OK, a last and final post about Swiss bankers and then I’ll shut up. For centuries, Switzerland has been the centre of banking in Europe. As explained, this is due to the Knights Templar and Protestant Reformation at its heart, and is the reason that led to Voltaire (1694-1778) being quoted as saying: “If you…
OK, a last and final post about Swiss bankers and then I’ll shut up. For centuries, Switzerland has been the centre of banking in Europe. As explained, this is due to the Knights Templar and Protestant Reformation at its heart, and is the reason that led to Voltaire (1694-1778) being quoted as saying: “If you…
Further to the previous two entries about Swiss Banking (the settlements of the Knights Templar and the Protestant Reforms), we move into the 16th century with Switzerland proving an attractive ground for migration of the Protestants persecuted overseas. As mentioned, this period created the strong movement towards neutrality from any wars or hostilities overseas –…
Further to the previous two entries about Swiss Banking (the settlements of the Knights Templar and the Protestant Reforms), we move into the 16th century with Switzerland proving an attractive ground for migration of the Protestants persecuted overseas. As mentioned, this period created the strong movement towards neutrality from any wars or hostilities overseas –…
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…
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…
