Katkov, Neil

Compliance challenges in alternative payments

16 December 2014

Alternative payments are the most active and complex ecosystem in financial services today. A quick look at AngelList recently showed a bewildering 1,477 payments startups. These include many familiar names like Square (m-POS) and The Currency Cloud (international payments) to newer entrants such as Coin Drive (stored value exchange), OpenCuro (secure payments), and niche players like LeaguePals (which bills itself as the “PayPal of League Bowling”). 238 of these start-ups are providing various services around cryptocurrencies, including 134 companies focused on Bitcoin. Continue reading…

Bank of England

Bank of England announces measures to bolster transparency and accountability

13 December 2014

The Bank of England recently published an independent report by former Federal Reserve Board Governor Kevin Warsh, following his review of the Monetary Policy Committee’s (MPC) transparency practices and procedures. The Bank also announced a series of significant transparency, accountability and governance enhancements designed to put the Bank at the forefront of international best practice and enhance its ability to fulfil its mission to promote the good of the people of the United Kingdom by maintaining monetary and financial stability. Continue reading…

ESMA to cooperate with Australian regulators on CCPs

07 December 2014

The European Securities and Markets Authority (ESMA), the Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) have concluded a Memorandum of Understanding (MoU). The MoU establishes cooperation arrangements between the signatory authorities regarding Central Counterparties (CCPs) that are established in Australia and have applied for recognition under EMIR. The MoU is effective as of 27 November 2014.

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SEPA beeldmerk

EPC publishes updated versions of the SEPA Credit Transfer and SEPA Direct Debit Rulebooks

01 December 2014

The European Payments Council (EPC), representing the European banking industry in relation to payments, today published updated versions of the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) Rulebooks. The SCT Rulebook version 8.0, SDD Core Rulebook version 8.0 and SDD Business to Business (B2B) Rulebook version 6.0 and associated implementation guidelines will take effect on 22 November 2015. In accordance with industry best practice, payment service providers (PSPs) and their suppliers have a one-year lead time to address rulebook updates prior to them taking effect.

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European organisations need to improve management of top risks

20 November 2014

Risk management is developing into a strategic function within European organisations. At the same time, risk management can contribute much more as its strategic role grows. Currently, risk managers are not satisfied with the level of mitigation for six of the top 10 risks “that keep their CEO awake at night”. These are key findings from the 2014 Risk Management Benchmarking Survey conducted earlier this year by the Federation of European Risk Management Associations (FERMA). Now its 7th edition, the FERMA Benchmarking Survey this year received a record number of 850 responses from 21 European countries.

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Bruno Colmant
Bruno Colmant

Thomas Piketty and the money illusion

18 November 2014

In his book “Capital in the Twenty-First Century”, the French economist Thomas Piketty gives a stunning demonstration of how capital has become concentrated in the hands of a few and grown faster than the economy, except during the 30 years of post-war growth. This trend has inevitably made the rich even richer and caused the inequality gap to widen. Labour has thus become a casualty of capital. Piketty is fascinating. I had the occasion to be a modest participant at his side in a discussion at the University of Brussels. Ever since, the conviction that I had met one of the most brilliant political economists of our time has never left me.

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Paul Westcott
Paul Westcott

Why BCBS 239 matters to everybody – not just Financial Services

07 November 2014

In my role as Product Manager in the compliance space, I am very fortunate to have a number of colleagues in different disciplines that I regularly have ‘water cooler’ conversations with (or more often on the comfy chairs in the coffee break out area as I am a sucker for good coffee). One such person I regularly touch base with is data governance expert Malcom Chisolm. Malcom is well known as an independent consultant with over 25 years of experience in data-related disciplines, and has worked in a variety of sectors including finance, manufacturing, government, pharmaceuticals, telecoms. He asked me a simple question, “What are you doing around BCBS 239”?  Continue reading…


Understand clients’ business models to stay relevant

03 November 2014

Insurers who adapt to the changing needs of their business clients will succeed in future over those who stick to traditional insurance approaches, Airmic has told underwriters. Paul Hopkin, the association’s technical director, challenged the market to innovate to restore relevance – but stressed that new products must address the needs of 21st century business models. Continue reading…