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Standard Chartered Bank: Fined $1.1 billion for Anti-Money Laundering and Sanctions Violations

[fa icon='calendar'] 07-Jun-2019 08:03:00 / by Philip Creed posted in AML Audit, FINTECH, transaction monitoring, In the Media

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 Last month Standard Chartered bank agreed to pay a $1.1 billion for both Anti-Money Laundering and Sanctions violations. This blog is an overview of the bank’s failures in relation to both cross-border violations and what they mean for firms.

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Happy New Year, welcome to the new world of REP017 fraud reporting

[fa icon='calendar'] 08-Jan-2019 16:32:16 / by Philip Creed posted in Compliance Audit, PSD2, fincrime

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Under PSD2, all payment services providers, including credit card providers, money remitters and e-money issuers, account information service providers (AISP) and payment initiation service providers (PISP) are required to file reports in relation to confirmed fraudulent activity, known as the REP017 report. 

The REP017 report provides the means for firms through Gabriel to provide the FCA with statistical data on fraud related to different means of payment which in turn is  aggregated  and shared with the European Banking Authority and European Central Bank.

The first submission for REP017 is scheduled for 31st January 2019 covering the period from the 13th January 2018 to 31st December 2018. For this period, the FCA have published an interim REP017 report to be completed.

This blog aims to give a high-level overview of who REP017 applies to, what transactions it captures and how the data on fraudulent transactions need to be categorised.

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fscom warns of increasing sophistication of FinCrime

[fa icon='calendar'] 25-Oct-2018 08:00:00 / by Philip Creed posted in Compliance, fincrime, report

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Fancy an exciting career in RegTech?

[fa icon='calendar'] 11-Aug-2017 11:05:22 / by Philip Creed posted in Software Engineering, Recruitment

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What does a good BREXIT deal look like for financial services?

[fa icon='calendar'] 28-Jul-2017 10:59:49 / by Philip Creed posted in FINTECH, BREXIT

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London is the second largest financial centre in the world and financial services is the largest industry in the UK, therefore it is logical to expect the financial services industry to be high on the negotiation table for BREXIT.

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Why financial services regulation is crucial to fintech

[fa icon='calendar'] 30-Jun-2017 11:02:31 / by Philip Creed posted in FINTECH, RegTech

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RegTech and client onboarding– Striving for “frictionless onboarding”

[fa icon='calendar'] 06-Jun-2017 19:40:16 / by Philip Creed posted in 4MLD, FINTECH

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‘Frictionless onboarding’ is a term that seems to be cropping up more and more within the FinTech community. In an increasingly competitive, digital environment, creating a simple client onboarding process, while complying with regulatory pressures, can be the difference between success and failure. But is it even possible to be truly frictionless? What role does technology play? And what are the key considerations to be made before committing to your product roadmap.

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The Top 4 Regulatory Challenges for FinTechs in 2017

[fa icon='calendar'] 13-Apr-2017 08:22:27 / by Philip Creed posted in PSD2, 4MLD, GDPR, FINTECH, BREXIT

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