Connecting’s the dots in RegTech | 2023 #12
Weekly news up to Tuesday, 26th of September, 2023
Welcome to this week's edition of Connecting the Dots in Regtech. In this issue, we delve into the ever-evolving landscape of cryptocurrency compliance, exploring the latest advancements and challenges in Know Your Customer (KYC) procedures within the crypto sphere. As the Markets in Crypto Assets (MiCa) regulation approaches, we also take a closer look at its potential impact on the crypto market and the timing of a possible bull run.
But that's not all – we turn our attention to the digital euro, dissecting recent developments and what they mean for the future of digital currencies in Europe. Additionally, we engage in a thought-provoking discussion surrounding the role of cash in the European financial system and how it intertwines with the fight against money laundering. Stay tuned for insightful analysis and updates on these crucial topics in the world of regtech.
👀 NEWS HIGHLIGHT
The Securities and Exchange Commission charged registered investment adviser DWS Investment Management Americas, a subsidiary of Deutsche Bank AG, in two separate enforcement actions, one addressing its failure to develop a mutual fund Anti-Money Laundering (AML) program, and the other concerning misstatements regarding its Environmental, Social, and Governance (ESG) investment process.
📰 ARTICLE
Interoperability was at the centre of Tuesday’s CBDC discussion at Sibos, with the panel investigating how to ensure that these incoming digital currencies will work at the cross-border level.
Swift is in the process of working with central banks and financial institutions on beta tests of an experimental method for interlinking CBDCs with existing fiat infrastructures.
Read the full article here
European neobanks and neobrokers are facing a challenge: they must harmonize innovative technologies with the growing regulatory requirements. The result? A balancing act between user-friendly processes and stringent compliance regulations.
Read the full article here
🧐 ANALYSIS
As the digital euro project comes to the end of its investigation phase, Ulrich Bindseil and Evelien Witlox from the European Central Bank provided the Sibos audience with an update on the progress made so far and what comes next.
While a final decision on issuing a digital euro has yet to be made, the ECB has been busy investigating options ahead of a potential launch, which would come in 2026 at the earliest.
At Sibos 2023 in Toronto, EY’s Christopher Woolard chaired a session on how digital currencies have made a big splash over the past few years and questioned whether they will be merely a drop in the ocean.
The market has been rather uninteresting due to asset prices traveling sideways for the better part of this year. Nevertheless, hope in the vision of the Federal Reserve's mythical "soft" landing, combined with the upcoming Bitcoin halving, has the Web3 community salivating at the prospect of many life-changing opportunities that could be within reach soon.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 REGTECH HIGHLIGHTS
⭐️ Chipper Cash launches AI verification suite Chipper ID.
⭐️ Sumsub teams up with dtcpay to streamline digital currency payments.
⭐️ Know Your Customer collaborates with HKMA for advanced RegTech solutions.
⭐️ London fintech owner linked to drug kingpins faces Belgian trial.
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Revolut Business has launched its instant and free payments ecosystem ‘RevTag’, which aims to challenge Swift in cross-border payments.
EUROPE 🇪🇺
Signicat announces the launch of its new product: Signicat Mint. A no-code platform to design, build, and deploy any digital identity processes in a no-code visual editor that promises to change the way businesses build their digital identity processes across Europe.
Amlyze was selected by Kreda as preferred provider of anti-money laundering compliance services.
ASIA
NICE Actimize announced that it has finalized the implementation of its financial crime solutions with GoTyme Bank, a partnership between the Gokongwei Group and Tyme.
AUSTRALIA 🇦🇺
IDVerse partners with online digital lending platform Nimo to fast-track home loans.
OCEANIA
First AML announced the launch of its new self-service platform, Source, designed to revolutionise anti-money laundering workflows for compliance professionals and teams.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.