2017 has been a busy year from a regulatory perspective. Indeed, there has been no slowdown in the pace of [AML and KYC] regulatory change, with the introduction of the 4th Money Laundering Directive, the Common Reporting Standard and the intensive preparatory work undertaken for next year’s raft of regulations including MiFID II (3rd Jan 2018), the FinCEN Final Rule (11th May 2018) and the General Data Protection Regulation (GDPR) (25th May 2018). Click on the links to download the whitepapers for each of these regulations.
So too, it has been another busy and highly productive year for the Fenergo Regulatory Team and Client Community. As a quick update, some of the highlights of this year included:
- Delivery of the MiFID II solution earlier this year (a result of more than 12 months of regulatory forum work);
- Working groups across FinCEN Final Rule, OTC Reform, GDPR, 15a6 and Investor Protection.
In addition to running regular Regulatory Forums for North America and Europe, 2017 saw us ramp up engagement of the client regulatory community in APAC. As you can imagine, this has taken some logistical management in terms of time-zones and schedule management for the Fenergo Regulatory Team but it is now fully up and running with great engagement from our APAC bank clients. We rounded out the year with on-site AML workshops for our APAC banks in Sydney in later November. It has been fantastic to get input from our APAC clients on our product design, really making the roadmaps far more globally robust.
Looking at the outlook for 2018, some of the high-profile items coming down the track obviously include:
- The MiFID II deadline in January
- GDPR and FinCEN dates coming in May
- Canadian Central Clearing delayed until August 2018.
We will be sending out a whitepaper on the same topic in early January. Keep your eye out for it!
Finally, I would like to take this opportunity to thank you all for your engagement and support in the regulatory community and look forward to working again with you in 2018.