After a packed and exciting two days of conferences, workshops and great conversations with others in the FinTech sphere, we thought we’d reflect on key insights about the sector that we’ll take away from Wembley. Banks are not braced for…
Regulators Focus Their Efforts On RegTech: FCA Call for Input
In a call for input, the FCA has just affirmed that innovative technology has a key role to play in enabling financial services to meet regulatory requirements and invited businesses to have their say in how it should “refine and…
FinTech Connect Live: Three Things That Make London the Place to Be
Dubbing it “the heart of fintech”, FinTech Connect Live is concentrating over 2,000 attendees and 100 sponsors in London for a two day exhibition next week. They have chosen their location well: taking over 68% of European Fintech investment in…
Barclays Hit by £72 Million Fine For Slack Checks on Rich Clients
Barclays was dealt the largest disgorgement penalty ever imposed by the FCA, after a damning report found that it was lax in checking rich politically exposed clients, who were part of an “elephant” £1.9 billion “deal of the century”, because…
The Inclusion of Financial crime as an FCA major risk factor
On the 24th of March 2015 the FCA released their business plan for the year. A notable aspect of the plan was financial crime replacing house price growth as a top risk consideration. Additionally, the FCA placed a special focus…
MSB bank accounts: the global retrenchment
How can a money service business acquire a bank account? There is a wide-spread de-risking currently occurring amongst banks. In this article, we assess the range of phenomena that are occurring around the world, including how relevant regulators have responded…
Why are fintech companies unable to get bank accounts in the U.K.?
Underlying many financial technology companies’ capabilities are access to basic clearing accounts. If you want to lend money, you need to have somewhere to store it. If you want to process payments, you need to have a bank account through…
Why is HSBC unable to resolve its money-laundering issues?
The wave of fines levied against financial institutions has not stopped since the financial crisis of 2008 precipitating financially and reputationally expensive recapitalisations of British and international banks. Despite this, even by 2015, the waves of fines is ongoing, as…
Fincen: Sanity Required Over Wholesale Termination of MSB Accounts
Fincen yesterday issued a statement regarding the extent to which banks should terminate the accounts of MSB’s. The statement declared: MSBs play an important role in a transparent financial system, particularly because they often provide financial services to people less…
Why BNP Paribas is Being Accused of Money Laundering
It has recently been reported that the bank known as BNP Paribas is facing accusations of being involved in a major money laundering scheme. The accused money-laundering scheme has been occurring for over 7 years and involves the transfer of…
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