compliance

Nov
18

Vietnam banks fight fraud and keep compliant with GBG and FPT

GBG, global identity data intelligence specialist, has announced a new partnership with FPT, the leading IT services provider in Southeast Asia, to deliver fraud and compliance solutions to the Vietnam market. The partnership marks an important step in GBG’s expansion into Vietnam and is indicative of the organisation’s commitment to grow its portfolio in Asia Pacific. GBG supports some of the world’s largest financial services organisations with fraud prevention and compliance management solutions and services, many of which have a footprint in Vietnam. By working with FPT’s regional experts and robust technology team, GBG can deliver an enhanced experience for new and existing clients in Vietnam through swift, seamless solution […]

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Nov
07

Banks must reshape to survive compliance and technology crunches

KPMG and EY highlight Australia’s big four banks must balance ongoing compliance costs with continued spending in technology or face being left behind when it comes to innovation. In their post FY18 analysis of Australian bank results, KPMG and EY point to several compliance and technology headwinds facing the sector and suggest cost discipline will be a major focus. It means more restructures and simplifications. KPMG partner, banking strategy, Hessel Verbeek said not only have various compliance and remediation costs translated into higher cost-to-income ratios, “the majors’ investment spend in risk and compliance projects is also up strongly and in most cases investments on growth initiatives has decreased in a […]

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TIQK partners with Enzumo

TIQK, a RegTech SaaS company based in Sydney, Australia and focused on the automation of both adviser & licensee compliance to customers, today announced a strategic partnership with Enzumo, the largest independent XPLAN consulting group in Australia. On announcing their first strategic partnership, TIQK CEO Steve Thomson said, “We are excited to partner with Enzumo, an organisation who pride themselves on helping advisers to deliver efficiencies, improve productivity and enhance processes. At TIQK we believe that the way to a better financial services industry is to augment human experts with intelligent technology, and this partnership aligns strongly to that core belief.” Peter Worn, Enzumo’s Head of Strategic Relationships said “We […]

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Oct
04

Accenture launches Innovation Centre for Risk and Compliance in Australia

Accenture has launched a new Innovation Centre for Risk and Compliance in Sydney to help financial services clients quickly develop and scale advanced data, analytics and artificial intelligence (AI) capabilities. With financial services organisations facing an increasingly complex and challenging operating environment, the new innovation centre will help these institutions cost effectively improve the quality and consistency of compliance and enhance transparency with customers and regulators. Offering an alternative to the traditional manual and labour-intensive approaches to regulatory compliance, the innovation centre will help clients better target problem areas and accelerate remediation efforts using a new generation of data management, intelligent automation and advanced analytics capabilities, powered by big data, cloud […]

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Sep
25

CBA joins regtech group to improve compliance

Commonwealth Bank of Australia is attempting to emerge from the shadow of its money laundering scandal with a bold move to reclaim its mantle as the top bank in the industry’s high-stakes tech war. CBA has put one of its senior managers on the board of the RegTech Association, revealing a shift by chief executive Matt Comyn to look outside the bank to develop new anti-money laundering and compliance systems. The financial services royal commission interim report is due with the government at the end of this week and is expected to highlight systems failures in banks while the prudential regulator has singled out CBA’s “immature and under-resourced compliance function” […]

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Sep
05

Max ID launches Australian-first digital technology that provides ‘safe harbour’ identity verification for property transactions in less than 10 minutes.

Max ID, an Australian Fintech facilitator and RegTech specialist, has today publicly launched a technology solution that it believes will bring a broad range of industry players a step closer to their aim of delivering simple, efficient and inexpensive same-day ‘safe harbour’ identity verification for mortgages and property services transactions. Financial institutions and non-bank mortgage lenders have long been endeavouring to provide intra-day, unconditional home loan approvals. There are a number of hurdles to achieving that outcome in Australia, including the requirement to conduct a face-to-face and in-person interview with the borrower to meet regulatory requirements. Until now that requirement has created a conflict between delivering regulatory ‘safe harbour’ outcomes, […]

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Aug
14

After CBA scandal, Australia’s regtech sector is ready for take-off

The local regtech scene is ready for take-off. There were two indications last week that regulatory technology’s engines are revving up. One was the corporate regulator securing an extra $6 million in funding from the federal government to market Australia as a global centre of regtech excellence. The Australian Securities and Investments Commission chairman James Shipton is on board with the potential for new technology to help regulated entities meet their complex legal obligations. The second was the filing of a prospectus by a promising Sydney-based regtech start-up known as Identitii. Based in a terrace house in Potts Point, Identitii plans to list on the ASX in September, with the […]

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Jul
30

Navigating compliance in a borderless world

The regulatory landscape for financial services and fintech companies is rapidly changing. The industry continues to be subject to increasingly strict legal and regulatory requirements, and cybersecurity is top of mind for businesses. The cross-border money transfer space requires navigation of these complexities up and down the payments stack. Cross-border payments by definition require businesses to operate globally immediately, which introduces multinational regulatory requirements from the outset. The time, money, expertise and resources it takes to adhere to the multiple layers of regulation in both originating and receiving markets is an ongoing challenge for businesses. A recent study shows that 59% of companies in the Asia-Pacific region see increased regulation as […]

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