RegWatch - Edition #5
Your weekly briefing on regulation, risk, financial crime, and compliance matters
Regulatory Recap
Banking regs join FinCEN in proposing AML/CFT risk assessment rule
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money AML/CFT programs. Read more
Revolut finally receives UK banking license after three-year wait
Revolut has secured a UK banking license – with “restrictions” – more than three years after Britain’s most valuable fintech firm lodged its application with regulators. Read more
FCA calls on firms to improve treatment of politically exposed persons (PEPs)
The FCA has told financial firms – including banks, payment firms and lenders – to do more to ensure parliamentarians, senior public servants and their families are not treated unfairly. Read more
Council of Europe urges Jersey to up anti-money laundering efforts
The pan-European rights body Council of Europe called Wednesday on Jersey to enhance its implementation of anti-money laundering measures as it recognized the island’s strengthened legal framework. Read more
OFAC issues reporting requirement under “REPO For Ukrainians Act” for financial institutions that hold Russian sovereign assets
On July 23, 2024, the Office of Foreign Assets Control announced that it was publishing a notice requiring financial institutions holding Russian sovereign assets to report those assets to OFAC no later than August 2, 2024 or within 10 days of the detection of such assets. Read more
Live Webinar: KYC Trends for US Commercial Banks
From Cost Center to Revenue Enabler
Join us on a live webinar on August 7th, where we will be analyzing the findings from our KYC in Commercial Banking research which analyzed responses from mid-market commercial banks in the US with assets ranging from $10 billion to $100 billion. Survey respondents included Chief Operations Officers (COOs), Chief Compliance Officers (CCOs), Chief Risk Officers (CROs), and Chief Information Officers (CIOs).
In Case You Missed It...
Client Case Study: First Abu Dhabi Bank Pioneers Digital Onboarding in the UAE
First Abu Dhabi Bank (FAB) and Fenergo announced their partnership in June of 2024 to speed up client onboarding and enhance anti-money laundering (AML) compliance processes for the bank with Client Lifecycle Management (CLM). Watch the case study video
On-demand Webinar: Navigating AML Compliance in Asia