I hope you had a nice weekend.
This week’s RegTech X – sadly – features the coronavirus outbreak and the influence it is starting to have on the global economy.
Australia’s financial regulators are discussing the impact of a new coronavirus outbreak in an emergency meeting this Monday. The conference call comes as financial markets price in a global policy response to the rapidly spreading epidemic.
Cryptoregulation, regulation of artificial intelligence and tech continue to receive a lot of attention.
You will also find the 4th annual State of FinTech, RegTech and the Role of Compliance report by Thomson Reuters Regulatory Intelligence.
Read on to find out more. ☕
A link for your friends and colleagues to subscribe
The Bank of England shut out firm offering clients early access to market-sensitive information after media inquiries. (Guardian) 3 mins
Here’s an article that has an alternative view on Brexit’s impact on the City. If the regulatory regime diverges even slightly from that of the EU by placing less onerous requirements on financial organisations, it can have a positive knock-on effect on UK banks’ performance and competitiveness. (City AM) 3 mins
Although Europe’s highest ruling authority sees problems in the area of small- and midsize company research, in part due to 2018 trading rules, not all financial watchdogs are in agreement. (Pionline) 4 mins
Brussels wants to regulate Artificial intelligence proposing mandatory assessment of ‘high-risk’ applications before they are launched.The FT asks: will all these plans and the following legislation make the EU a leader in tech regulation? (Financial Times) 4 mins
American financial regulators have sat down with major stablecoin projects in an effort to better understand the industry as the U.S government has been looking to move into a digital dollar. (Cointelegraph) 3 mins
Big U.S. banks have been rolling out contingency plans to respond to the global coronavirus outbreak – requiring some staff to work from home, implementing travel restrictions, and talking to regulators about potential stresses. Discussions have centred around how to keep markets, transactions and other banking functions operating smoothly, as well as handling employee quarantines. (Reuters) 5 mins
The Monetary Authority of Singapore (MAS) has warned the public about fraudulent messages and calls that impersonate MAS staff and request for bank details and personal information. (FiNews Asia) 2 mins
Hong Kong may soon bolster its policing of the cryptocurrency sector to better conform with international anti-money laundering (AML) norms. (Coindesk) 2 mins
X Australia’s financial regulators will discuss the impact of a new coronavirus outbreak on Australia’s A$2 trillion ($1.3 trillion) economy in an emergency meeting this Monday – the New York Times reports. (NY Times) 1 min
The Australian Prudential Regulation Authority (APRA) last week wrote to all regulated institutions, including super funds, outlining plans to develop a prudential practice guide focussed on risks from a changing climate. The guide will include a climate change vulnerability assessment. (IPE) 3 mins
The Reserve Bank of Australia (RBA) said it is confident and well-prepared to regulate new payments technologies such as Facebook’s Libra as they get introduced into the Australia market. (ZDNet) 2 mins
At a time of raised consumer expectations and diminishing brand loyalty, banks are competing more than ever on customer experience. Whether you are an existing bank or a startup you need to comply with banking regulations across every stage of the transaction and service delivery. Compliance is becoming even more critical. (Which-50) 4 mins
X A new report, published by Thomson Reuters Regulatory Intelligence, sheds further light on the impact that technology is having on the role of compliance within financial service firms. (Thomson Reuters Blog)
It is possible to download the report here
Compliance automation is becoming a must-have for the insurance industry. Last week ClauseMatch announced its deal with Managing Agency Partners Limited (MAP), a leading underwriting agency in the Lloyd’s of London insurance market. (Insurance Edge) 2 mins
Bulgaria’s finance ministry has announced plans to launch the first regulatory technology (RegTech) sandbox in the Balkans. (Emerging Europe) 3 mins
Revolut raises $500 million at a $5.5 billion valuation. With the new influx of cash, the company says that it’ll focus on improving its product for existing users as well as revenue. (Yahoo) 2 mins
UK banks Monzo and RBS are to enable customers to check their approval ratings for loan applications by looking up their credit score for free through the mobile banking app. (Finextra) 1 min
Inappropriate digital onboarding and the lack of KYC practices in line with AML laws are affecting the rate of customer onboarding in the financial sector. (Biometric Update) 3 mins
A surprising pushback to reforms of anti-money laundering laws could put Switzerland in the G7’s crosshairs again. A package of reforms to Switzerland’s more than 20-year-old anti-money laundering laws is poised for lower chamber debate when parliament reconvenes on March 2. (FiNews) 2 mins
Romania’s National Bank (BNR) is probing 17 banks involved in a transaction related to money laundering, Nicolae Cinteză, the head of the central bank’s supervisory department, announced on Wednesday. (Romania Insider) 1 min
In a paper titled ‘Future of Asia Banking: How Asia is reinvesting banking for the digital age’, McKinsey explores the current status of Asia’s banking industry and shares recommendations for banks. It says: banks have to reinvent themselves or they will eventually disappear. (FinTech Singapore News) 2 mins
The report can be found here.(McKinsey)
When it comes to the impacts that the coronavirus could have on economic well-being and corporate profitability, Bloomberg suggests it may be useful to think of four stages. (Bloomberg) 4 mins
Compliance Week suggests 10 steps a business can take to mitigate coronavirus risks, as its outbreak threatens to become a worldwide pandemic, the ramifications for any business can range from a temporary disruption to a virtual halt of operations. The worst-case scenario is mass quarantines, widescale mandated business shutdowns, scores of sick employees, and massive supply chain disruption. (Compliance Week) 5 mins