What new regulations could we see in H1?

What are the key regulatory developments to keep an eye on in H1?

As we approach the end of the second month of 2024, the direction of regulatory developments is beginning to take shape. What can we expect to see in the first half of 2024?

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Research highlight

Geopolitical and economic shocks push FinCrime teams to prioritise investment in tech during 2024

?ComplyAdvantage’s report is based on a survey of 600 C-suite and senior compliance decision-makers across the US, Canada, UK, France, Germany, Netherlands, Singapore, Hong Kong, and Australia. All respondents currently work in financial services and fintech organisations, with 50+ employees and total assets worth $5bn+.

In the face of the ongoing global challenges posed by intricate geopolitical and economic disruptions, financial crime units need to heighten their vigilance, adaptability, and responsiveness to effectively combat emerging dangers and manoeuvres through unforeseen disruptions. From the report it is clear that organisations should allocate resources towards technology enhancements and assemble proficient teams equipped to handle both evolving threats and the dynamic regulatory landscape. According to the survey, nearly all participants expressed their intention to boost compliance budgets, with a specific emphasis on bolstering personnel, technology infrastructure, training, and skill development.

RegTech news

• How can RegTechs help to combat document fraud? - One of the most pressing issues with the financial industry right now is document fraud. How can RegTech’s tackle this challenge and provide more support? Read the full story here.
• Navigating the AML compliance landscape for US investment advisors - In early February 2024, the US Treasury, under the guidance of Secretary Janet Yellen, announced its intention to strengthen the financial system’s defenses against money laundering.?Read the full story here.
• Mastering CSRD emissions reporting: Strategies for transparency and sustainability - Understanding the Corporate Sustainability Reporting Directive (CSRD) is crucial for companies as it heralds a new age of accountability in environmental and sustainability reporting. Read the full story here.

Regulation news

• SEC slaps $81m fine on firms for recordkeeping lapses -?The U.S. Securities and Exchange Commission (SEC) recently made headlines by settling charges with 16 prominent investment advisers and broker-dealers. Read the full story here.
• ECB sets new standards for bank board expertise on digital security risks - In a move aimed at bolstering the banking sector’s resilience to ICT and security challenges, the ECB has introduced a new policy set to take effect on 1 March. Read the full story here.
• Frankfurt wins bid to host EU’s new AML Authority - Frankfurt has been selected to house the new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). Read the full story here.

RegTech Deal news

• Napier AI secures ￡45m investment from Crestline for RegTech expansion - Napier AI has announced a substantial ￡45m investment from Crestline Investors, a US-based, credit-focused institutional alternative asset manager. Read the full story here.
• KYND teams up with Probitas 1492 to enhance underwriting capabilities - KYND Limited, a prominent figure in cyber risk management, has announced a strategic partnership with?Probitas 1492, a leading Lloyd’s of London underwriting syndicate. Read the full story here.
• Permit.io secures $8m in Series A for revolutionary authorization service - Permit.io, a full-stack authorisation-as-a-service provider, has successfully closed a Series A funding round, amassing $8m. Read the full story here.

CyberTech news

• Flagright and Traxion link to revolutionise security in digital transactions - Flagright has announced a strategic partnership with Traxion, a key player in transforming digital transactions in Southeast Asia. Read the full story here.
• Device Authority clinches $2m from Mercato Partners for IoT security expansion - Device Authority, a global leader in identity and access management for Enterprise IoT ecosystems, has recently bolstered its financial backing with an additional $2m investment from Prelude, the venture practice of Mercato Partners. Read the full story here.
• Over 69% of firms boost security spending amid rising online threats - Infosecurity Europe 2024 has unveiled critical findings from its recent research into cybersecurity budget trends across organisations. Read the full story here.

Other RegTech news

• The future of financial compliance: Preparing for AI regulatory changes - In a recent post by ACA Group, the firm outlined the eight steps CCO’s should take now to prepare for AI regulation. Read the full story here.
• Saifr acquires GOST to enhance regulatory solutions amidst growing risks - Saifr has announced its strategic acquisition of GOST, an artificial intelligence (AI) platform from Giant Oak. Read the full story here.
• Muinmos fortifies FinTech security standards with ISO 27001 certification - Muinmos has recently been awarded the ISO 27001 certification, an accolade that underscores the firm’s steadfast dedication to information security. Read the full story here.