Authority (EBA) will take additional steps to predict how strains in non-bank financial institutions (NBFIs), including cryptocurrency-related entities, will affect the lenders.
It's been just 1 week since the New Year and I can confirm ESG continues to be in the spotlight. The New York State Department of Financial Services issued guidance to regulated banking and lending institutions on managing material financial and operational risks related to climate change.
On the AML front, the 2023 regulatory and financial crime compliance landscape was as volatile and complex as ever. As we emerged from the pandemic, we saw an influx of challenges, ranging from geopolitical tensions to the cost-of-living crisis, to inflation.
The massive money laundering case that gripped Singapore last year has cast the spotlight on the state of anti-money-laundering (AML) capabilities across the region, driving financial institutions to shore up detection of financial crimes.
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Overall, the dynamic evolution in banking driven by ongoing digital transformation, including everything from open banking to the rise of AI, will drive massive increases in regulatory technology spending in 2024 and beyond.
Thank you for following RegTech X, and let the new chapter begin.
Take care,
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Alexandru Armasu Hi Alexandru, great to hear this is of help, many thanks for sharing. Please kindly sign up for Corlytics to continue receiving these weekly round-ups. Thank you!