The findings show the two largest fines imposed by the US Office of the Comptroller of the Currency (OCC), for multiple compliance failures including KYC, AML and risk management.

A civil penalty of $75 million was levied against a tier-1 US bank’s “failure to meet remediation milestones and make sufficient and sustainable progress towards compliance with a 2020 Consent Order” The regulator noted that “While the bank’s board and management have made meaningful progress overall, including taking necessary steps to simplify the bank, certain persistent weaknesses remain, in particular with regard to data.”

The findings highlight an 87% rise in AML-related fines, which totalled $113.2 million. Transaction monitoring and SAR breaches saw fines soar to $30.5 million, up from $6 million in the previous year. Similarly, penalties for non-compliance with regulations concerning politically exposed persons (PEPs) hit $26 million, while KYC-related fines doubled to $51 million.

Banks bore the brunt of these enforcement actions, incurring fines of $136 million, followed by digital asset providers with $49.3 million, payments firms at $40 million, and private banks at $32.1 million.

Rory Doyle, Head of Financial Crime Policy at Fenergo, emphasized the urgency for financial institutions to bolster their compliance frameworks. “With regulators deploying advanced technology to detect and penalize misconduct, the surge in enforcement actions we’ve seen in the first half of 2024 is likely just the beginning,” Doyle remarked.

The findings note that historically, second half of the calendar year sees an uptick in enforcement actions, with financial institutions often looking to quickly settle fines with regulators ahead of year-end reporting.

Doyle further warned that as the year progresses, institutions that fail to fortify their defences could find themselves facing hefty fines. “The importance of integrating smarter financial crime technology cannot be overstated, especially as the industry grapples with a talent shortage in this critical area,” he added.

The post FinCrime Enforcement Actions Up 31%, H1/2024 – Fenergo Study appeared first on A-Team.

The implicated firms admitted to the facts outlined in the SEC orders, acknowledging that their conduct breached record-keeping provisions under federal securities laws. Collectively, the firms have agreed to pay $392.75 million in civil penalties and are in the process of implementing measures to enhance their compliance policies. Three firms that voluntarily self-reported their infractions will face significantly reduced penalties.

“As today’s enforcement actions against more than two dozen firms reflect, we remain committed to ensuring compliance with the books and records requirements of the federal securities laws, which are essential to investor protection and well-functioning markets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “Among this group of firms, there are several that differentiated themselves by self-reporting prior to the staff’s investigation, demonstrating once again the real benefits of proactive cooperation.”

The SEC’s investigations revealed pervasive use of unapproved communication methods, referred to as off-channel communications, across the firms. These off-channel communications included records that should have been preserved under securities laws but were not, impeding the SEC’s ability to conduct effective investigations. The violations were found to involve personnel at various levels, from senior managers to supervisors.

The firms were charged with breaches of record-keeping provisions under the Securities Exchange Act and the Investment Advisers Act, in addition to failures in supervising their personnel to prevent such violations. Alongside financial penalties, the firms were ordered to cease and desist from further breaches and received formal censures.

Reacting to the announcement, Matt Smith, CEO of integrated surveillance solutions provider SteelEye, commented: “The SEC’s recent hefty fines dispel any notion of a softer stance on off-channel communications breaches. Its crackdown remains in full force. The SEC is clearly expanding its focus beyond large tier-one banks, continuing to target investment advisers and broker-dealers. With fines posing a growing threat to firms of all sizes, it’s crucial they invest in the necessary measures, embracing smarter, more efficient approaches to supervision to navigate the evolving regulatory environment more effectively. Only then will they be able to keep pace with the SEC’s unforgiving scrutiny.”

Oliver Blower, CEO of London-based communications surveillance specialist VoxSmart, added: “It has been eerily quiet on the watchdog front of late, particularly when it comes to instant messaging record-keeping penalties. But this barrage of fines offers a stark reminder that the regulator will continue waging its battle on off-channel communications for the foreseeable. While this will alarm US firms ill-equipped to monitor staff use of platforms like WhatsApp, financial institutions operating beyond the SEC’s reach should also pay close attention. Overseas regulators certainly will be, and we expect a domino effect as watchdogs worldwide follow suit.”

The post SEC Charges 26 Financial Firms for Record-Keeping Failures, Resulting in $392.75 Million in Penalties appeared first on A-Team.

This has now been woven into Delta Capita’s AI-powered Karbon suite, which aims to streamline client onboarding, KYC, AML and regulatory compliance processes. LSEG remains a customer, and in May Daiwa Capital Markets Europe chose the solution to help streamline access to Asian markets for non-domestic customers.

RegTech Insight recently spoke with Karan Kapoor, Global Head of Regulatory and Post-Trade Consulting, and Niamh Kingsley, Head of Product Innovation and AI, to hear more about these developments and Delta Capita’s approach to guiding capital markets firms through their regulatory challenges and overall digital journey.

Regulatory and Post Trade Consulting

Kapoor’s global consulting group includes a core SME team of regulatory compliance experts with deep industry expertise that’s tasked with scanning for regulatory changes and assessing impacts on the industry and client’s obligations. The team has partnerships with a number of horizon-scanning firms that provide data feeds and client focused impact assessments from non-core jurisdictions and a law firm for guidance on the specific legalities of a regulatory change.

In addition to providing advisory services, the SME team curates and publishes thought leadership bulletins for clients and the public.

The consulting team has been busy helping firms with post-trade challenges resulting from the CSDR refit and T+1 initiatives. In Europe they are actively involved in the Association of Financial Markets in Europe (AFME) T+1 working group.

Kapoor’s team has been helping clients navigate the transaction reporting challenges ushered in by the various refits. “The Q&As for the UK EMIR [regulation] that’s supposed to go live end of September have only just been released in July, so there’s a lot of work still going on around testing, and our teams are deeply involved with these initiatives.”

Third-party risk management and control frameworks driven by the upcoming Digital Operations Resilience Act (DORA) and Prudential Regulation Authority (PRA) supervisory statements issued earlier this year are another high-demand area along with assistance with ESG data acquisition.

Remediation programs and assurance work around data quality are underway at a number of clients around MIFID – identifying data-quality issues, where they’re non-compliant or at-risk, and helping with remediation efforts.

In one of the latest advisory projects, they have been asked by a client to create a mock regulatory examination to prepare for the types of questions they’ll be asked, and the levels of evidence regulators will be expecting to see. This is being run by SMEs who have “lived through multiple examinations in the past.”

Delta Capita is seeing a lot of demand for expertise and advisory services around AI regulation and best practices. For example, a firm might want to understand how regulators in Hong Kong and Singapore are responding to the EU AI act.

Kingsley notes that in addition to regulatory and technology debt, there is a significant skills debt that the regulators are starting pick up on. She continues, “when we look at things like the FCA sandboxes, the SS123 model risk management principles from PRA, the EU AI act 2024, regulators are taking a more collaborative approach. But they’re also starting to mandate a level of institutional education as part of that regulation. For example, it’s a requirement in the EU AI act that if you’re deploying AI, you must have a level of enterprise education, and I think that’s really significant.”

Innovation and AI

At the core of Delta Capita’s strategy is a commitment to leveraging advanced technologies in its mission to ‘Reinvent the Investment Banking Value Chain’.

Kingsley explains how they differentiate with a ‘post-digital, post-trade’ point of view. “I think what makes us different at ‘DC’ is that while we have this retrospective view of ‘okay you need to become compliant and you need to need to remediate and problem solve, we also have a proactive forward-looking view.”

Kingsley continues, “so, we talk about the post-digital space, and we have a lot of thought leadership published for ‘post-digital post-trade’, and soon we’re doing a similar series for CLM. For us it’s about taking new technologies like AI, distributed ledger technology (DLT), robotics, extended reality (AR/VR), mutualization and then cloud and Quantum computing as well.”

Some of the latest innovations from Delta Capita include the Karbon CLM solution and MACH, a suite of six DLT-based solutions for post-trade processes. Karbon is a CLM platform designed to automate and streamline KYC and AML processes. It uses AI and machine learning to reduce the time and costs associated with these compliance tasks by up to 40%. Karbon automates data sourcing, profile enrichment, identity management, and screening, significantly enhancing operational efficiency and regulatory compliance. The platform’s modular components can be integrated via API or used as standalone tools, allowing flexibility in deployment.

Launched in October 2023, MACH is a suite of DLT solutions aimed at enhancing transaction processing in capital markets. It supports the design, implementation, and execution of complex transactions, offering improved efficiency and transparency. MACH stands out for its use of blockchain technology to streamline post-trade processes, reduce operational risks, and increase the security and integrity of transaction data.

Future Focus and Strategic Recommendations

So what are the top three actions that compliance practitioners should be considering today.

Kingsley: “I would encourage every institution to benchmark their AI strategy against institutional standards. We work with AFME where we run the forum on GenAI risk and a benchmarking standards.”

“Secondly, institutions need to start thinking now about their post-digital strategy. Some things like DLT, robotics, AI and Quantum, I don’t believe that those are a 10-year problem. I think that’s a three-year problem and that we’re going to see real cyber security challenges in quantum in the next three years.”

“And then the third thing is the digital upskilling. You know AI is not going to replace your job, but you could be replaced by someone that can use AI effectively.”

Kapoor’s three takeaways include advising organizations to adopt a strategic approach to regulatory compliance, to ensure long-term alignment with evolving regulations and lastly, the need for robust governance frameworks.

“It’s around governance and getting the right frameworks in place. This exercise to try and consolidate the compliance landscape in one place seems like a very tedious task which involves lots of policy reviews and policy architecture questions.”

“But having done that once, you have a clear understanding of how you’re compliant as a business. Whether you’re running a trading business or running a lending business, all the regulations that you’re supposed to be compliant with are clearly defined in one place, and you have visibility into your compliance status. Having the right controls in place and having a clear understanding of how they connect policy to regulation makes regulatory changes easier to manage in the future.”

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According to MCO CEO Brian Fahey, “Pythagoras fills key gaps in our compliance offerings, enhancing and complementing our existing solutions – particularly our KYTP/KYC suite. We believe this strategic move will enable us to introduce a wider range of integrated, best-of-breed solutions to the market.”

Continuous monitoring ensures that any changes in the risk profile or compliance status of third parties are swiftly identified and addressed. To support organizations in meeting global regulatory requirements, KYTP is designed to comply with anti-bribery and corruption (ABC) laws, AML regulations, and other relevant standards. The platform also includes automated alerts and notifications, enabling immediate action when significant changes occur in a third party’s risk profile.

Robust audit trails and customizable reporting tools, essential for maintaining transparency and accountability in third-party risk management can be tailored to specific regulatory requirements. The platform’s integration capabilities allow it to interoperate seamlessly with other compliance management systems and databases. Despite its advanced features, KYTP is designed with a user-friendly interface, making it accessible to compliance teams and other stakeholders, even those without extensive technical expertise.

Complimentary features of Pythagoras’ Know Your Partner business screening module include a multilingual user interface and screening for non-Latin characters including Chinese, Japanese, Arabic, Cyrillic and 30 other languages with a wide range of reference data sources for reconciliation. The Know Your Supply Chain module, meanwhile, includes configurable parameter weighting for automatic risk scoring and supports ad hoc workflow integration. The KYS module is ESG-oriented and ready to support the many sustainability directives coming onstream over the next year.

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By Suman Rao, UK Managing Director, Avaloq.

A year on from the implementation of Consumer Duty, its impact on the UK wealth management industry has been undeniable, causing a positive cultural shift across the industry as firms modify their practices and behaviours to ensure they provide fair value for clients. Navigating the regulation’s requirements has also brought challenges, and applying Consumer Duty principles consistently across value chains has proven to be complex and time-consuming.

Impact on client relations

Consumer Duty has reshaped client relations by making ongoing advice reviews crucial and extending compliance to closed products, necessitating re-engagement with inactive clients.

The role of technology in compliance

Technology has been crucial in aiding Consumer Duty compliance, enabling firms to evidence the value they deliver to clients. It has been particularly important for firms in the lead up to the 31 July Consumer Duty annual board report deadline. These reports – in which firms are required to demonstrate they are complying with the regulation and delivering good outcomes for clients – have led to an increasing emphasis on CRM systems for capturing and using data within the advice journey. With firms expected to identify issues and areas for improvement, they are required to consolidate large amounts of data, likely turning to their data warehouses as the only place to get a holistic view of this information.

As wealth managers look to evolve their Consumer Duty compliance and deliver long-term value to clients, it is important that they regularly assess their progress, using means such as the annual mandatory board reports to establish what they could be doing to better serve their clients. In addition to this, they should speak to their clients to determine the level of engagement they desire and provide options in the preferred format.

Wealth managers should also look to leverage technology for compliance with Consumer Duty. For example, technology can allow firms to enhance their client portal, enabling clients to use self-service features without needing to speak to an adviser, while providing advisers with access to a 360 view of their clients and their portfolios.

Additionally, firms should evaluate the integration of their CRM systems to support clients more effectively. Improved CRM integration would enable wealth managers to enter data into a single system, creating a more streamlined experience for clients.

The outlook for closed products

As we approach the deadline for the implementation of Consumer Duty for closed products and services, firms should now have a view of their clients with closed products – and should have developed a strategy to ensure that these are assessed, and that clients are receiving fair value.

Looking ahead, wealth managers will need to focus on putting these strategies into action. In some cases, this may involve re-engaging with the client, and this might require recruiting additional staff to support with ongoing advice reviews.

In addition, firms still reliant on legacy systems for closed products may need to embark on a data migration exercise to ensure all products are on the same systems and that clients with closed products can be serviced consistently.

The post Consumer Duty is Transforming Wealth Management but there is Still Work to be Done appeared first on A-Team.

The Crowdstrike incident offers a timely case-study for firms as they upgrade and evaluate their operational resilience frameworks for the new obligations required by DORA and other regulatory updates.

Regulatory oversight of disaster recovery planning (DR) and business continuity planning (BCP) has been in place for decades. But as markets have become increasingly digital and interconnected, new sources of operational risk have emerged in the form of cyber security threats and in turn, regulators have been updating their compliance obligations.

DORA is the most comprehensive and prescriptive (rules-based) set of operational resilience obligations yet to come into force. Other jurisdictions have tended to be more principles-based rather than rules-based, offering recommendations defining rules in terms of standards and best practices.

DORA is based on five pillars, each of which is covered to some extent by existing or emerging regulations in the other jurisdictions.

Information, Communications and Technology Services (ICT) Risk Management

ICT risk management is a cornerstone of operational resilience, focusing on identifying, assessing, and mitigating risks associated with critical IT functions. The FCA has published Operational resilience: insights and observations for firms that lays out feedback and advice on the obligations firms under its jurisdiction must meet by the end of March 2025.

Incident Management and Reporting

Effective incident management is crucial for minimizing the impact of disruptions on financial entities. The UK’s Prudential Regulation Authority (PRA) outlines requirements for firms to develop and maintain incident management frameworks that enable rapid identification, classification, and resolution of ICT-related incidents. This includes establishing clear communication channels and reporting mechanisms to ensure timely response and recovery.

Under the EU, DORA mandates that financial entities implement robust incident management processes. Firms must classify incidents based on their severity, report significant incidents to the relevant authorities, and conduct post-incident reviews to improve their resilience frameworks. This proactive approach helps mitigate the impact of disruptions and enhances the overall stability of the financial system.

Resilience Testing

Digital resilience testing involves evaluating the robustness of ICT systems through regular assessments and simulations. The CBEST guiding framework from the PRA is a targeted assessment that allows regulators and firms to better understand weaknesses and vulnerabilities and take remedial actions, thereby improving the resilience of systemically important firms and by extension, the wider financial system.

In line with the growth of threat-led penetration testing frameworks around the world, CBEST remains a highly effective regulatory assessment tool that can be conducted on a cross-jurisdictional basis with other international regulators and frameworks.

In the EU, DORA introduces requirements for digital resilience testing, including advanced testing methodologies like Threat-Led Penetration Testing (TLPT). Financial entities are required to conduct these tests periodically (at least every three years) to identify and address weaknesses in their ICT infrastructure and ensure they can withstand and quickly recover from cyber incidents and other operational disruptions.

Managing Third Party Risk

The FCA and PRA have set out guidelines for firms to assess and manage risks associated with third-party relationships, including contractual obligations, performance monitoring, and contingency planning.

DORA places significant emphasis on third-party risk management, requiring financial entities to ensure that their ICT service providers meet resilience standards. This includes conducting due diligence before engaging third-party services, establishing clear contractual terms, and maintaining oversight throughout the relationship. Firms must also have exit strategies in place to mitigate risks associated with the sudden loss of critical third-party services.

Information and Intelligence Sharing

Information sharing is a critical component of operational resilience, enabling financial entities to stay informed about emerging threats and best practices. The Financial Stability Board (FSB) encourages cross-border cooperation and information exchange to enhance global financial stability. This involves sharing threat intelligence, incident reports, and resilience strategies among financial institutions and regulatory bodies.

In the EU, DORA promotes information sharing as a means to enhance the collective resilience of the financial sector. Financial entities are encouraged to participate in information-sharing arrangements to gain insights into cyber threats and operational risks. This collaborative approach helps firms improve their resilience frameworks and better protect against systemic disruptions.

Under DORA, the CrowdStrike event would be a reportable incident. Details of exactly what went wrong are still emerging. It serves as a valuable case-study against which firms can scenario-test their ICT risk management frameworks against this type of systemic event.

The post CrowdStrike Incident Tests Operational Resilience appeared first on A-Team.

The United Nations estimates that between 2-5% of the global GDP, approximately $800 billion to $2 trillion, is laundered annually. Additionally, fraud alone is projected to cost companies worldwide over $5 trillion each year.

Artificial intelligence (AI) and increasingly Generative AI (GenAI) is being integrated into FinCrime solutions for enhanced performance and to keep pace in the cat-and-mouse game with increasingly sophisticated financial criminals.

AML Partners

RegTechONE is a no-code platform designed to streamline compliance and regulatory processes for financial institutions. It enables users to create custom workflows, archive data, and integrate compliance tools without the need for extensive coding expertise.

The platform supports Directed Intelligence, allowing institutions to train AI models using their specific compliance data, ensuring that the AI tools are aligned with internal risk management strategies. RegTechONE is fully scalable, making it adaptable to the evolving needs of institutions and regulatory landscapes. The implementation of Directed Intelligence involves a step-by-step approach that integrates AI into existing compliance workflows. This process allows for customization to fit the specific compliance needs and risk profiles of different institutions. By integrating Directed Intelligence into current systems, institutions can enhance their decision-making processes and ensure ongoing regulatory compliance.

Directed Intelligence is a method that captures the decision-making processes of Compliance and GRC professionals as an event log which is then used to train AI models. This approach ensures that models are tailored to the specific compliance strategies and requirements of an institution, providing a level of customization that out-of-the-box AI solutions cannot match.

Traditional pre-trained AI models often operate as “black boxes,” lacking transparency and potentially misaligning with an institution’s AML needs. Directed Intelligence addresses this by allowing institutions to train AI in-house, directly informed by their unique data and risk assessments. This not only enhances transparency but also ensures that the AI models are fully aligned with internal compliance strategies and risk tolerances.

The in-house training process offered by Directed Intelligence provides institutions with control over the AI’s development, ensuring that it accurately reflects their compliance strategies. By capturing compliance decisions and using them to train AI models, institutions can train models that are better aligned with their specific compliance functions. enhancing the overall effectiveness of the compliance processes.

https://amlpartners.com/

Chainalysis

Chainalysis offers several key features for mitigating financial crime through its blockchain data platform. Their solutions are designed to help financial institutions, law enforcement, and centralized exchanges detect, disrupt, and deter illicit activities involving cryptocurrencies.

For financial institutions, Chainalysis provides tools to conduct due diligence, monitor transactions, and assess risk associated with digital assets. These tools allow institutions to safely onboard clients, generate new revenue opportunities, and maintain compliance with regulatory standards. Their solutions include real-time transaction monitoring, customizable alerts for suspicious activities, and advanced due diligence capabilities to trace the origins and destinations of crypto transactions????.

Centralized exchanges benefit from Chainalysis through comprehensive transaction monitoring and enhanced due diligence on suspicious activities. By leveraging on-chain data, exchanges can ensure transparency, mitigate risks, and comply with evolving regulatory standards. Additionally, Chainalysis offers tools for assessing on-chain entity risks and generating actionable insights to enhance user engagement and retention strategies??.

Overall, Chainalysis uses its extensive blockchain data and advanced analytics to support a secure and compliant crypto ecosystem, enabling various stakeholders to effectively manage and counteract financial crimes in the digital asset space????.

https://chainalysis.com

ComplyAdvantage

ComplyAdvantage provides a robust suite of features aimed at helping banks and financial institutions combat financial crime. Their core offering is an AI-powered financial crime database, encompassing sanctions, watchlists, politically exposed persons (PEPs), and adverse media data, which is continuously updated and verified for accuracy. This AI-driven system enhances risk identification and mitigation.

Their Know Your Business (KYB) solution automates business customer verification, incorporating dynamic risk scoring to monitor changes in a business’s risk profile, thereby streamlining onboarding processes and improving adaptability to risk status changes.

ComplyAdvantage also offers comprehensive sanctions screening, AI-driven transaction monitoring for real-time detection of suspicious activities, and adverse media monitoring using natural language processing to track global news sources. Their Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) tools streamline risk assessments, while their fraud detection capabilities analyse transaction patterns and customer behaviours to flag anomalies. Together, these features help financial institutions stay compliant and effectively combat financial crimes with advanced technology and data-driven insights.

https://complyadvantage.com

ComplyCube

ComplyCube offers a range of solutions to mitigate financial crime, focusing on comprehensive KYC and AML functionalities. Their customer screening includes sanctions and PEP screening, adverse media checks, watchlist screening, and continuous monitoring to ensure real-time updates. They provide robust identity assurance through document verification, biometric checks, and multi-bureau checks to authenticate customer identities. For due diligence and compliance, ComplyCube offers smart KYC checks, AML solutions, risk scoring, and customer due diligence processes. These features help financial institutions streamline compliance and effectively deter fraud and other financial crimes.

https://complycube.com

Delta Capita

Using artificial intelligence and machine learning, Karbon provides a rules-based workflow engine, along with data sourcing, profile enrichment, digital outreach, identity management, screening, KYC risk scores, policy controls and MI reporting.

Karbon, the expert-led digital client lifecycle management (CLM) platform empowers financial institutions to automate time-consuming processes and reduce costs. The Karbon Portal supports our Managed Service with clear case and entity management, integrated with our client outreach and ID&V offerings and full API integration capability.

Digitising the customer outreach journey, Karbon Outreach enables operational efficiencies and accelerates onboarding whilst facilitating a frictionless experience for end-customers.

Karbon outreach and Identity Verification (ID&V) are available as modular offerings, allowing their platform components to be seamlessly integrated into an existing client platform via an API or, if preferred, as a standalone tool to enhance a client’s existing experience.

The most important asset of the financial institution or any other entity is the customer, making a customer-centric approach vital, even after the onboarding process is complete. Your organisation needs to manage the identity of the customer throughout their lifecycle in the organisation, managing customers’ lists and data seamlessly and without error. Delta Capita’s Karbon ID&V platform is a state-of-the-art tool providing identity management across business units and service channels, both at scale and in real time.

https://www.deltacapita.com/insights/clm-karbon

Ekata

Ekata, a Mastercard company, offers a suite of solutions aimed at combating financial crime in the banking and capital markets industries, focusing on identity verification and fraud prevention. Their key offerings include the Identity Engine, which integrates the Ekata Identity Graph and Ekata Identity Network. This system uses data science and machine learning to link digital interactions to real individuals, assessing transaction risk in real-time by analysing behavioural patterns and transaction histories.

Ekata places a strong emphasis on combating synthetic identity fraud by cross-referencing data points and using dynamic identity attributes to detect fraudulent identities created with a mix of real and fabricated information. This approach makes it harder for fraudsters to evade detection.

To prevent account takeover (ATO) fraud, where cybercriminals gain unauthorized access to user accounts, Ekata uses identity verification APIs, behavioural analytics, and risk scoring systems to detect suspicious activities. These measures provide an additional layer of security against cyber threats by identifying unusual login patterns or changes in account settings.

By integrating these advanced technologies, Ekata helps financial institutions enhance their security measures against a wide range of financial crimes while ensuring a positive customer experience.

https://ekata.com

Feedzai

Feedzai’s core offering, the RiskOps platform, integrates various financial crime prevention functions into a unified system. This platform streamlines customer risk processes by providing a consistent view of data, profiles, and customer activities across multiple channels, covering areas such as account opening, transaction fraud detection, Anti-Money Laundering (AML) transaction monitoring, Know Your Customer (KYC) / Customer Due Diligence, and watchlist screening. By consolidating these processes, Feedzai aims to reduce data redundancy, cut costs, and simplify business operations.

AI and machine learning are fundamental to Feedzai’s approach, enabling frictionless workflows for data scientists and rapid model deployment. The platform provides real-time customer trust by continuously updating profiles with behavioural and transactional data, enhancing the detection and prevention of suspicious activities. Visual link analysis and transparent ‘whitebox’ explanations improve decision-making, helping analysts understand and act on insights efficiently.

Addressing emerging threats such as generative AI-powered fraud, Feedzai tackles advanced techniques used to create synthetic identities and automate fraud processes, including fraud-as-a-service models.

https://feedzai.com

Fenergo

Fenergo client lifecycle management (CLM) digitally orchestrates client journeys through every point in the client lifecycle – from initial prospecting to digital account opening through maintenance and refresh, ongoing due diligence and client off-boarding. Multi-channel by design and powered by API integrations, Fenergo creates a smooth orchestration process for all client data and documentation, minimizing time to revenue.

The process of transferring information from documents to systems continues to require manual input and review, resulting in inefficient processes, increased operational costs and slower customer service.

The introduction of AI to Fenergo’s CLM, powered by Amazon Bedrock, will enable firms to more accurately identify and mitigate financial crime risk and seamlessly meet regulatory obligations for KYC, AML and sanctions measures. Fenergo’s AI-powered offering will empower firms to safely deliver more efficient, frictionless onboarding and lifecycle management journeys while accelerating time to revenue.

Fenergo’s global policy rules engine houses comprehensive business rules as well as KYC, AML, and other regulatory rules for over 120 jurisdictions globally. These include Data, Document and Ownership & Control rules. The policy rules engine works in tandem with Fenergo’s powerful workflow engine to trigger the correct policy requirements at the correct point in time, based on a number of dynamic client and related party parameters.

Fenergo’s Risk Engine enables financial institutions to automate on-demand financial crime risk assessment of clients and their related parties. Enterprise-wide, it provides your organization with a single, centralized source of risk model management to support and represent the granularity of multiple, complex financial crime risk models.

https://www.fenergo.com/

Finscan

FinScan offers a robust suite of tools to assist financial institutions in combating financial crime through advanced Anti-Money Laundering (AML) and Know Your Customer (KYC) solutions. Their platform centralizes KYC and AML operations, featuring customer and entity screening capabilities to check against sanctions, politically exposed persons (PEP), and adverse media databases. Real-time screening during onboarding and continuous monitoring ensures prompt identification of changes in political status or affiliations, thereby enhancing compliance efforts.

FinScan further enhances screening accuracy with tools for data preparation, ultimate beneficial owner (UBO) due diligence, and ID document validation. A risk scoring module assesses potential customer risk, while an enhanced due diligence module facilitates thorough investigations for high-risk customers.

FinScan Securities addresses AML and countering financing of terrorism (CFT) compliance for securities transactions, leveraging advanced technology to detect potential violations within trading books and inventories. This solution consolidates results into an aggregated list with a transparent audit trail, streamlining the risk identification and review process. Overall, FinScan’s integrated solutions enhance financial crime compliance programs’ efficiency and effectiveness, enabling institutions to meet regulatory requirements and mitigate financial crime risks comprehensively.

https://finscan.com

FourthLine

Fourthline’s identity verification offers a comprehensive analysis of ID authenticity, biometrics, and security features. Client authentication verifies the person behind the account, particularly when logging in from new devices. Their AML screening and monitoring continuously check clients against real-time watchlists, PEP, and sanction lists. Re-KYC and remediation provide automated solutions for updating KYC files efficiently. The case reviewing and auditing tool offers a complete overview of client profiles and compliance documentation. Fourthline’s investigations and reporting enhance operational efficiency with conclusive reports. Additionally, they offer qualified electronic signatures, bank account verification, proof of address, and anti-financial crime solutions with augmented analytics and expert teams.

https://fourthline.com

Hummingbird

Hummingbird is a compliance and risk platform that empowers financial institutions to conduct fast, accurate financial crime investigations. Reimagining compliance workflows from the ground up, Hummingbird’s modern suite of investigative tools enables financial institutions to drive efficiency and lower costs without sacrificing quality or compromising on risk.

Hummingbird’s automation solutions streamline compliance processes by automating repetitive tasks, enforcing controls, and improving oversight. Key features include customizable triggers for automations, powerful actions to manage cases and update information, and complete auditability with detailed activity logs. The platform enhances due diligence by tracking and monitoring high-risk customers, ensures quality control through random case sampling, and accelerates case preparation by pre-populating information. Additionally, it offers a library of pre-built templates to quickly automate common compliance tasks, and AI tools to simplify complex compliance work.

https://hummingbird.co

ID-Pal

ID-Pal’s platform is 100% AI-powered, utilizing biometric, document, and database checks to ensure real-time, accurate verification. This automation reduces the risk of data breaches, false positives, and increases correct classification of identity documents and users????. The AI system enhances fraud prevention by performing multi-layered verification, which includes biometric analysis, document verification, and database checks. This layered approach makes it difficult for fraudsters to bypass the system, as multiple verification methods must be satisfied simultaneously??.

AI is employed to ensure compliance with AML and KYC regulations. The system automates AML screening checks against global watchlists, PEP databases, and sanctions lists, which are continuously updated to adhere to the latest regulatory standards. This reduces the reliance on manual processes and helps businesses mitigate the risk of non-compliance??. The AI-driven approach allows ID-Pal to handle large volumes of verification requests efficiently, making it scalable for businesses as they grow. The platform’s real-time decision-making capabilities ensure a seamless and efficient onboarding process??.

https://www.id-pal.com/

LSEG Risk Intelligence

LSEG Risk Intelligence World-Check is a comprehensive risk intelligence database designed to help organizations across the globe meet regulatory obligations, make informed decisions, and avoid involvement in financial crime and corrupt practices. It serves the KYC (Know Your Customer) and third-party risk screening needs of major banks, financial institutions, corporates, law enforcement bodies, and government and intelligence agencies. World-Check simplifies customer onboarding and monitoring by providing tools necessary for due diligence under various regulations, including AML (Anti-Money Laundering), counterterrorist financing, and anti-bribery and corruption.

One of the standout features is the AI-powered negative media search tool, Media Check, which canvasses global media to find relevant news for regulatory screening. This tool enhances screening efficiency and helps organizations stay compliant by providing comprehensive data for KYC and AML policies. World-Check also offers additional features like dynamic download, customized data files, and integration with platforms like Salesforce, enabling automated screening within existing workflows.

The database covers a wide range of crimes, including bribery, corruption, human trafficking, organized crime, cybercrime, and many others. The database includes both official list data and extensive information on individuals and entities connected to financial crimes or negative media reports.

https://www.lseg.com/en/risk-intelligence

Moody’s

Moody’s Intelligent Risk and Compliance Screening harnesses the power of AI and machine learning to automate risk and compliance screening. Process alerts with consistency and accuracy. And get more precise results and a significant reduction in false positives. Identify risks in the firm’s counterparty network using screening and mitigate issues before they become a problem.

Moody’s advanced screening technology, AI Review, can help reduce false positives when name matching by as much as 80%. True alerts can be prioritized to reduce the time-to-decision during risk assessments. Leveraging its machine-learning model built on over 20 years of experience and millions of analyst decisions, an alert confidence score can be produced for each inquiry and used as a first-level screening solution to mimic a human analyst.

Smarter due diligence – mitigate the risk of financial crime, meet regulatory obligations, and harness the industry-leading technology.

https://www.moodys.com/web/en/us/kyc.html

Napier

Napier AI offers a comprehensive suite of solutions for financial crime compliance. The Transaction Monitoring system uses machine learning to significantly reduce false positives and detect suspicious activities, designed for non-technical business users in various organizations. The Transaction Screening feature allows real-time searches against multiple watchlists to assess payment risks swiftly. Client Screening employs advanced fuzzy matching algorithms to screen clients against sanction lists, minimizing false positives. The Client Activity Review provides continuous, automated monitoring of customer data against expected behaviour for deeper insights. The Client Risk Assessment generates risk levels for each client, optimizing screening and monitoring processes. Finally, the Regulatory Reporting Manager streamlines the filing of Suspicious Transaction Reports (STRs) with automated form completion and robust data security, ensuring compliance with global regulations.

https://napier.ai

NICE Actimize

The X-Sight Entity Risk solution provides a holistic view of entity relationships and risk profiles, leveraging advanced analytics to detect hidden risks. Trade-Based Money Laundering solutions monitor trade activities for suspicious patterns, while the Suspicious Transaction Activity Reporting (STAR) and Currency Transaction Reporting (CTR) solutions automate regulatory reporting, reducing administrative burden and ensuring compliance. Lastly, AML Essentials offers an integrated platform combining these tools, enhancing overall efficiency and regulatory adherence.

The AI & Analytics page offers experience-based thought leadership on AI in autonomous financial crime management and instructional articles on data science building blocks.

https://www.niceactimize.com/

Saifr

SaifrScreen is an AI-powered solution designed to enhance AML (Anti-Money Laundering) and KYC (Know Your Customer) programs. It offers comprehensive risk coverage by utilizing extensive sources across the internet, including government records, court documents, news articles, and social media. This enables SaifrScreen to identify potential threats and risks more effectively than traditional systems that rely solely on structured data like sanctions lists. The platform uses advanced AI models, including natural language processing (NLP) and large language models (LLMs), to filter data and minimize false positives, thereby streamlining the identification of true bad actors. The system continuously monitors customer and vendor populations, providing real-time alerts for emerging risks, and ensures scalability for large financial institutions????.

Key features of SaifrScreen include bulk adverse media screening and continuous monitoring of customer and vendor populations. The solution leverages unstructured data to capture threats as soon as they are associated with wrongdoing, offering a more timely and comprehensive risk assessment. The AI models prioritize the highest probability risks, reducing the burden of false positives and enhancing the efficiency of compliance teams. Customization options allow financial institutions to tailor the AI models to specific crime types and date ranges relevant to their needs, and feedback mechanisms enable continuous improvement of the system based on user input????.

Overall, SaifrScreen aims to help financial institutions maintain a robust defence against financial crimes by providing precise, actionable risk management solutions that integrate seamlessly into existing compliance workflows. For more information on SaifrScreen and its capabilities, you can visit the Saifr website.

https://saifr.ai

SEON

SEON offers a comprehensive suite of tools to combat financial crime in banking and capital markets. The platform uses advanced digital footprinting and device intelligence to secure onboarding processes, ensuring fraudulent accounts are blocked from the start. Real-time activity monitoring accelerates transaction validations, enhancing user experience while preventing fraud. AI-driven insights allow for the creation of custom rules to improve fraud detection and reduce manual reviews. Additionally, SEON integrates AML screening and monitoring, consolidating compliance efforts into a single platform to streamline operations and improve efficiency.

https://seon.io

Socure

Socure’s Sigma Identity Fraud solution offers an integrated approach to identity fraud prevention by leveraging predictive signals across personal identifiable information (PII), digital, and behavioural risk dimensions. It auto-approves over 95% of applicants, reduces manual reviews to less than 5%, and delivers near 100% accurate identity fraud decisions. The solution includes advanced machine learning models, a comprehensive 360-degree Identity Atlas view, and entity profiling that incorporates digital footprints for a dynamic assessment. Additionally, Sigma Identity Fraud boasts a 20x return on investment by minimizing ID fraud losses and false positives.

https://socure.com/

Sumsub

Sumsub provides a comprehensive identity verification platform designed to combat financial crime in banking and capital markets. The platform offers user verification, including ID verification, liveness checks, and document-free verification, ensuring compliance and fraud prevention. It supports AML screening, checking against PEP, sanctions lists, and adverse media. Sumsub also monitors transactions to detect suspicious activity, employs behavioural fraud detection, and ensures secure customer onboarding. Additionally, the platform integrates with various systems for seamless implementation and provides customizable workflows to meet specific regulatory requirements.

https://sumsub.com

SymphonyAI

SymphonyAI offers a suite of AI-driven financial crime prevention solutions tailored for the banking and capital markets industries. Their NetReveal Customer Due Diligence solution streamlines the onboarding process and enhances risk assessment through automated decision-making and compliance features. The SensaAI for AML provides robust transaction monitoring capabilities that adapt and scale, ensuring efficient detection and investigation of suspicious activities. NetReveal Sanctions Screening offers high accuracy in name and transaction screening while reducing false positives. Additionally, the Sensa Investigation Hub centralizes data and accelerates investigations by 70% using generative AI to support and streamline investigative processes.

https://www.symphonyai.com/financial-services/

Unit21.ai

Unit21 provides several key solutions for combating financial crime. Their Transaction Monitoring tool leverages diverse data sources to create a comprehensive view of customer behaviour, allowing for the configuration and testing of scenarios to enhance detection and reduce false positives. Real-Time Monitoring enables instant risk assessment and transaction blocking to prevent fraud losses. The Case Management system offers a single pane view for efficient case management, with customizable workflows to adapt to evolving risks. The Fraud Consortium provides secure, de-identified insights during onboarding and transaction monitoring, ensuring privacy and security.

https://unit21.ai

Workfusion

WorkFusion’s AI Digital-Workers provide advanced solutions for various aspects of financial crime prevention and management in banking using digital personas. Evelyn, the Sanctions and Adverse Media Screening Analyst, excels at eliminating false-positive alerts by over 95%. Tara, the Transaction Screening Analyst, helps quickly manage payment alerts to ensure compliance. Kendrick, the Customer Identity Program Analyst, streamlines the KYC process, reducing it from days to minutes. Isaac, the Transaction Monitoring Investigator, automates the closure of low-risk alerts and escalates those requiring deeper investigation. Darryl, the Customer Due Diligence Program Analyst, processes ownership structure documents four times faster than manual methods. Kayla, the pKYC Review Analyst, efficiently monitors customers across various systems and sources to ensure compliance. Each of these Digital Workers enhances operational efficiency, mitigates risks, and supports regulatory compliance.

https://www.workfusion.com/digital-workers

So, there you have it, 22 to watch out for in AI-Powered FinCrime developments this year.

If you feel your firm should be included in this list, let us know at pr@a-teamgroup.com.

The post AI in FinCrime Prevention – 23 Thought Leaders to Watch in 2024 appeared first on A-Team.

By Kifaya Belkaaloul, Head of Regulation, NeoXam.

With just over 150 days until the Packaged Retail and Insurance-based Investment Products regulation (PRIIPs) changes, the financial industry must confront a looming implicit costs conundrum – and fast.

The update to the regulatory framework on January 1 seeks to ensure that asset servicers undertake a more detailed and standardised approach to calculating implicit costs. It is difficult to argue with the EU’s rationale behind the change. In an era for markets regulation characterised by transparency, these hidden costs – which are often buried within the fabric of highly complex financial instruments – are inherently opaque.

Demystifying them seems a sensible move, at least on paper. In practice, it presents a major challenge for asset servicers and may prove insurmountable if the necessary precautions are not taken well ahead of time.

Time to choose

Historically, implicit costs have been difficult to quantify for asset servicers, let alone disclose with precision. Using the updated PRIIPs method, referred to as the ‘full PRIIPS’ or ‘arrival price’ method, implicit costs are calculated as the difference between an asset’s arrival price, also known as its mid-price, and its execution price. These costs stem from various sources, such as bid-ask spreads and the impact of trades on market prices. Accurately capturing them requires detailed historical trade data.

Asset servicers have traditionally relied on people to provide the necessary oversight and elbow grease to manage and report this data. But this approach is fraught with the potential for mistakes and inconsistencies. Human error, varying interpretations of data, and the sheer volume of information to be processed can lead to inaccuracies that undermine trust in the disclosed figures. In a landscape where precision is paramount, the traditional methods simply cannot meet the heightened regulatory expectations. To put it frankly, the change presents a fundamental choice for asset servicers: embrace automation or risk obsolescence.

Automated systems can process vast amounts of data with unparalleled speed and accuracy, ensuring all relevant information is captured and analysed consistently. By leveraging advanced algorithms and machine learning, patterns and anomalies that might evade the attention of human analysts are easily identified. This not only enhances the reliability of cost calculations but also ensures disclosures are consistent and transparent.

Compliance and beyond

The benefits of automation also extend beyond mere compliance. For asset managers, gaining access to accurate and reliable cost information fosters greater trust and confidence. They can make more informed investment decisions, knowing that the cost data they rely on is both precise and consistent. This, in turn, strengthens the overall integrity of the financial markets, promoting a healthier investment environment.

In addition, automation frees up human resources to focus on the more strategic elements of their role. Rather than being bogged down by the humdrum of data processing, analysts can concentrate on higher-value activities, be it interpreting trends, refining investment strategies, or enhancing client relationships. This shift not only enhances operational efficiency but also delivers greater value to clients.

Some will inevitably argue automation comes with its own set of challenges. Securing the funding for its initial implementation and upkeep springs to mind. But these costs are dwarfed by the benefits. After all, the alternative – continuing to rely on manual processes – risks non-compliance with regulatory standards, potential penalties, and a dent to client trust, not to mention brand credibility.

The upcoming PRIIPs regulation amendments must be viewed as a clarion call for asset servicers to modernize their operations. Reliance on human oversight is no longer sufficient to meet the demands of the new regulatory landscape. Automation offers a robust solution, enhancing the reliability of cost calculations and disclosures, while fostering greater trust among asset managers. As we march towards this new era of financial transparency and accountability, embracing automation is not just an option; it is a strategic necessity.

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The Federal Reserve and Office of the Comptroller of the Currency (OCC) jointly imposed the penalty on the international banking group after it was found to have put in place insufficient data management risk controls. Further, the group was told to hold quarterly checks to ensure it has safeguards in place.

The action has been seen a warning that regulators will take a tough stance against data management failings that could have a detrimental impact on banks’ clients and their business. Charlie Browne, head of market data, quant and risk solutions at data enterprise data management services provider GoldenSource, said the fine shows that there can be no hiding bad practices.

Greater Scrutiny

“Citigroup’s fine should be a warning to other banks and institutions who may have believed their insufficient data and risk controls could fly under the radar,” Browne told Data Management Insight. “It’s time to adapt, or be forced to pay up.”

Financial institution’s data management structures are likely to come under greater regulatory scrutiny to protect customers as more of their activities are digitalised, as artificial intelligence is incorporated into tech systems and amid growing acceptance of crypto finance.

As well as data privacy protection measures, organisations will be expected to tighten controls on many other data domains including trading information and ESG reporting. The fallout from the collapse of Silicon Valley Bank last year will also put pressure on lenders’ solvency requirements and crisis management, processes that are heavily data-dependent.

Data Care

Browne said the penalty imposed on Citigroup showed that institutions had to take greater care with their data and controls models because regulators are very aware of how important digital information is to the efficient running of all parts of an enterprise’s operations.

This fining of Citigroup demonstrates the very real costs associated with banks not being on top of their risk controls and data management,” he said.

“It’s a bold statement from the US rule makers that banks showing complacency about their data issues will be met with regulatory action. Regulators globally are now coming to the understanding that it’s fundamental that financial institutions have effective data management strategies.”

While breaches of Europe’s General Data Protection Regulation (GDPR) and anti-money laundering rules have already been at the root of fines imposed on banks and financial services firms, penalties related to operational use of data are expected to grow.

For example, institutions interviewed by A-Team Group have regularly said they are closely examining the data privacy and IP implications of using outputs from generative AI applications. The concern they have is that the content generated will be in beach of copywriter material on which the model has been trained.

Non-Negotiable

Browne’s comments were echoed by the found and chief executive of Monte Carlo Data Barr Moses, who said that as data needs become central to firms’ operations, “data quality becomes non-negotiable”.

“In 2024 data quality isn’t open for discussion — it’s a clear and present risk and it needs our attention,” Moses wrote on LinkedIn.

Browne said that ensuring compliance will require strenuous efforts by organisations to go deep into their data capabilities and processes.

“Data quality and accessibility are, rightly, front of mind, however, it’s also vital that banks consider concepts like data governance and data lineage when assessing the efficiency of their systems and adequately managing their risk. Being able to track data back to source is an important tool that rule makers are increasingly looking to demand of banks, visible in regulations like the ECB’s Risk Data Aggregation and Risk Reporting (RDARR) measures.”

The post Citigroup Fine Shows Importance of Having Robust Data Setup appeared first on A-Team.

RTI: Can you describe the decision-making process within the DSB, particularly in terms of setting strategic priorities and responding to regulatory changes?

ROC is a group of more than 65 G20 financial markets regulators and other public authorities from more than 50 countries).

Briefly, the key principles the DSB follows are:

• Cost recovery: The numbering agency services for OTC ISINs and UPIs are provided on a cost-recovery basis with costs are allocated fairly among stakeholders
• Unrestricted data: OTC ISINs, UPIs and their associated reference data have no licensing restrictions on usage and distribution for any purpose
• Open access: Access to the DSB archive for consumption of OTC ISINs, UPIs and associated reference data is available to all stakeholders
• Economic sustainability: The DSB funding model must be sustainable – lean, efficient, and reliable
• Equal treatment: The DSB ensures parity and efficiency in delivery of services. following standardised processes and procedures with exceptions to terms are only introduced on the basis that they can be consistently applied across all users without imposing a risk on the DSB services.
• Separate service provision: Access to the UPI and ISIN services are not tied or bundled with any other service offered by the DSB

These principles guide, and are threaded through, all DSB decisions which are taken by the DSB’s Board of Directors with three Industry Representation Groups (see Q2 below) acting in an advisory capacity to the Board and providing industry stewardship.

In terms of responding to regulatory changes, the current reforms in progress in the EU provide a good ‘case study’.

The European Commission recently issued draft rules in June 2023 for consultation which propose modifications to the OTC derivatives ISIN to facilitate price transparency. The DSB has assisted with technical and explanatory clarifications as required for both industry and regulators. During the European Commission’s consultation, the DSB hosted two webinars for industry providing an overview of the draft rules and how the DSB can support implementation, with the Commission speaking at one webinar and regulators attending to observe. The Commission will issue its final rules later in 2024 and the DSB will implement the changes through collaboration with its industry representation groups.

RTI: How do you balance the needs and feedback from a diverse group of stakeholders, including regulators, market participants, and internal teams?

Kalliomaki: Collaboration is at the core of the DSB’s approach, and it operates three industry representation groups which each cover both the UPI and OTC derivatives ISIN. These committees comprise representatives from DSB’s user organisations, independent experts and regulatory observers – members, minutes, agendas are all published on the DSB website for transparency:

• The Product Committee (‘PC’) supports the evolution of the DSB’s product definitions. (Product Committee (PC) – DSB (anna-dsb.com)
• The Technology Advisory Committee (‘TAC’) guides the evolution of the DSB’s technology and operations. Technology Advisory Committee (TAC) – DSB (anna-dsb.com)
• The Governance Advisory Committee (‘GAC’) advises on governance matters, including the subscription terms and policies, control frameworks such as threshold monitoring and considerations to the structure of the DSB’s cost recovery fee model. Governance Advisory Committee (GAC) – DSB (anna-dsb.com)

These committees are forums for industry to put forward their views on how to evolve the services and how to best implement changes with regulators present to enable dialogue. The DSB also issues an annual industry consultation on aspects of the DSB’s services that users have highlighted for development consideration and optimisation, or to address evolving market practices and technological advances.

RTI: Can you talk about how DSB is planning to leverage newer technologies generative AI (GenAI), LLMs and Distributed Ledger Technology?

Kalliomaki: The DSB is considering how it can use GenAI and open source LLM’s to assess data quality and define quality metrics in the reference data managed by the DSB with the objective of enhancing DSB’s understanding of how clients use the service and how it can improve data quality and the service in general.

AI tools are actively used by the DSB: from co-pilots supporting generation of code to minute writing are used in delivery of the service.

The DSB’s Technology Advisory Committee (TAC) is discussing the topic of DLT technologies towards the end of this year as part of its remit to monitor evolving technologies.

RTI: UPI having been live since January, what challenges, if any, do you see firms struggling with?

Kalliomaki: The UPI Service went live on 16 October 2023 with the first UPI reporting mandate coming into force in the US on 29 January 2024. This meant firms which had to meet the US deadline of 29 January had 3 months to integrate the UPI services including search for and create UPIs in readiness. Moreover, the DSB launched its UAT (user acceptance test environment) in April 2023 which allows prospective users to test connectivity and access options free of charge for 6 months from the date of entering it. We saw firms using the test and live environments from day one which was great

So far in 2024, two jurisdictions have gone live with their UPI reporting – the US In January and the EU in April. In advance of each start date, the DSB looked at its onboarding data and found that in the main, organisations were prepared

• Data shows number of firms prepared for UPI regulatory reporting in the US is in line with DSB expectations – DSB (anna-dsb.com)
• DSB releases details of industry readiness for UPI Reporting in the EU – DSB (anna-dsb.com)

Following the regulatory compliance dates coming into effect and having experience that the practical adoption and implementation of standards is a journey, the DSB tracks support cases and ensures queries are referred and discussed in the relevant industry representation groups.

For example, the Product Committee is instrumental in discussing product related queries and publishing Best Practice FAQs to assist the broader user community. This ensures that users that are yet to onboard can learn from the experiences of those who have gone before them. The DSB’s collaborative forums of public and private sector participants assists in solutions being deliberated and developed in cooperation.

RegTech Insight is grateful to Emma Kalliomaki for taking the time to share some of the key DSB operating principles that have underpinned the successful rollout of the UPI and the ongoing support for industry-wide standards adoption. Emma also participated in the recent Data Management Insight webinar that addressed “How to maximise the use of data standards and identifiers beyond compliance and in the interests of the business.”

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