The year 2023 demonstrated the increased importance of banking compliance, as the sector was subject to a crippling $6.6 billion in fines for violations in the areas of AML, KYC, and associated regulations.
The banking sector's efforts to counteract illicit activity are centered around Anti-Money Laundering (AML), a complex and vital field.
The UK financial regulator, the Financial Conduct Authority (FCA), is attempting to establish favorable circumstances for investment, innovation, and long-term economic expansion in the country. The regulator has released the results of its investigation on the wholesale data market in an effort to accomplish this goal.
The FCA, the Financial Conduct Authority, has declared its intention to accelerate its enforcement processes.
Complying with the ever-changing financial standards is more important than ever. There will be major changes to reporting requirements as a result of the European Market Infrastructure Regulation (EMIR) and its upcoming revisions, known as EMIR REFIT. In order to conform to the worldwide standards established by IOSCO-CPMI, these changes include, among other things, a greater degree of data granularity, the addition of additional fields, and an expansion of reconciliation requirements.
Recent allegations that the U.S. Securities and Exchange Commission (SEC) settled with sixteen well-known investment advisers and broker-dealers generated headlines.
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