RegWatch - Edition #1
Your weekly briefing on regulation, risk, financial crime, and compliance matters
Research findings: Commercial banks tackle an evolving KYC landscape and streamlining operational risks, revealing technology automation gaps
Fenergo analysis reveals only 17% of commercial banks employ fully automated workflows for credit decisioning.
Fenergo announced the findings from its KYC in Commercial Banking research, which analyzed responses from mid-market commercial banks in the US with assets ranging from $10 billion to $100 billion. Uncover the results in our press release here.
Regulatory Recap
BREAKING: Monaco, Europe’s haven for the super-rich placed on FATF greylist; Venezuela also added to watchlist
The tiny European principality of Monaco, a haven for the world’s super-rich, was today (Friday) added to the FATF greylist – alongside Venezuela. Read more
Central banks urged to keep pace with ‘game changer’ AI
According to the BIS, which provides banking services to central banks worldwide, AI is poised to be a “game changer” across various activities, significantly influencing the broader economy and financial landscape. Read more
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FinCEN issues advisory on illegal fentanyl production
The U.S. Treasury Department’s financial crimes watchdog issued an alert on Thursday asking banks to screen for money flows related to the production of illicit fentanyl. Read more
MAS Flags Money Laundering Threats Via Banks, Others In Major Report
Singapore's main financial regulator has issued a report delving into the different types of money laundering, the institutions most likely to be involved, and the fast-changing nature of the problem. Read more
EU to delay core element of Basel bank capital reforms by one year
The European Union will delay a core element of global reforms to bank capital rules by one year to January 2026 to ensure a level playing field between EU banks and their U.S. rivals. Read more
Report: Using AI to Supercharge Client Lifecycle Management
Fenergo’s annual anti-money laundering (AML) fines research reported a 57% global increase in fines for non-compliance with AML regulations in 2023. However, the sheer volume and complexity of regulations are just one challenge: financial crime is another.
In this report, we delve into:
- The cost of regulation without the assistance of AI
- Why efficiency is getting harder to achieve in onboarding and AML processes
- How AI solves regulatory pressure while maintaining compliance
Access the full report here: https://resources.fenergo.com/reports/using-ai-to-supercharge-client-lifecycle-management
In case you missed it...
The largest bank in UAE, First Abu Dhabi Bank (FAB), bolsters CLM operations with Fenergo
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE), has integrated Fenergo’s software-as-a-solution (SaaS) CLM solution to speed up client onboarding and enhance its AML compliance processes.
Fenergo Leads in Compliance Management for Second Year Running in 2024 IBSi Sales League Table
This is the second year in a row that Fenergo has appeared in the IBSi Leadership Club in the Compliance Management category, due to continued strong sales performance in 2023.
Visit https://www.fenergo.com/ for more insights, expertise, and industry leading solutions.