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UK’s Information Commissioner Denham Wants a Lower Threshold for Search Warrants

Speaking in London recently, Information Commissioner Elizabeth Denham said that she is in discussions with the government to secure a stronger audit power in the UK Data Protection Bill than currently planned. Speaking about the Facebook / Cambridge Analytica investigation, Denham said: “Under the GDPR I will have the power to audit all those who hold, use and share personal ... Read More »

Moody’s Analytics Launches the Data Alliance Portal

Moody’s Analytics launched its new Data Alliance Portal. Members of Moody’s Analytics data consortium can use the portal to contribute data to the consortium and collect credit risk benchmarking information in return. The Moody’s Analytics Data Alliance is one of the world’s largest and most comprehensive data consortia, covering a range of asset classes including commercial and industrial (C&I), commercial real ... Read More »

Corporate Transparency in Russia: Local Law to Comply with Multilateral Competent Authority Agreement Adopted

In January 2017 Russia Has Joined the Multilateral Competent Authority Agreement on the Automatic Exchange of Country-by-Country Tax Reporting  https://www.biia.com/transparency-russia-has-joined-the-multilateral-competent-authority-agreement-on-automatic-exchange-of-country-by-country-tax-reporting.  This required the amendment of respective local laws, in particularly law No.340-FZ which was adopted 27.11.2017. Chapter 14.4-1 was added to the Tax Code of the Russian Federation “Submission of documentation for multinational groups of companies”: Definitions of multinational group ... Read More »

Blockchain Consortium in Credit Cards Formed By SBI Ripple Asia

SBI Ripple Asia has formed a consortium with some Japanese credit card companies to utilize blockchain technology. Called the Credit Card Industry Consortium, the group will be formally established in January. Formed in 2016, SBI Ripple Asia is the Asia-Pacific partnership of Japanese financial services company SBI Holdings and FinTech payments firm Ripple. It manages a consortium of more than 60 ... Read More »

Blockchain-based Solution to Assist in KYC Dilligence: Bankchain

Indian banks ready to launch first blockchain-based solution to map corporate borrowers  A blockchain-based solution designed to help Indian banks and non-banking financial companies do their know your customer diligence of corporate borrowers, evaluate corporate lending risk, and manage vendors is ready to be deployed by the year-end. The solution has been developed by Bankchain, a 30-member consortium led by the ... Read More »

Cedar Rose Highlighted as One of Europe’s Best in First Ever ‘Ones to Watch’ list

Cedar Rose has been named as ‘One to Watch’ in Europe in a list of business excellence published by the European Business Awards sponsored by RSM.  Cedar Rose was chosen as it demonstrates exceptional achievement in Digital Technology – and reflects the programme’s core values of innovation, success and ethics. The ‘Ones to Watch’ for all countries across Europe can ... Read More »

China Fintech: 2nd Consumer Credit Bureau in Sight Now

On January 4, the People’s Bank of China (PBoC) accepted a license application for consumer credit bureau led by the National Internet Finance Association of China.  The name of the credit bureau is Baihang Credit Scoring. As of now, the Credit Reference Center of the central bank is the only consumer credit bureau in China. Lending has always been the prerogative of ... Read More »

China and Australia ink fintech deal to share info on new developments

China and Australia‘s regulators have agreed to partner up on financial technology (fintech), a move that will give them oversight on new trends in each other‘s markets.  The Australian Securities and Investment Commission (ASIC) and China Securities Regulatory Commission (CSRC) said Monday that they would cooperate on the sharing of information related to emerging themes in the fintech sector. “Cooperation ... Read More »

ESMA Issues Statement on LEI Implementation under MIFID II

Difficulties of investment firms in obtaining LEI identity codes leads to extension compliance. The European Securities and Markets Authority (ESMA) has issued a statement to support the smooth implementation of Legal Entity Identifiers (LEI) requirements under the Markets in Financial Instruments Regulation (MiFIR). MiFIR obliges EU investment firms to identify their clients that are legal persons with LEIs for the purpose of MiFID ... Read More »

Public Sector Information: Delivering a New Service – Filing Company Accounts

News from the UK Companies House:   Posted courtesy of Ruth Ryan, a scrum master in the development department at Companies House. “I, Ruth Ryan, work in a cross discipline team to deliver online services for companies to file information with Companies House.  Over the last year I’ve been working on the ‘File Company Accounts’ service, and we’ve recently made available ... Read More »

Qarar Launches Qarar OPIT Methodology

BIIA member Qarar has developed its Proprietary OPIT methodology to ensure that the key areas of Operational Processes, Policy, the use of Information (MIS) in managing the business, and the organisation`s use of Technology are assessed. Qarar’s OPIT methodology has specifically been designed to enable organisations to understand its capabilities across a range of functions and operating pillars.  Understanding how ... Read More »

New Directions at the Reserve Bank of India (RBI)

The RBI has decided to get involved in the nitty-gritty of the bad loans problem at both ends—acting against defaulters as well as helping the government figure out which banks deserve capital. The banking regulator has shown courage in taking on the rentier* networks in Indian finance. May 2017: The Narendra Modi government empowers the Reserve Bank of India (RBI) ... Read More »

FICO: Your Company’s Cyber Score Will Be as Important as Its Credit Rating

Cybersecurity Predictions 2018: Cyber Scores and Stolen Eyes “The more things change, the more they stay the same.” That 1849 quip from Jean-Baptiste Alphonse Karr somehow seems fitting for today’s cybersecurity industry. In 2017 we saw massive change in the speed, creativity and magnitude of attacks — yet the industry plodded along on important issues such as timely data breach disclosures. ... Read More »

Australian Parliament Approves Anti-Money Laundering Legislation

The Australian Senate has passed legislation extending anti-money laundering and counter-terrorism financing regulation of digital currency exchanges. The legislation, which was passed last week, requires these exchanges to monitor and report suspicious and large transactions to the Australian Transaction Reports and Analysis Centre (AUSTRAC). The new regulations follow Parliament’s approval of legislation in October that recognized digital currencies as equivalent ... Read More »

Banks to Pilot new Concept for Blockchain-based Supply Chain Finance

Three international banks, three large corporates and four fintech startups have announced a pioneering project that will explore how blockchain technology can be used to track physical supply chains while unlocking access to financing for sustainable sourcing.  The year-long project will kick off in January and involve Unilever, Sainsbury’s and Sappi together with Barclays, Standard Chartered and BNP Paribas, which will ... Read More »