Log In | Subscribe | | |

supervision

A financial adviser has closed its "artificial intelligence" driven advisory system. The quality of advice and the supervision of the system were both causes for concern by the regulator in a landmark case about the deployment of computer-driven, what used to be called "expert", systems with implications across the entire spectrum of financial and other services including customer due diligence in relation to financial crime risk management. It's a potential game-changer for the rapid rise of lightly regulated fintechs.

BIScom Subsection: 

Tracing its heritage to 1787 (that's a year, not a time), Raphaels Bank is one of the oldest independent banks in the UK. The bank says "today, we operate as a dynamic, niche savings and lending bank." It also operates "our own ATM Estate" and says it's a "well-established payment services provider." That, it is hard to escape concluding, is that this venerable institution is capitalising on its size and ability to operate in areas more usually associated with secondary institutiond and fintech companies. But for such a tiny business, it comes to the attention of regulators more than is healthy.

BIScom Subsection: 

In a speech to a conference on the 12 March, 2019, to mark the 20th Anniversary of the Financial Stability Institute, Mr Agustin Carstens, General Manager of the Bank for International Settlements, set out what the FSI has achieved and objectives for the future.

BIScom Subsection: 

One has to ask what took so long.. after American regulators and prosecutors began attacking European banks for failures in the USA European regulators remained surprisingly reticent about taking action against foreign banks, especially American banks. While it may not be blowback (US banks have long gone their own way in London, as have German and Japanese banks but there have been occasional action against those) it is certainly time that US banks were not treated as a special case. In the latest example, Merrill Lynch has been ordered to pay a penalty that, relative to the scale of the failure and corresponding penalties in the USA, seems relatively small.

BIScom Subsection: 

The European Union's Fourth Money Laundering Directive recognises the financial sector regulatory framework created in response to the global financial crisis. The three headline bodies are required to work jointly in a number of areas and, in relation to money laundering and terrorist financing, to produce a "Joint Opinion" every two years. Yesterday, it released the first. Here is our first look and, starting only four lines into the Executive Summary, there are important points to consider.

 


 

Amazon ads

 

When a loved-one dies, we don't know how to feel, we don't know how to react and we don't know how to behave. "Ten Things You Need To Know About Dealing With Death" is a quick and easy description of ten simple "Rules" that guide you through the grieving process, in the immediate aftermath of a death, in a practical and sometimes humorous way.

 

More information

 

hahagotcha