compliance

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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Jul
12

Proactive approach to compliant marketing needed: YTML

Recent interventions by ASIC, like cracking down on the use of words such as ‘independent’, highlight the need for Australian Financial Services Licensees (licensees) to be more careful about the wording of their own marketing materials and be more proactive about monitoring and approving the material being used by their advisers, according to fintech, YTML. YTML CEO, Kevin Liao said while licensees may find it comparatively easy to become more proactive about addressing issues in their own marketing materials, many appear to believe it is much more difficult to check that the material being created and distributed on a day-to-day basis by their advisers is compliant. “In fact, technology now makes […]

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Jul
06

TIQK rolls out automated best interest duty test

Sydney-based software-as-a-service (SaaS) firm TIQK has announced that its “best interests duty” analysis for statements of advice has gone live. TIQK CEO Steve Thomson said this marked the industry’s first automated test for a best interest duty in statements of advice released commercially and believed it would give advisers and consumers more confidence in light of the revelations from the Hayne Royal Commission. “This will ultimately allow licensees and advisers to identify deficiencies and action changes. Ultimately, consumers will be able to feel safe in the knowledge that their financial advice is being provided in their best interest,” Thomson said. Stage I of TIQK’s best interest duty feature analyses a […]

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Jun
06

ASIC Chair James Shipton wants Australia to lead the world in Regtech

In a speech delivered to an Australian Senate Committee meeting last week, James Shipton, Chair of the Australian Securities and Investments Commission (ASIC), told the members Australia can lead the way when it comes to Regtech adoption. Australia has a vibrant Fintech ecosystem that has benefited from a fairly supportive government and an active Fintech community. In the future, Regtech will play a very important role in the acceleration of broader Fintech adoption. Shipton says ASIC is encouraging the adoption of regulatory technology (Regtech) solutions in the financial sector. “ASIC believes Australia can position itself as a world leader in the development, and adoption, of Regtech solutions, and we will […]

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May
07

CBA reveals promising regtech AI results, proceeds with caution

The Commonwealth Bank of Australia (CBA) has revealed the results of a regtech pilot that uses natural language processing and artificial intelligence to convert regulatory texts into compliance obligations. Speaking on Thursday at the AI NSW Summit in Sydney, the head of CBA’s London Innovation Lab, Supun King-Jayawardana, said the technology was able to crunch regulation documents into actionable compliance with a “genuinely surprising” 95 per cent accuracy. The experiment – carried out in partnership with Dutch bank ING and overseen by the UK’s Financial Conduct Authority (FCA) – applied AI technology from Chicago fintech firm Ascent Technologies to the 1.5 million paragraphs in a piece of banking regulation: Markets […]

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Apr
27

Bentleys selects BGL’s CAS 360 and Simple Fund 360

BGL Corporate Solutions, Australia’s leading supplier of SMSF administration and ASIC corporate compliance solutions is pleased to announce that Bentleys Chartered Accountants & Business Advisors has chosen CAS 360 and Simple Fund 360 as their ASIC corporate compliance and SMSF administration. “We conducted an extensive review of all the products in the marketplace” said Robin Allardice, Director Bentley’s Tasmania, “And BGL were the clear technology leaders. BGL has been a long term software solution supplier to Bentleys. It is a brand we trust for its honesty and integrity but also its long term market leadership in technology and innovation”. “It’s great to have Bentley’s on board” says BGL Managing Director […]

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Feb
27

Regtech still finding its feet, as banks and regulators do delicate dance

At last week’s meeting, the BCG consultants told representatives from ASIC, the Reserve Bank, the Australian Prudential Regulation Authority, AUSTRAC and Austrade that there are almost 30 regtech start-ups in Australia, the third-largest global regtech hub after the US and Britain. The RegTech Association has been formed to represent the sector’s interests. In a market with global leaders like Mongo, Metric Stream, and Fenergo, some examples of local regtech start-ups are: Simple KYC, Auraya, Verifier and Trax Print (all verification); Riskflo and TRAction (regulatory reporting); identitii and Lucsan (data capture); GRC and Accelerate (analytics); and Arctic and Complii (compliance). A couple of players are listed on ASX: Kyckr, which does KYC checks; and iSignthis, an identity verification […]

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Feb
22

AML Accelerate launches a category defining AML/CFT compliance platform

Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) compliance requirements are being revised and new requirements are being introduced and enforced around the world, impacting more than 30 financial and non-financial industry sectors, with many being brought into AML/CFT for the first time. Industry sectors including lawyers, accountants, real-estate agents and dealers in high-value goods are soon to be subject to AML/CFT laws which are being progressively rolled-out with law practices in New Zealand the first required to comply by 1 July 2018. Non-compliance could result in fines, penalties, civil or criminal prosecution, loss of license and reputation damage. The estimated cost for an average business to achieve compliance […]

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