James Barclay

The The RegTech Association's 2024 Industry Perspectives Report (https://lnkd.in/eCQ9cFbR) shines a spotlight on the rapid evolution of #RegTech, with a strong emphasis on protecting people, advancing compliance, and leveraging transformative technologies like #GenerativeAI. At Gieom, our commitment to operational resilience aligns seamlessly with these trends, placing us in a unique position to drive impact across regulated industries such as #financialservices and #operationalresilience. 💡 Addressing Critical Challenges with GIEOM As regulatory pressure and customer expectations continue to dominate as key drivers for RegTech adoption, organisations face mounting challenges in ensuring compliance and operational efficiency. According to the report, Regulatory Compliance, AML/CTF/Sanctions, and Fraud & Scams are among the top risks addressed by RegTech solutions. These align with GIEOM’s core offerings, which focus on: 🚀 Digital Governance and Compliance Management: Our platform enables seamless alignment with complex and evolving regulatory requirements. 🚀 AI-Powered Risk Analysis and Monitoring: Leveraging technologies like Generative AI, we provide insights into operational risks and facilitate proactive decision-making. 🚀 Harnessing Generative AI for Compliance Transformation: Our platform shortcuts the arduous manual tasks of checking supplier contracts and policies against regulatory requirements to highlighting where controls and risks are missing to comply and remain compliant to acts such as #dora. The report highlights Generative AI as a transformative force within RegTech, expected to revolutionise compliance and risk management processes over the next two years. It also highlights that #GenerativeAI will substantially transform #RegTech over the next 1 to 2 years delivering a 10-30% increase in budget availability across 2025 for RegTech Solutions and a 67% increase in appetite for investment in new areas of risk across businesses. At GIEOM, we are already integrating Generative AI to: 🚀 Streamline compliance reporting through automated, natural-language explanations of regulatory requirements. 🚀 Enhance fraud detection and operational risk monitoring by analysing unstructured data sources. 🚀 By embedding these capabilities, GIEOM accelerates the “time to value” for clients—a critical metric that, as the report notes, remains steady at 8.1 months across the industry.

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MRC | Merchant Risk Council is on the ground in D.C. for the Electronic Transactions Association Compliance Conference — as usual it’s a treasure trove of key learnings. Regulation can be a divisive topic: does it serve to drive innovation and enable competition, or stifle growth with too much supervisory oversight? Do interchange fee reductions unwittingly harm consumer benefits? Do regulators over-index on consumer protection, creating an unbalanced playing field that inhibits growth? The debates continue to rage. It’s a delicate balance, and as MRC | Merchant Risk Council Risk Council members know, it can often have unintended consequences that have material business impacts. At ETA’s Compliance Conference, here’s what’s shaking out of the conversation: 💡 The merchant payments space is continuing to become more fintech-y, with non-bank players offering more bank-like services. So expect to see even more regs like the CFPB’s Larger Participant Rule — money transmission is a key area of focus, so if you are receiving, holding or transmitting funds, you will fall into supervisory scope. 💡 According to Washington D.C. insiders, don’t expect to see action on the Credit Card Competition Act (CCCA) anytime soon — with lame-duck sessions underway, it’s unlikely to get traction anytime soon. 💡 Visa is poised to pass a new rule around Minimum Approval Rates MAR), ensuring issuers must achieve reasonable approval levels. I like this: there should be a quid pro quo if merchants are expected to comply with Honor All Cards rules. MRC merchants continue to be frustrated by extremely low approval rates on certain alternative debit prepaid products, and this needs to be addressed. 💡 With further downward pressure on debit interchange rates (to $0.14 from $0.21 give or take) — this will no doubt layer into the debate on the erosion of loyalty program benefits. 💡 The FTC will be placing a lot more scrutiny on the use of AI: ‘Explainability’ on AI outputs and the prevalence of AI ‘hallucinations’ are under scrutiny, so it’s critical there are guardrails around the use of AI in your business — especially related to consumer interactions. 💡 ROSCA (Restore Online Shopper Confidence Act) could have implications for your business if you ‘inject’ third-party merchant offers into your check-out flow: consumer confusion is driving a high volume of complaints here. 💡’Junk Fees’ continue to be a hot topic — expect even more focus on end-consumer transparency and disclosure. And don’t assume merchants don’t fall into regulatory scope in this area — they absolutely do! There’s a lot more, but you’ll have to reach out to me to get the full picture! I’m happy to share more about how this informs the MRC’s Advocacy agenda. #advocacy #payments #regulation #rules #compliance

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This is an important blog post. The CFPB’s latest ruling marks the dawn of a new era in data privacy—one where consumers reign supreme, empowered to control their own data like never before. At AnthologyAI, we’re not just adapting; we’re seizing this moment to redefine the industry. This isn’t just compliance—it’s a revolution. We’re leading the way toward a more transparent, ethical, and secure data ecosystem, setting the gold standard for trust and innovation. Together, we’re shaping a future where data drives opportunity, fairness, and bold new possibilities for businesses and consumers alike. Let’s build this future. https://lnkd.in/eHMKPeW5

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Learn how the recent classification of MCC 5968 to high risk is reshaping the subscription payment processing landscape for many merchants, with insights from payment expert Melanie Stout. Read more 👉 https://lttr.ai/AS379 #subscriptionmodel #subscriptioneconomy #subscriptionbusiness #subscriptionbilling #subscription #recurringrevenue #churn #involuntrychurn #negativeoption #autorenew #premium

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Omni Agent Solutions presents: The Mid-Week Breakdown, October 30th, 2024 Click this link to get the full story and more. https://bit.ly/3LOrUgl ·        Synapse BaaS platform slated for bankruptcy sale ·        What happens when a city of billionaires goes broke? ·        Nexus gets $765 million financing for Big Lots acquisition ·        Volkswagen plans to close ‘at least’ 3 German plants and cut thousands of jobs #business #debt #finance #bankruptcy #corporate #corporatebankruptcy #layoffs #economy #synapse #synapsefi #fintech #finance #banking #digitalbanking #portolavalley #techhub #california #nexus #biglots #acquisition #bigboxretail #retail #volkswagen #vw #automotive #auto #travel 

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The FTC's stringent action against Ring underscores a growing regulatory focus on consumer privacy and data security in the tech industry. Read more 👉 https://lttr.ai/ASJBH #subscription #compliance #subscriptionmodel #subscriptioneconomy #subscriptionbusiness #b2c #news

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Navigating APRA compliance just got easier! Check out our comprehensive checklist to ensure your financial institution meets regulatory standards effortlessly. #APRA #Compliance #FinancialServices https://lnkd.in/dTYuSTfN

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I have a very laissez faire view of digital footprints — the kind that I’m sure will scare Glenn Gore and the most staunch arbiters of privacy. As a digital native, I see how my data identity has been used to the best of effects. My TikTok algorithm is a beautiful work of (relatable) art: my Instagram, an unending funnel of things I didn’t know I needed to buy. I’m quite certain I’ll go mad if one day my digital identity gets reset. Sometimes I wonder how it got to this. My logic is that my data is always being mined and used six ways come Sunday. It’s inevitable the more digitally connected we are. Today, with the rising trend of online scams, there’s an even higher need to protect and identify consumers. And how do you identify consumers? Through the exchange of data. It’s all very poetic really — the thing that will protect us is also the very thing that we need to surrender. It’s why I still retain mixed feelings about what Gore has to say about data: “At Affinidi, securing digital identities is a priority as we navigate an increasingly digitised society, ensuring individuals can confidently claim their digital existence.” But can we though? Do we need to? I’m not sure. For me, the digital data surrender is an inevitability, so the Internet might as well deliver me information that I need and may enjoy — like a tinted serum from Rationale or a pair of wide-leg pants from Marakech. Still, I admire Gore’s sense of hope with his North Star at the Temasek-funded firm — “Where your personal data is as intrinsic to you as your physical self and treated with the utmost respect and privacy.” Because in a world where data is as easy to mine, dole, and exchange as promises and opinions, hope is perhaps the very thing that we need. Have a read.

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Proud to share this important webinar where my colleagues teach to how to detect human trafficking through financial transactions. Watch it!

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According to PitchBook's new Q2 2024 Retail Fintech Report, Venture Capital investment in retail fintech has bounced back, with a total deal value of $4.5 billion, marking a 270.8% increase from Q1. This surge is attributed to substantial fundraising rounds for lending, credit, and banking startups. In the article below, we look at some of the other highlights from their analysis. #PitchBook #Fintech #VentureCapital

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FTC Takes Aim at Top Fraud Driving Losses Among Older Americans FTC expands Telemarketing Rule to cover technical support scams, which drove $175 million in losses among consumers 60 and older last year November 27, 2024 The Federal Trade Commission has approved final amendments to its Telemarketing Sales Rule (TSR) that will extend the rule’s coverage to so-called “inbound” telemarketing calls made for technical support services. These would include calls made by consumers to companies pitching technical support services through advertisements or direct mail solicitations. “The Commission will not sit idle as older consumers continue to report tech support scams as a leading driver of fraud losses,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection. “Expanding the TSR to make sure calls for tech support services are covered will help us hold businesses accountable and get money back for injured consumers.” As the FTC recently reported to Congress, last year consumers 60 and older were five times more likely than younger people to report losing money on a tech support scam. Older consumers reported more than $175 million in losses to tech support scams last year. In April 2024, the FTC announced that it was seeking public comment on the TSR regarding a proposal to extend the rule’s coverage to inbound telemarketing calls to technical support services. Many tech support scams try to trick consumers into calling them by using pop-up alerts and other tactics that claim that consumers’ computers or other devices are infected with malware or other problems in order to sell them bogus tech support services. Tech support scams often want the caller to pay for tech support services they don't need, to fix a problem that doesn’t exist. They often ask consumers to pay by wiring money, putting money on a gift card, prepaid card, or cash reload card, or using cryptocurrency or a money transfer app because they know those types of payments can be hard to reverse. So far in 2024, consumers have reported losing more than $165 million to tech support scams. The TSR has been updated regularly since 2000, leading to amendments in 2003 to create the national Do Not Call Registry for telemarketers, as well as in 2008 and 2010, when the rule was amended to specifically address pre-recorded telemarketing calls and debt collection services, respectively. In March 2024, the Commission amended the rule to prohibit deception in calls between businesses. The final rule announced today follows staff’s evaluation and consideration of the 25 submissions received during the public comment period. Read report link: https://lnkd.in/eRgiJW8i.

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Issue 2 of the Marketplace Risk Monitor is available now! We've aggregated policy and regulatory activity impacting marketplaces and digital platforms at the state, federal and international level. You can see the latest issue below and subscribe to receive future issues in your mailbox here: https://lnkd.in/e9YcARhk

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https://lnkd.in/g8CJi-UR "The greatest threat to SSA is some system being put in place allowing such easy sabotage of payments through mismanagement of data, identity, and records and documents in large sums. With such advanced technology available makes this especially suspicious since politicians opposed to the existence of the SSA will benefit from the errors that lead to ruining the money payment system being in place. With all these high tech geniuses able to manage billions of people's information and manipulate their responses why is SSA being denied error proof systems of technology?"

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There's a lot of press on the pending Consumer Financial Protection Bureau Section 1033 which we expect to publish this fall. We've created a simple guide to Open Banking to help sort out the requirements...given what we know today. Hope this helps you dive in -- let us know if you have questions or feedback. Thanks Diogo Marques for putting this together! #openbanking #openfinance #CFPBSection1033

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