RegTech Weekly Roundup

RegTech Weekly Roundup

In this week’s edition of RegTech X , we take a look at all the latest developments in the cryptocurrency regulation space...

IA Fintech Member Insights: Clausematch 


Good morning!

It’s hard to believe that September is here already!

In this week’s edition of RegTech X you’ll find news in relation to Bank of England Governor Mark Carney’s ‘secret’ meeting with Facebook CEO Mark Zuckerberg earlier this year, as well as a look at all the latest developments in the cryptocurrency regulation space.

You’ll also find the latest news and articles on RegTech and banking technology including a number of thought-provoking articles that examine how artificial intelligence is changing banking and compliance.

Finally, you’ll also find a RegTech podcast that I helped create with the London FinTech Podcast team.

Read on to find out more! ☕



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Regulator UK 
The Bank of England (BoE) has revealed that Governor Mark Carney flew to the US in April for a secret meeting with Mark Zuckerberg at Facebook’s headquarters. While the BoE has refused to give details in relation to what was discussed, it’s thought that the main topic of discussion was Facebook’s new cryptocurrency, Libra. (This is Money) 2 mins

Carney has said that he will keep an “open mind” in relation to Facebook’s digital currency, but has warned that it would face strict regulation if it goes ahead. According to the BoE Governor, regulators will look at the “operational resilience” of digital currencies and their anti-money laundering and counter-terrorist financing procedures. (City AM) 2 mins 

In late July, Standard Life was hit with a fine of almost £31 million as a result of regulatory failures. Here’s some advice that could help other financial institutions avoid similar fines. (Money Marketing) 3 mins

Regulator US 

US Securities and Exchange Commission (SEC) Chairman Jay Clayton has said that he has no desire to change securities laws, either to include or exclude digital assets for regulation. “I think a lot of people got excited that somehow we would change the rules to accommodate the technology and they invested their time and effort thinking that would happen… I have been pretty clear from the start, that ain’t happening,’’ he said recently. (Coin Telegraph) 2 mins

In March this year, it was announced that the Financial Industry Regulatory Authority (FINRA) would be responsible for the Consolidated Audit Trail (CAT) – an ambitious data management project designed to audit the trading patterns of the entire US market. This article looks at the latest developments in relation to the CAT. (Bobsguide) 3 mins

Regulator EU 

European Union antitrust regulators are currently probing Facebook’s cryptocurrency project Libra, according to a document seen by Bloomberg. The European Commission is currently investigating potential anti-competitive behaviour related to Libra amid concerns that the proposed digital currency would unfairly impact rivals. (Bloomberg) 3 mins

Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), has granted two banking and securities dealer licences to crypto-focused banks. The news follows FINMA’s newly released guidance on regulatory requirements for blockchain-based payments. (Coin Telegraph) 2 mins

Denmark’s financial regulator, the Financial Supervisory Authority (FSA) said last week that it has reported Danske Bank to the police for overcharging customers. “This is a very serious breach of the consumer protection rules which can weaken confidence in the financial system,” the FSA said in a statement. (Reuters) 2 mins

Regulator Asia 

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), has launched the application process for up to five new digital bank licences. “The new digital bank licences, which will be extended to non-bank players, will ensure that Singapore’s banking sector continues to be resilient, competitive and vibrant,” MAS said in a statement last week. (Yahoo Finance) 2 mins

Singapore’s digital bank requirements appear tougher than those set by Hong Kong. For example, companies seeking the digital full bank licence must eventually have a minimum paid-up capital of SGD 1.5 billion, while they must also be headquartered in the city-state and be controlled by Singaporeans. (Nikkei Asian Review) 2 mins

Japan’s financial regulator, the Financial Services Agency (FSA), has said that it will step up its surveillance of local banks that are showing signs of stress due to years of ultra-low rates. “The environment around regional banks has become increasingly severe,” the FSA said last week. (Business Times) 1 min

China’s banking and insurance regulator, the China Banking and Insurance Regulatory Commission (CBIRC), said last week that recent inspections of small and medium-sized banks in the country had uncovered a number of rule violations. These banks were found to have violated regulations by lending to undercapitalised real estate projects, to over-indebted local government platforms, and to firms found to have violated environmental laws. (Financial Post) 1 min

Regulator Australia

X Australia’s banking regulator, the Australian Prudential Regulatory Authority (APRA) will step up its monitoring of the country’s banks by stress testing them every year, instead of the current three-year cycle. A government-commissioned report released last month advised APRA that it must be more forceful and less “discreet” when it comes to oversight of the banks. (Reuters) 1 min


While compliance can be expensive when you factor in staffing, training, policy creation, and technology, the costs associated with non-compliance can be far higher. That’s why compliance education is essential. (BAI Banking Strategies) 3 mins


The UK could be leaving the EU at the end of October. Here’s what that means for RegTech companies(RegTech Analyst) 3 mins

RegTech firm Lawson Conner has seen enquiries for its software triple as financial services firms prepare for Brexit. The firm, which provides regulatory infrastructure and managed compliance services, says that financial institutions are concerned about the implications of Brexit and the possibility of regulatory changes. (HedgeWeek) 2 mins

Looking ahead, data-driven regulation and compliance is the key to success for the financial services industry. This article explores the automation of regulation and compliance and looks at how big data, artificial intelligence and blockchain technologies can have a big impact. (Mondaq) 4 mins

Jochen Heussner is the founder of, one of the leading platforms for analysis and insights on financial regulation and innovation. You can find a short, yet interesting interview with this RegTech influencer here. (Onalytica) 2 mins

Recently, I helped to create a podcast on RegTech with Mike Baliman and the London FinTech Podcast team. I discussed how technology can be used to connect data with consequences and action. You can find the podcast here(London FinTech Podcast) 44 mins listen


Interested to learn that the future holds for artificial intelligence? Here are five predictions(Forbes) 4 mins

In the past, criminals have often been able to avoid banks’ money laundering detection systems quite easily. For example, if they knew that $10,000 was the threshold for a money transfer review, they would send $9,900. However, this is all set to change thanks to artificial intelligence and machine learning(Banking Exchange) 3 mins

Facebook has hired Washington-based consulting firm FS Vector to help it deal with the regulatory pressure associated with its new cryptocurrency, Libra. FS Vector specialises in regulatory compliance, public policies, and business strategies for the FinTech, cryptocurrency, blockchain, and financial services sectors. (Reg Innovate) 2 mins


The finance services industry’s traditional rules-based approach to catching money laundering is at breaking point as only around 1% of laundered money actually ends up being seized by regulators. Here’s why artificial intelligence could be the solution. (The FinTech Times) 3 mins

When it comes to money laundering, European banks are far more afraid of the US authorities than those of their home countries. Can the EU convince the world that it is getting tough on financial crime? (Euro Money) 4 mins

Thousands of UK charities could face increased administration as a result of the government’s new anti-money laundering regulations, a lawyer has warned. According to Lucy Rhodes, associate at Bates Wells, the Fifth Money Laundering Directive (5MLD) could force all charitable trusts to register with the government’s new trust registration service (TRS) and keep up-to-date information about their beneficial owners. (Civil Society) 2 mins


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