RegTech Weekly Update

RegTech Weekly Update

Find news and developments in relation to UK regulation after Brexit, FinTech, crypto regulation, and AML.

IA Fintech Member Insights: Clausematch

Good morning!

I hope you had a good Easter weekend.

In this week’s RegTech X, banking technology is in the spotlight, as the coronavirus disruption has demonstrated the importance of digital transformation. Those firms that have automated their processes are now best placed to continue operating seamlessly. As one industry expert said recently: “Now, more than ever, a digital business is a necessity.”

In the second episode of our RegTech Live, Freddie Frith chats to risk and compliance expert Nicholas Melas about the technological tools that can help firms tackle compliance challenges that are arising amid the disruption. Collaboration tools are a good example of technology that is adding a lot of value right now.

Of course, you’ll also find all the latest news in relation to major financial regulators, as well as news on AML and FinTech.

Read on to find out more. ☕

Take care,


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Regulator UK 

The Financial Conduct Authority (FCA) has approved temporary financial relief plans for bank customers. The measures include a temporary payment freeze on loans and credit cards. (Morningstar) 2 mins

The FCA has set out its business priorities for the year ahead, with a specific focus on the challenges presented by the coronavirus pandemic. In response to the outbreak, the regulator will focus on ensuring that financial services businesses give people the support they need. (Finextra) 2 mins

The FCA also vowed to crackdown on scams arising as a result of the coronavirus pandemic. It is concerned that the crisis will leave vulnerable consumers more exposed to rip-off schemes. (Evening Standard) 2 mins

However, the FCA said that the uncertainty surrounding the effects of the coronavirus pandemic is such that it may be ‘months’ before it manages to address its priorities. The regulator also said that it may have to redevelop its own business plan as the effects of the pandemic become clearer. (FT Adviser) 2 mins

The FCA has softened aspects of its Senior Managers and Certification Regime (SMCR) in an effort to minimise the burden on firms during the coronavirus crisis. The regulator has said it will not enforce the requirement on firms to submit updated statements of responsibilities if the changes to staff were in response to the pandemic and will be temporary. (FT Adviser) 2 mins

Regulator EU

The European Banking Authority (EBA) has clarified rules for banks during loan holidays. It has said that banks granting repayment holidays to struggling businesses and individuals will not have to shore up additional capital. (Law360) 2 mins

In the wake of the coronavirus pandemic, banks in Europe are demanding more regulatory relief. Arguing that they need greater flexibility to channel funds into the economy, European banks are requesting easier trading rules. The EBA is currently studying the issue, according to sources. (Yahoo Finance) 3 mins

Regulator US

US banks are also asking for softer regulations so that they can support customers more effectively. In the US, banks are lobbying for relaxed limits on leverage, and less onerous safeguards against money laundering. (Bloomberg Law) 2 mins

Regulator Asia

The Monetary Authority of Singapore (MAS) has announced a SGD $125 million support package to sustain and strengthen capabilities in the financial services and FinTech sectors amid the current economic slump. The objective of the package is to position firms for stronger growth when the threat of Covid-19 recedes and economic activity normalises. (Finews.Asia) 2 mins

MAS is also allowing banks to adjust their capital and liquidity buffers to support lending activities. The new rules will enable banks to recognise their regulatory loss allowance as capital, until 30 September. (Verdict) 2 mins


With Covid-19 forcing financial services workers globally to work remotely, new compliance challenges are arising for banks. General compliance requirements, such as recording phone conversations or providing regulatory data, become more difficult. (Global Finance) 2 mins


Register to tune in to the next RegTech Live broadcast this coming Thursday, April 16 at 1 pm!

In our second episode of RegTech Live, Freddie Frith chats to risk and compliance expert Nicholas Melas about how technology can help during challenging periods. Melas explains that early adoption of technology has helped companies continue operating seamlessly during the current turmoil. (ClauseMatch) 10 mins

The coronavirus has highlighted the importance of automating regulatory processes. “During these times any service that has an automated and cost-effective nature is going to be of incredible value to most firms,” says Quinn Perrott, co-CEO of TRAction Fintech. (Finance Magnates) 3 mins

While cloud computing will modernise the whole financial services sector, its impact on the RegTech sector will be particularly striking. Historically, banks have struggled to produce the metrics requested by regulators, which has slowed down the regulatory process. Cloud computing will change all that.  (Global Banking and Finance) 3 mins

Visa has invested in London-based open banking and RegTech platform Railsbank. In addition to the investment, Visa has agreed a five-year partnership with Railsbank to help push its Banking-as-a-Service offering in Asia. (Finextra) 2 mins


Britain has spent a decade building one of the best FinTech sectors in the world. Now, FinTech companies say they can help the government protect the UK economy during the coronavirus pandemic. (Yahoo Finance) 2 mins


The coronavirus situation could force a re-evaluation of digital business models. Dependence on ‘brick-and-mortar’ facilities or hands-on operation for basic functions will become much less of a factor. “The smart businesses are going to be able to function in an environment such as this, and that’s going to be playing on everybody’s minds”, says Jeremy Burton Chief Executive Officer of Observe Inc. “Now, more than ever, a digital business is a necessity.” (SiliconAngle) 3 mins

Though digital transformation has been on the agenda of most organisations for a while, the severity of Covid-19 is pushing companies to embrace it wholeheartedly. As we move beyond the initial shock of Covid-19, the ‘new normal’ will involve more agile working models, a greater organisational affinity for automation and a better employee work/life balance …all made possible by technology. (Tech Radar) 3 mins

The ongoing coronavirus pandemic has made remote work the new normal. This has had a big impact on the way that teams work together. This article looks at some collaboration tools that can help teams work more effectively. (Express Computer) 3 mins

Intimidated by the scale and cost of a massive technological overhaul, large financial institutions often take digital transformation slowly. This approach can create silos and hamper integration of operations. A better approach, according to Miguel Rio Tinto, CIO at Emirates National Bank Dubai, is a ground-up, far-reaching overhaul that includes a shift in mindset. “Banks are technology companies,” says Rio Tinto. “They need to move in that direction.” (Pymnts) 3 mins

UK consumers place a strong focus on technology when choosing who to bank with, according to research from Modularbank. One reason for this is that technology is now deeply ingrained in our daily lives. The coronavirus has increased demand for online banking services, as people have been unable to visit physical branches. (The FinTech Times) 2 mins

Artificial intelligence (AI) is set to play a big role within the banking industry this year. Here are five AI predictions from research firm GlobalData. (Verdict) 3 mins


HSBC has reported itself to Australia’s financial regulator for possible breaches of anti-money laundering rules. The breaches involved small amounts of cross-border foreign currency transactions involving non-banking financial institutions that the bank was unable to properly report for technical reasons. (Reuters) 2 mins

A new report has found that financial institutions spent $181 billion on financial crime compliance worldwide last year. Across Europe, firms spent “three to four times more” than their counterparts in North America. (Compliance Week) 3 mins


Join our third webinar with Michael Rasmussen today at 1 pm. While the recording of our second webinar ‘Policy on writing policies’ is available here. 60 mins


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