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Asian Development Survey Suggests Fintech, Digitization Still Not Significantly Impacting Trade Finance Gap

Banks and companies in the trade finance sector are increasingly using digital solutions to address companies’ significant and unmet financing needs. Yet the global trade finance gap—estimated at $1.5 trillion, with approximately 40% originating in Asia and the Pacific—persists in a stable state, with emerging economies and small- and mid-size enterprises (SME) bearing the brunt of financing shortfalls. More than ... Read More »

Thomson Reuters Expands CLEAR ID Confirm with Business Data

Suite improves identity verification process with international business and FEIN information Thomson Reuters has expanded its identity verification process — CLEAR ID Confirm — to include business and organizational data. As part of the CLEAR online investigations suite, CLEAR ID Confirm leverages comprehensive, up-to-date public and proprietary data to enable organizations to complete identity verification tasks, including risk evaluation and business vetting. The product is ... Read More »

Thomson Reuters and Deloitte Join Forces to Automate Financial Reporting and Compliance for Australian Corporations

Thomson Reuters unveiled a new collaboration today which will see Deloitte become an implementer for Thomson Reuters market-leading ONESOURCE Statutory Reporting software to assist finance departments streamline financial reporting processes, helping them to save time, improve accuracy and remain compliant. The collaboration is an extension of Thomson Reuters expanding global relationship with Deloitte and a first of its kind in ... Read More »

Equifax Data Breach Update: A Category 5 Data Breach

Latest Equifax commentary: “Last Thursday evening we announced a cybersecurity breach potentially impacting 143 million U.S. consumers. It was a painful announcement because of the concern and frustration this incident has created for so many consumers. We apologize to everyone affected. This is the most humbling moment in our 118-year history. Equifax Security first discovered the intrusion on July 29. Understandably, ... Read More »

Law Society’s Money Laundering Task Force Chair to Advise encompass

encompass has appointed Amy Bell, of Amy Bell Compliance, as industry advisor to advise on encompass verify, next generation AML and KYC software for legal and accountancy. Chair of the Law Society’s Money Laundering Task Force, Amy worked for many years as a solicitor before moving into compliance and eventually launching her own firm. A leading figure helping law firms adapt to the ... Read More »

Encompass Appoints Jon May and Yasmeen Jaffer as Industry Advisors

Encompass has appointed Jon May, former CEO of market leading KYC utility, kyc.com and global head of Regulatory and Compliance Managed Services at IHS Markit, and Yasmeen Jaffer, former Managing Director and Global Head of Business Development at IHS Markit, as industry advisers. Jon is currently CEO, and Yasmeen, Partner, of the KYC, Regulatory and Compliance FinTech firm, JJCFinTech. During his time as ... Read More »

Beijing’s Waning Support for Private Credit Scores

A drive by China’s big technology companies to develop credit scoring platforms, originally backed by Beijing, faces growing opposition from regulators, who fear the initiatives may threaten data security and create conflicts of interest. Two people familiar with the process told Reuters that the People’s Bank of China – which in 2015 allowed eight firms including Alibaba’s Ant Financial and ... Read More »

German Investigators Pay €5 Million for Panama Papers to Hunt Global Tax Criminals

This is not the first time that Germany has rewarded data thieves for information on tax dodgers.  The Swizz banks called it a modern form of bank robbery [editorial comment]. The German Federal Criminal Police Office said recently that it has purchased the vast amount of leaked data known as the Panama Papers, which revealed the legally dubious offshore activities ... Read More »

Blockchain Made in China

Blockchain work continues apace in China. Its central bank opened a digital currency research institute, shortly after releasing new details about a forthcoming five-year development plan in which it specifies a development push for new technologies such as blockchain and AI.   A blockchain research lab is also being set up in Shenzhen by a group of research institutions and ... Read More »

Supply Chain Risk: Just 22% of Companies Address Child Labour in Supply Chain

Only 22% of companies are addressing child labour concerns in the supply chain, while only 23% are actively tackling climate change. The results of a new survey of business executives makes for sobering reading, given that there are more than 150 million children engaged in child labour around the world, and that scientists are predicting environmental Armageddon if carbon reduction ... Read More »

Consumer Credit Reporting Agencies Remove Most Judgment and Lien Information from Credit Reports

Beginning July 1, 2017, the three largest nationwide credit reporting agencies, Experian, Equifax and Transunion, will delete certain civil judgment and lien information from the databases they use to create credit reports?  On July 1, 2017, these credit reporting agencies will begin to implement new enhanced public records standards and related requirements as a result of an enforced settlement agreement ... Read More »

EliVator – The first Electronic Identity Verification (eIDV) Service for MENA and Russia

EliVator provides access via API to instant and accurate identity verification data on individuals and companies in developing countries and parts of the globe where information has traditionally and previously been difficult to access. Cedar Rose has been compiling information on companies and individuals in the Middle East, North Africa and surrounding countries for over 20 years. We believe our ... Read More »

BIIA in Action: B20 Publishes Summit Report

BIIA is an active member of B20 activities (the Business Part of the G20) such as the Digitation Task Force and the Cross-thematic Group on SMEs as previously reported by in recent BIIA Newsletters.   B20 Summit Report On May 2nd and 3rd, 2017 the B20 Summit was held in Berlin. Over 700 guests from the G20 countries and beyond ... Read More »