Q: What SWIFT-related product trends have you seen among your clients for this year? A: One of the big drivers was the EMIR [European Market Infrastructure Regulation] regulation — a large number of our clients use SWIFT messaging and the SWIFT network to run their reporting for this. We have also noticed corporates extending their… Read More >>
CFTC Fines Morgan Stanley $280K for KYC Oversight
U.S. regulators have fined Morgan Stanley’s wealth management division $280,000 over failures in its know your customer (KYC) processes that led to a fictitious hedge fund – in reality the front for a U.K.-based Ponzi scheme – being able to open accounts despite numerous red flags, officials say. The CFTC fined Morgan Stanley Smith Barney… Read More >>
Thomson Reuters Bolsters KYC Service
Market data and news giant Thomson Reuters has launched an “end-to-end user interface” to support a know your customer (KYC) on-boarding and remediation managed service offered via the identity clearinghouse Accelus Org ID, which launched in March, officials say. Accelus Org ID can be used to create an accurate identity record that works as a… Read More >>
Markit & Genpact Offer KYC Service
Genpact, a specialist in business processes, operations and technology, and Markit, a provider of financial information services, have jointly launched Markit І Genpact KYC Services. The service will collect and centrally administer legal entity data and documents that banks require from their clients in order to conduct business and comply with know-your-customer and anti-money-laundering regulations,… Read More >>
Financial Crime Update
A single IT platform may not be achievable for an anti-financial crime strategy because such frameworks have to prevent money laundering, promote sanctions compliance and provide quality data for know-your-customer requirements, according to panelists who took part in FTF’s Financial Crime & AML conference in New York last week.Financial crime prevention and mitigation requires financial… Read More >>
