Issues in Financial Crime, Technology, RegTech, Artificial Intelligence & Machine Learning

3rd Annual Vancouver FinTech Conference The 3rd Annual Financial Technology Conference in Vancouver takes place on May 3, 2017, which we co-sponsor. This year’s Conference focuses on “FinTech, RegTech and Financial Crime” and will cover the nexus between technology solutions to address regulation (RegTech), law, money laundering, terrorist financing, compliance, fraud, identity management, corruption, real [...]

The law on privilege in the context of money laundering and financial crime

In Canada and the US, lawyers are not subject to anti-money laundering reporting obligations like they are in most other countries. One of the most frequent reasons given for this by lawyers is that to require us to report certain financial transactions to a financial intelligence unit is inconsistent with, and would undermine, legal privilege. [...]

Royal Prerogative throws a wrench in Brexit

The UK High Court has ruled that the process for the UK to leave the EU, including when, must be made by Parliament and not the government. The government was pursuing the exit from the EU pursuant to what is called the “Royal Prerogative”. The High Court ruled that the government does not have power [...]

FinTechs are being derisked out of bank accounts over terrorist financing and money laundering risks says UK study

The Financial Conduct Authority released an interesting soft study on the incidents of derisking affecting companies in the UK and pursuant to the study, MSB, charities and FinTechs are the three business client groups whose bank accounts are most frequently closed because they are too risky for the bank (a practice known as derisking). No [...]

“Responsible Innovation” – What the coming regulation of FinTech will look like

Financial regulators balance innovation and protection Financial regulators serve two important functions for the financial system. 1. They support growth and innovation where it could improve access to finance, or the delivery of financial services or grow the economy. 2. At the same time,  they  protect consumers and society at large by supervising the financial services [...]

FinTech and Terrorist Financing – a major RegTech issue

The news last month that the couple responsible for the San Bernadino shooting had received a P2P loan for $28,000 from an online lender, Prosper Marketplace, was cause for concern among financial crime regulators. It was cause for concern because some financial regulators were of the view that a typology for terrorist financing is the [...]