Financial regulation is entering the digital age, converting tools and strategies from analog to digital design. In the next decade, this transformation will reach critical mass and do for regulation what digitization does for everything else—make it better, faster, and cheaper. Financial institutions and their regulators have always been active technology adopters. Both finance and...
Last year, as regulators across the world were grappling with the multiple effects of COVID-19 on their economies, one movement caught the attention of many of them: record-breaking volumes of consumer complaints. This trend, consistent in high-income countries such as the United States, was also observed in low- and middle-income countries such as Colombia. This marked increase...
2019 saw the FCA dishing out the highest level of fines ever, totaling nearly £400m in a twelve-month period. This included hefty penalties relating to anti-money laundering failings. However, in the FCA’s 2019 thematic review the organisation did provide its recommendations for how banks can better their AML processes, stating, “For an effective defense against...
Enhanced supervisory technology (SupTech) with strong governance and skilled human oversight could well have important benefits for financial regulators around the in efforts to increase economic stability in their nations and around the globe, said a report prepared for the G20. “SupTech could improve oversight, surveillance and analytical capabilities, and generate real-time indicators of risk...
It was a big year for FinTech in 2017 – and 2018 is shaping up to be every bit as exciting. Here are some FinTech predictions for 2018: 1. Bitcoin and cryptocurrencies – here come the institutional investors? Many records were broken in 2017 by Bitcoin and other cryptocurrencies. Not only did they achieve record high prices,...
The New York Society of Security Analysts’ (NYSSA) Financial Reporting and Analysis Group hosted a program on using XBRL formatted structured SEC corporate data filings to expedite and ease financial reporting and analysis. Panelists were Mohini Singh (CFA Institute), Todd Castagno (Morgan Stanley), Pranav Ghai (CalcBench), Hal Schroeder (FASB), Mike Willis (Securities and Exchange Commission), Mark Montoya (FDIC),...