OK, I’m going to cheat now and finish all the KYC chat by reproducing a couple of articles that spring boarded from the event. First, Elliott Holley recorded the BAFT-IFSA session for Banking Technology. Here’s what he wrote: “Unbanked banks” suffer from tougher KYC rules Senior transaction banking executives have called for a political discussion…
It struck me as I finished writing yesterday’s blog and went about my duties, that I’d missed one important point in this KYC debate. I’d put it down to the reluctance for banks to outsource such a critical activity. Specifically, banks fearing the risk of non-compliance or compromise being the reason why this had to…
I have wondered for a long time now: why does every bank do its own Know Your Client (KYC)? For a long time my technology brethren have told me they have solved KYC. They talk about shared utilities, outsourced services, digital identities and more. The solutions are out there, so why aren’t they used? Lots…
We had our usual first footing for the Financial Services Club this week, with an illuminating update from David Doyle, Policy Adviser on all things related to EU Financial Legislation. The meeting usually delves deep into the drafting of the Payment Services Regulation II (PSD II) and the implementation of MiFID II (agreed this week)….
Things we're reading today include … U.S. passes Volcker Rule: US regulators ban risky trades U.S. finalizes Volcker rule, curbing Wall Street's risky trades Wall Street banks lose battle over Volcker Rule Volcker rule: overruled Volcker Rule: Q&A Defining prop trading is hard enough, but good governance? And, in other news: JPMorgan files patent on…
Things we're reading today include … U.S. passes Volcker Rule: US regulators ban risky trades U.S. finalizes Volcker rule, curbing Wall Street's risky trades Wall Street banks lose battle over Volcker Rule Volcker rule: overruled Volcker Rule: Q&A Defining prop trading is hard enough, but good governance? And, in other news: JPMorgan files patent on…
Open an industry publication these days and you will find articles, reports and comments lamenting the "SEPA end-date" of February 2014. In just a few months' time massive changes will take place in the payments industry in Europe, impacting banks, corporates, clearing houses and consumers. The Single Euro Payments Area project (SEPA for short) will…
I just found a fascinating report released by the Policy Exchange earlier this year: Capital Requirements: Gold plate or lead weight? Policy Exchange is an educational charity targeted to “develop and promote new policy ideas which deliver better public services, a stronger society and a more dynamic economy”. The report takes a big hit at…
I just found a fascinating report released by the Policy Exchange earlier this year: Capital Requirements: Gold plate or lead weight? Policy Exchange is an educational charity targeted to “develop and promote new policy ideas which deliver better public services, a stronger society and a more dynamic economy”. The report takes a big hit at…
I keep thinking I should stop blogging about Bitcoin, as I’ve written so much about it already: Is Bitcoin the future of money … or are we smoking dope? (October 2011) Bitcoin: immersive or subversive? (January 2012) You should take Bitcoin seriously (September 2012) A new currency payment system is about to explode (February 2013) The latest stats on…
