New Financial Messaging Standards Enhance AML
The Wolfsberg Group, a leading association of global financial institutions, recently provided comments on the Anti-Money Laundering (AML) implications of ISO 20022’s harmonization requirements on cross-border payments. The comments were submitted in response to the Bank of International Settlement’s (BIS) request industry feedback. If you’re unfamiliar with ISO 20022, it’s a worldwide standard for financial […]
Don’t Get De-Risked
Concerned about your fintech getting de-banked? It’s a major worry for those who rely on sponsor banks’ licenses and architecture. This concern has grown following the collapse of Signature, Silicon Valley, and now First Republic. The U.S. Department of the Treasury recently published a 50-page document outlining its strategy to address “de-risking.” Treasury uses the […]
Systemic Risks in the NBFI Sector
Introduction The recent failures of Signature Bank and Silicon Valley Bank have underscored the need for enhanced oversight and regulation in the non-bank financial institution (NBFI) sector. In response, regulatory bodies are intensifying their focus on NBFI entities, including fintechs, fund vehicles, and insurance companies. The Financial Stability Oversight Council (FSOC), a group of US […]