RegCast

It has been 3 years since we embarked on the RegCast journey and 48 episodes later we take stock of the progress we have made against our podcast goals. PJ Di Giammarino, CEO and founder of the global think-tank, JWG and Corrina Stokes, JWG COO discuss what we’ve learnt on the journey so far, what’s important in 2024 and how that will shape our 2024 RegCast priorities in advance of our annual conf...

In this RegCast, we discuss the findings from our JWG report "Embedded Compliance Unlocked" which we have published with support from Apiax and EY. This authoritative white paper shines a light on how financial institutions have embraced AI and other technologies as part of their digital transformation journey, using rule repositories and model-based controls to overcome fears of non-com...

Financial services RegRadars have been hot this summer with regulators dumping new demands for everything from AI to Quantum before hitting the beaches. In this RegCast, we discuss the findings from our upcoming JWG report "Unlocking Embedded Compliance" which we have authored with support from Apiax and EY. This analysis sheds light on how numerous financial institutions have integrated...

In this episode of RegCast, we delve into the $2 billion recordkeeping fines that have impacted firms' communications infrastructure. We discuss the root causes and how regulators are targeting compliance officers and business owners who act outside the boundaries. Sam Tyfield, Shoosmiths and Chad Billing, NICE discuss the shifts in regulatory expectations and the reality of technology and com...

Generative AI has had a profound impact on the 2023 RegTech agenda. It can help but needs safety rails that keep the business in control and gives compliance visibility over the digital banking platforms. The fact is that there are many processes, like regulatory reporting, that are out of control today. Common code will help cut through the fog of thick policies, controls, and risk spreadsheets....

As the Silicon Valley Bank shock waves echo through the system, the market is asking: shouldn’t we have seen this coming? Integrated risk management has always made sense but it is a dream that requires joined up data, systems, benchmarks, standards and frameworks. Firms, driven to operational efficiency, and regulators, keen to protect the consumers have aligned interests.  Yet we have been...

Description: Just when policy makers had pens poised to update rulebooks FTX spooked policy makers. In the famous words of Warren Buffet, many guiding lights were found to be swimming naked when the tide went out. However, RegRadars have lit up as intrepid regulatory agencies have pushed forward with a patchwork of international guidance that has set the scene for the rulebook updates. In this con...

Europe’s dream of transparency has turned into a market data nightmare plagued by extortionate costs and dubious quality. In Brussels, Paris and London the political focus has now shifted from unread best execution reports to finding clarity with truly transparent feedback loops between the consumer and the market participants. Trading RegRadars are hot as regulators on both sides of the channel a...

Public and private sectors are finding a path through the jungle of compliance to safe, compliant code. Firms have critical infrastructure decisions to make and the public/private structures in place today will require new mandates, new ways of working and new compliance tools. Financial Services regulatory experts Gavin Stuart, Director, Grant Thornton with 27 years of UK regulatory experience an...

By 2025, overlapping requirements to mitigate operational resilience,  control third-party services and improve technology governance will require unprecedented transparency and assurance from third-party technology providers. These new regulations will fundamentally change the landscape for the biggest tech companies and their customers. What will this mean to firm risk silos and how will a...

Since 2017 Regulators have been experimenting with new technology to get better risk data via Digital Regulatory Reporting ( DRR ). JWG is proud to have helped get global Derivatives off the drawing board and into production in time for the US CFTC reporting rewrite this quarter. We were equally pleased to see the European Commission endorse the DRR approach.  But it was absolutely music to o...

An errant trade in Q222 sparked a flash crash that should not have happened under MiFID II. The ‘fat finger error’ is still being investigated but could result in significant fines. As our working groups know well, TradFi firms are asked to keep their algorithms under control and certify to their trading venues that they are fully tested in real market conditions. Digital Assets traders have much...

Global enforcement action shows firms failing to manage risk and compliance across their unwieldy organisations. Constant change and new rules add enormous complexity to managing regulatory risk. This is a global challenge but particularly acute in the UK where the government seeks to rewrite the entire financial services rule book by year end 2023. What are the barriers to adopting automated appr...

On 27 September, US regulators served 16 Wall Steet firms nearly $2 billion in fines for doing business over personal applications like WhatsApp. The CFTC proclaimed the era of evasive communications practices to be over. However, as the FCA’s MarketWatch 69 illustrates, firms have struggled to implement surveillance policies which are fit for purpose. 2 decades after ‘Minority Report’ the technol...

The long-awaited Individual Accountability Framework Bill 2022 has been released and a new Senior Executive Accountability Regime ( SEAR) is likely to be law of the land by mid-2024. These rules will make  bankers individually accountable for all the activity in their financial institutions with fines and even jail time for wrongdoings. So what will change for banking on the continent and how...

Regulators have been busy over the summer and JWG is pulling together its 7th annual conference to discuss the next phase of RegTech. In this episode, we cover the angles our research team is taking to cut through the noise and shine a spotlight on the compliance challenges for a digital market.  We revisit progress on key programmes like digital assets, trading and AML (e.g., MiFID III, MiCA...

Financial crime is at a crossroads. The interconnectedness of the economy makes it easier to commit financial crimes without a hybrid workforce spotting them. Decades of collaborative initiatives have proven that new technology can help spot patterns and identify networks. However, FS professionals need to do something really hard to make this work: collaborate on open standards and detailed polic...

Regulators want financial crime risks for both TradFi and DeFi integrated and are dishing out large fines. RegTech solutions can help but only if we align with fast-moving new rules.  2022 political turbulence and a market explosion of digital asset offering has thrust the slow-moving FinCrime RegTech policy agenda into the limelight. JWG assembled an all-star panel to discuss the decisi...

Sanctions are not nearly as effective as they could be. JWG assembled an all-star panel to discuss the current difficulties by the public and private sectors and how RegTech could help. The speakers shared insights on how a new body could act as the ‘Interpol for sanctions’ and work collaboratively across public and private sectors. For more background, and to listen to the other panels, see JWG’s...

The political process by which sanctions are agreed is difficult but the process for implementing them is worse. The industry is plagued by operational timing issues, data gaps and poor communications between public and private sectors. As a result, sanctions are a real operational headache and not nearly as effective a weapon as we would like to think they could be. There is a tremendous opportun...

TradFI has long been expected to perform AML/TF miracles with limited help from the public sector. By some estimates, 99% of economic crime goes undetected leading to 5 years of debates about how to fix it. New, open access to registries and public/private partnerships which enable better standards and data sharing are starting to emerge just in time for the De Fi debate. With sanctions escalating...

The way we look at economic crime risks and controls is changing. Sanctions and other drivers have forced institutions to take a more holistic view of risk disciplines and integrate process that on-board clients, screen their transactions and monitor the marketplace. In advance of our 23 June RegTech seminar we assemble all-star technology and compliance experts to talk about how the demand for Re...

Gone are the days when compliance could assume all communications channels were monitored within the safety of the firm’s firewall. Communications between firms and their clients have become as decentralised as digital assets. Recent fines for improper WhatsAp monitoring and missing 250 hours of YouTube have shaken compliance teams. The FCA’s May 22 Market watch 69 observes a number of policy shor...

2022 is a tipping point for the next generation of economic crime RegTech. Decentralised services are presenting unquantified levels of risk to the system and rules are moving fast to keep up. The good news: after 5 years of laboratory experiments and forests of reports, RegTech can provide a migration path for compliance regimes. In this episode we explore the current state of compliance and how...

The old days of imaging digital assets as a way to evade regulation are gone. In fact, digital assets are bringing with them better, more digital approaches to compliance. Assets come with ‘compliance inside’ the token and new RegTech tools and approaches are emerging as regulators create certainty for this new asset class. Brian, Rudi, Charles and Phil discuss the key digital asset risks from a c...