The event provided a global platform for FinTech Entrepreneurs, Financiers, Innovators, Practitioners and Enthusiasts to meet, share experiences, forge partnerships and importantly learn valuable insights on regulatory changes coming into effect in 2018.
The three key regulatory changes happening in 2018 are the update of Markets in Financial Instruments Directive (MiFID 2), the 2nd Payment Services Directive (PSD2) and the introduction of the General Data Protection Regulation (GDPR).
MIFID 2: The directive comes into effect on January 3rd and is designed to offer greater protection for investors and to create more transparency into all asset classes: from equities to fixed income, exchange-traded funds and foreign exchange. This directive is thought to be the EU’s most ambitious and controversial financial reform yet. The conversations at FinTech Connect Live centred around how the banking sector is expected cope in January and the key implementing issues arising from the new proposed guidelines.
PSD2: On 13th January this directive will come into effect and is designed by the European Union to revolutionise the payments industry.
PSD2 will affect everything from the way we pay online, to what information we see when making a payment. PSD2 will break down the bank’s monopoly on their user’s data. It will allow ‘merchants’ to retrieve your account data from your bank – with your permission. This means the smaller players can take on the big banks’ at their core business which is an unsettling prospect for many incumbent banks.
GDPR: The Information Commission Office (ICO) has the power to issue fines to any company found to be non-compliant with data protection laws in preparation of GDPR coming into effect in May 2018. Cameron Craig from HSBC made it clear that the ICO (Information Commission Office) will be exercising its new powers on any institution that flagrantly ignores Data Protection Regulation.
Many Banks, FinTechs and Financial Services will need to ensure they have robust compliance processes in place to fit the new regulatory framework in 2018.
Here at Contego, we help simplify complex compliances processes by providing automated AML & KYC solutions. We help a wide range of industries by delivering a complete picture of their clients, customers and employees, to enable them to adhere to increasing regulation and improve onboarding processes.
If you feel you are constantly playing catch up with changing regulations and want to learn more about how Contego can simplify your compliance, reduce operational costs and be used as a competitive advantage, then get in touch with us today. Contact Contego by calling: +44 (0) 1235 375 000, or book an online demo.