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In the final in her series of posts, CASS expert Julie Tuffrey dives into the issue of resource strain on CASS audits, which was highlighted in the responses to the TISA fscom survey. Industry has called for a more streamlined process to help resolve the issue.   Would a more streamlined CASS audit process resolve your resource burden? Do you think there is another resolution for managing the resource impact of audits? Let us know in the comments...

fscom payments specialist Anna Sweeney recently interviewed with The Payments Association on the rise of generative AI in payment security. Anna discussed the vulnerability of payment data and the balance needed between AI capabilities and data privacy. You can read the full article here: https://hubs.ly/Q02_LxNx0 #Payments #AI #DataSecurity #TPA #fscom

⏳ Just five weeks until the DORA implementation deadline! With the 17 January 2025 deadline fast approaching, we reflect on insights shared during our recent webinar. Key takeaways from the interactive polls: 🔹Complexity of requirements emerged as the top concern for many respondents. 🔹Most firms were at the stage of beginning to update policies and frameworks. Given that these polls were taken four months ago, we would assume those firms have moved further along. Do these concerns match yours? Do you feel you are where you should be in your DORA compliance journey? Let us know in the comments 👇 To watch the full webinar, download here: https://hubs.ly/Q02_zQB20 #DORA #DigitialOperationalResilienceAct #EU #Compliance #RegulatoryCompliance #fscom

🚀 Take the Next Big Step in Your Compliance Career! fscom is hiring a Manager for our growing Asset Management practice. This role is an exciting opportunity to: ✅ Take on more responsibility, advising and supporting compliance functions ✅ Play a key role in expanding a fast-growing practise area ✅Join an award-winning GRC consultancy firm Ready for the challenge? 📧 Email: [email protected] 🌐 Visit the fscom website: https://hubs.ly/Q02_pyVZ0 #careers #compliance #consultancy #assetmanagement

In the latest in her series of posts, fscom CASS expert Julie Tuffrey focuses on the need for more regulatory guidance on the emerging areas within CASS and the evolving landscape. The key insights from the TISA UK fscom survey show a consensus among respondents for more guidance around cryptoassets, stablecoins and digital. Are these emerging areas impacting your compliance approach? Let us know in the comments...

Yesterday at the Regtech Forum, fscom Head of Payments Alison Donnelly moderated a dynamic discussion between regulators from the Financial Conduct Authority and Department of Finance Ireland. The conversation focused on how regtech companies meet the innovation challenges of financial regulation in the UK and Ireland. The key themes explored included: ✨ The evolution of regtech, suptech and, the emerging poltech ✨ The value of sanboxes and the regulatory airport ✨Insights into tackling financial crime and navigating the complexities of AI A big thank you to all who contributed to this forward-looking discussion! #RegtechForum #Regtech #Suptech #Poltech #AI #FCA #DepartmentofFinance

📸 Head of Payments Alison Donnelly speaking on the panel ‘Supercharging the growth of fintechs’ at FinTech Connect yesterday in London. The key takeaway from the panel discussion was the emphasis on the need for scaling fintechs to juggle an array of priorities, from culture and PR to funding and compliance. The general message was having the right people from the start (and keeping them!) can be the difference between the next unicorn and the next failure. Heather O. Nicola Hanratty MSc #Fintech #FintechConnect #Payments #London #fscom

Head of Payments Alison Donnelly will be at the FinTech Connect 2024 in ExCeL London today and tomorrow. Tomorrow, Alison will be speaking alongside other industry experts as part of a panel – ‘Supercharging the growth of fintechs’. Panel members will discuss the biggest growth challenges fintechs face and advise how they can overcome these. If you're attending and would like to organise a meeting please reach out. #Fintech #FintechConnect #Payments #London #fscom

In her latest post Julie Tuffrey, our senior CASS advisor, highlights the critical need to balance regulatory expertise with practical understanding when tackling the complexities of CASS compliance.    How important is this balance in achieving compliance? Check out Julie's post and join the conversation!

For those who have been following updates from the JMLSG, the recent amendments to the FCA’s Financial Crime Guide will come as no surprise. However, they provide valuable insight into the regulator’s key focus areas and include examples of both good and poor practices. For those in crypto or payment services, these changes warrant particular attention. For others, the key points to note include: 🔹 Proliferation Financing: This remains a priority for the regulator, which expects firms to integrate it into their CDD and risk assessment processes. 🔹 Consumer Duty Alignment: Firms must consider consumer duty when applying AML measures. Guidance highlights the importance of providing a human interface during the CDD process to enhance customer support. 🔹 Transaction Monitoring: The FCA has raised concerns about firms not meeting expectations in this area. New guidance emphasises the effective use of systems, including AI, for monitoring transactions. 🔹 Client Impersonation Risks: Firms must evaluate the risks of impersonation when onboarding clients remotely. If clients are not met face-to-face, firms should implement sufficient measures, such as selfie verification tools, to mitigate these risks. The guidance suggests treating such clients as higher-risk unless robust mitigations are in place. 🔹 Screening Tools and Systems: While using screening tools is not a legal requirement, firms must conduct ongoing client screenings against sanctions lists. The updates stress the importance of testing these systems to ensure they function as intended and include all relevant sanctions lists. See the full updates here: https://hubs.ly/Q02ZZXZG0 If you need assistance with evaluating the effectiveness of your systems and controls, or require support for remediation projects, feel free to reach out to us. #FCA #FinancialCrimeGuide #FinCrime #FMConsult #fscom