Wealth managers and private banks are facing challenges in serving clients across borders due to increasing regulations and tax transparency requirements. This forces them to rethink their cross-border strategies and approaches. A key challenge is ensuring compliance with different and changing rules in multiple jurisdictions. A potential solution is to develop digital regulatory compliance tools that provide up-to-date country-specific information on allowable activities, products, services and local rules to help advisors serve clients abroad while avoiding non-compliance.
Interchange: How evolving regulation may impact Payment CardsOsborne Clarke
This document summarizes a presentation on how evolving regulation may impact payment cards. It discusses the key elements of the proposed European Interchange Regulation, including capping interchange fees for credit and debit card transactions at 0.3% and 0.2% respectively. It notes issues still under amendment like transitional periods and the regulation's scope. The presentation also overviewed related business rules around co-badging, steering, unblending, and separating scheme and processing functions. In concluding, it was noted that the regulation's implications are far-reaching as it aims to address a perceived mischief in the payments industry.
The UK government launched an initiative to explore digital currencies and blockchain technology in 2014, issuing a call for information. In 2015 it announced three key policies: 1) regulating digital currency exchanges to prevent money laundering; 2) developing voluntary industry standards for consumer protection; and 3) allocating £10 million for blockchain research. The UK aimed to support legitimate firms while creating barriers for illicit actors. Subsequently, the EU proposed regulating exchanges across Europe, and in 2016 the first UK digital currency firm launched with a bank account and e-money license.
This document outlines 25 issues with credit card interchange fees that negatively impact both merchants and consumers. Key issues discussed include interchange fees rising significantly over time even as processing costs have decreased, a lack of transparency in the complex fee structure, and an inability for merchants to negotiate fees or bypass the credit card networks. The document argues that regulating interchange fees as done in other countries would lower costs for both merchants and consumers while not reducing card usage.
The European Commission’s new rule on credit cards will cut 200 million commissions in Italy: will a subscription fee be introduced? With a contribution by Gabor Friedenthal, Dep. Managing Director, and Daniele Pontecorvo, SEM
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
The document summarizes key presentations from a Money Service Business (MSB) Forum organized by HM Revenue and Customs (HMRC).
1. HMRC discussed the upcoming 4th Money Laundering Directive from the EU which will be implemented in UK law by June 2017 and brought more business sectors like property agents under regulation. It lowers thresholds for cash transactions and strengthens rules around customer due diligence.
2. HMRC is transforming its registration system for MSBs to be fully online by the end of the year.
3. HMRC announced plans to gather more data from MSBs on their customers' tax liabilities through a consultation, as part of efforts to address the "hidden
It is clear the banking landscape is changing. Explore what open banking means and the impact it could have on the market. Find out more in our report at Deloitte.co.uk/Flourish. You can also discover further analysis on open banking and the future of banking generally at Deloitte.co.uk/FutureBank.
Interchange: How evolving regulation may impact Payment CardsOsborne Clarke
This document summarizes a presentation on how evolving regulation may impact payment cards. It discusses the key elements of the proposed European Interchange Regulation, including capping interchange fees for credit and debit card transactions at 0.3% and 0.2% respectively. It notes issues still under amendment like transitional periods and the regulation's scope. The presentation also overviewed related business rules around co-badging, steering, unblending, and separating scheme and processing functions. In concluding, it was noted that the regulation's implications are far-reaching as it aims to address a perceived mischief in the payments industry.
The UK government launched an initiative to explore digital currencies and blockchain technology in 2014, issuing a call for information. In 2015 it announced three key policies: 1) regulating digital currency exchanges to prevent money laundering; 2) developing voluntary industry standards for consumer protection; and 3) allocating £10 million for blockchain research. The UK aimed to support legitimate firms while creating barriers for illicit actors. Subsequently, the EU proposed regulating exchanges across Europe, and in 2016 the first UK digital currency firm launched with a bank account and e-money license.
This document outlines 25 issues with credit card interchange fees that negatively impact both merchants and consumers. Key issues discussed include interchange fees rising significantly over time even as processing costs have decreased, a lack of transparency in the complex fee structure, and an inability for merchants to negotiate fees or bypass the credit card networks. The document argues that regulating interchange fees as done in other countries would lower costs for both merchants and consumers while not reducing card usage.
The European Commission’s new rule on credit cards will cut 200 million commissions in Italy: will a subscription fee be introduced? With a contribution by Gabor Friedenthal, Dep. Managing Director, and Daniele Pontecorvo, SEM
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
The document summarizes key presentations from a Money Service Business (MSB) Forum organized by HM Revenue and Customs (HMRC).
1. HMRC discussed the upcoming 4th Money Laundering Directive from the EU which will be implemented in UK law by June 2017 and brought more business sectors like property agents under regulation. It lowers thresholds for cash transactions and strengthens rules around customer due diligence.
2. HMRC is transforming its registration system for MSBs to be fully online by the end of the year.
3. HMRC announced plans to gather more data from MSBs on their customers' tax liabilities through a consultation, as part of efforts to address the "hidden
It is clear the banking landscape is changing. Explore what open banking means and the impact it could have on the market. Find out more in our report at Deloitte.co.uk/Flourish. You can also discover further analysis on open banking and the future of banking generally at Deloitte.co.uk/FutureBank.
This note by Rosa M. Abrantes-Metz, Practice Co-Leader, Global Antitrust & Competition, Brattle, was prepared for the discussion “Competition and Payment Card Interchange Fees” held at the 19th meeting of the OECD-IDB Latin American and Caribbean Competition Forum on 22 September 2021. More papers and presentations on the topic can be found out at oe.cd/laccf.
Proposed amendments to the financial services bill sdj 21 06 12Simon Deane-Johns
A set of amendments I was asked to prepare for a cross-party group of Peers for their review of the Financial Services Bill. Explained further on The Fine Print: http://sdj-thefineprint.blogspot.co.uk/2012/06/innovation-meets-financial-services.html
This document discusses recent developments in the Luxembourg banking sector. It covers two main topics:
1. Regulatory changes and technological innovation are profoundly impacting banks. Banks are re-evaluating business models and products in response to tighter regulation while also leveraging new technologies.
2. Innovation is crucial for banks to adapt, and many are engaging in external partnerships with FinTechs, consultants, and other organizations to access new ideas and expertise at a rapid pace. This helps banks understand customer needs and stay competitive in a changing environment.
Global Value Chain (GVC) Analysis of Mobile Financing Industry in BangladeshMaleeha Tarannum
This document analyzes the global value chain of the mobile finance industry in Bangladesh. It begins with an overview of Bangladesh's banking system and low financial inclusion rates. It then examines how banks have started using mobile phones to deliver financial services. The document analyzes the industry's input-output structure, institutional context, and governance. It maps out the various value chains for mobile banking, payments, and remittances. Finally, it discusses factors driving changes in the industry and possibilities for its future upgrading.
The document summarizes key considerations for investing in Dutch consumer finance non-performing loan portfolios. It notes that the Dutch economy and consumer confidence is growing. Collections are friendly with a strong legal creditor position and developed debt collection agency and bailiff markets. While the total non-performing loan stock is increasing, relatively small deals and forward flows are established. Investors should understand legal and compliance requirements and embed customer centric practices. The collections environment offers amicable and legal options with an increasing but still competitive bailiff and debt collection agency market.
This presentation by Manuel Sebastião, Member of the Board of Directors, Redes Energéticas Nacionais (Portugal), was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
Mattia Corbetta - Crowdinvesting in Italy: a case studyOECD CFE
20-21 February 2018, Mexico City: Workshop on building business linkages that boost SME productivity. http://www.oecd.org/cfe/smes/workshop-on-building-business-linkages-that-boost-SME-productivity.htm
This presentation by CADE Brazil was made during the discussion “Competition and Payment Card Interchange Fees” held at the 19th meeting of the OECD-IDB Latin American and Caribbean Competition Forum on 22 September 2021. More papers and presentations on the topic can be found out at oe.cd/laccf.
This presentation by the OECD Secretariat was made during the discussion “Compliance Programmes in Antitrust Enforcement” held at the 19th meeting of the OECD-IDB Latin American and Caribbean Competition Forum on 20 September 2021. More papers and presentations on the topic can be found out at oe.cd/laccf.
This document summarizes the national fintech scene in Lithuania and the Bank of Lithuania's regulatory approach. The Bank of Lithuania aims to be a center of excellence in finance and promote financial sector innovation. It has established several programs to support fintechs, including a newcomer program, crowdfunding/peer-to-peer lending regulation, remote client identification, and a regulatory sandbox. The Bank of Lithuania takes a partnership approach to work with fintechs and provide consulting, but also emphasizes that participants must be financially sound and conform to high safety requirements, and it will quickly take supervisory measures if needed.
The Irruption of the Electronic Distribution Channels and the New Banking Sys...Pedro Cravo
Technological progress brought important strategic and structural changes to the Portuguese banking sector.
The objective of this presentation was to analyse the Portuguese banking sector’s evolution trends, considering the contribution of technological innovation to its modernization and development.
This document summarizes statistics and trends regarding consumer credit providers and peer-to-peer (P2P) lending platform operators in Lithuania. It notes that there are various types of consumer credit providers, including banks, credit unions, and specialized providers. The consumer credit market was worth over €6 billion as of June 2019. It also saw over 400,000 consumer credit accounts, with around 4% in arrears. P2P lending has grown significantly, with the volume of new loans increasing from €1.3 million in 2015 to €16.4 million in the first half of 2019. P2P lending now accounts for around 6% of the total consumer credit market.
This presentation by the Norwegian Competition Authority was made during a workshop on “Regulation and competition in light of digitalisation” held by the OECD in Paris on 31 January 2018. More papers and presentations on the topic can be found out at oe.cd/wrcd.
E-invoicing in Corporate Banking: A European PerspectiveCognizant
This document discusses e-invoicing in corporate banking in Europe. It notes that persistently difficult business conditions have forced banks and clients to find more efficient ways to manage their financial supply chains. The document suggests that a cloud-powered, integrated approach to e-invoicing could help achieve this. However, adoption of e-invoicing in Europe has been slow due to challenges around regulations, standards, costs and technology interoperability. The document proposes that a community cloud-based e-invoicing solution managed by a trusted third party could help address these challenges and accelerate adoption of e-invoicing.
This document discusses professional services in Eastern and Southern Africa. It notes that filling information gaps through business surveys of over 2,200 firms can provide data on professionals, prices/wages, trade flows, barriers, and regulations. Domestic regulations like price controls and advertising bans significantly reduce the likelihood of firms exporting, while foreign limits on investment and non-transparent procurement also hinder exports. National reforms removing restrictions on competition and reducing education costs, along with regional cooperation eliminating trade barriers and increasing regulatory coordination, could better integrate professional services markets.
OECD | AUTOMATIC EXCHANGE OF INFORMATION AGREEMENT: IS THIS THE END OF BANK S...preoffshore1
For many years OECD has without much conviction talked about implementing automatic exchange agreements. Then came FACTA. The success and the speediness of the implementation process of FACTA has launched again the automatic exchange agreement program.
The panel presents a comparison of market-based sourcing rules, focusing principally - but not exclusively - on New England states. The comparison centers on differences in statutory language, ordering rules, and approaches to particular types of receipts (e.g., receipts from services, intangibles, and investment income). The panel also presents issues inherent in the application of market-based apportionment to various industries, such as media and entertainment, financial services, and telecommunications.
The European Commission initiated an antitrust case against MasterCard and Visa regarding their interchange fees. Interchange fees are payments from acquiring banks to issuing banks that occur during card transactions. The Commission argued these multilateral interchange fees amounted to price fixing that harmed merchants. As a result, MasterCard and Visa made commitments to reduce interchange fees. However, economists argue interchange fees play an important role in payment systems by incentivizing banks. The case raises questions about whether regulation has improved efficiency and if further action is needed regarding interchange fees and potential market failures in the payment system.
The document discusses applets and Swing components in Java. It begins with pre-assessment questions to test the reader's knowledge of exceptions, error classes, and try/catch blocks. It then provides solutions to the questions. The document outlines how to create applets in Java using the Applet class and various graphic methods. It also describes the different stages of an applet lifecycle, including initializing, starting, stopping, and destroying an applet. Finally, it discusses using layout managers and creating Swing components.
1) The document discusses a community engagement approach in Northern Nigeria aimed at increasing routine immunization uptake by dispelling myths and increasing trust.
2) The approach engages community leaders and volunteers to educate people about vaccinations and help health workers track newborns and maintain health facilities.
3) In Lema Babba ward, the approach has successfully increased attendance at immunization sessions, with people now traveling from other towns to get vaccinations. Community support has helped address the previous lack of trust and low uptake of immunization services.
This note by Rosa M. Abrantes-Metz, Practice Co-Leader, Global Antitrust & Competition, Brattle, was prepared for the discussion “Competition and Payment Card Interchange Fees” held at the 19th meeting of the OECD-IDB Latin American and Caribbean Competition Forum on 22 September 2021. More papers and presentations on the topic can be found out at oe.cd/laccf.
Proposed amendments to the financial services bill sdj 21 06 12Simon Deane-Johns
A set of amendments I was asked to prepare for a cross-party group of Peers for their review of the Financial Services Bill. Explained further on The Fine Print: http://sdj-thefineprint.blogspot.co.uk/2012/06/innovation-meets-financial-services.html
This document discusses recent developments in the Luxembourg banking sector. It covers two main topics:
1. Regulatory changes and technological innovation are profoundly impacting banks. Banks are re-evaluating business models and products in response to tighter regulation while also leveraging new technologies.
2. Innovation is crucial for banks to adapt, and many are engaging in external partnerships with FinTechs, consultants, and other organizations to access new ideas and expertise at a rapid pace. This helps banks understand customer needs and stay competitive in a changing environment.
Global Value Chain (GVC) Analysis of Mobile Financing Industry in BangladeshMaleeha Tarannum
This document analyzes the global value chain of the mobile finance industry in Bangladesh. It begins with an overview of Bangladesh's banking system and low financial inclusion rates. It then examines how banks have started using mobile phones to deliver financial services. The document analyzes the industry's input-output structure, institutional context, and governance. It maps out the various value chains for mobile banking, payments, and remittances. Finally, it discusses factors driving changes in the industry and possibilities for its future upgrading.
The document summarizes key considerations for investing in Dutch consumer finance non-performing loan portfolios. It notes that the Dutch economy and consumer confidence is growing. Collections are friendly with a strong legal creditor position and developed debt collection agency and bailiff markets. While the total non-performing loan stock is increasing, relatively small deals and forward flows are established. Investors should understand legal and compliance requirements and embed customer centric practices. The collections environment offers amicable and legal options with an increasing but still competitive bailiff and debt collection agency market.
This presentation by Manuel Sebastião, Member of the Board of Directors, Redes Energéticas Nacionais (Portugal), was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
Mattia Corbetta - Crowdinvesting in Italy: a case studyOECD CFE
20-21 February 2018, Mexico City: Workshop on building business linkages that boost SME productivity. http://www.oecd.org/cfe/smes/workshop-on-building-business-linkages-that-boost-SME-productivity.htm
This presentation by CADE Brazil was made during the discussion “Competition and Payment Card Interchange Fees” held at the 19th meeting of the OECD-IDB Latin American and Caribbean Competition Forum on 22 September 2021. More papers and presentations on the topic can be found out at oe.cd/laccf.
This presentation by the OECD Secretariat was made during the discussion “Compliance Programmes in Antitrust Enforcement” held at the 19th meeting of the OECD-IDB Latin American and Caribbean Competition Forum on 20 September 2021. More papers and presentations on the topic can be found out at oe.cd/laccf.
This document summarizes the national fintech scene in Lithuania and the Bank of Lithuania's regulatory approach. The Bank of Lithuania aims to be a center of excellence in finance and promote financial sector innovation. It has established several programs to support fintechs, including a newcomer program, crowdfunding/peer-to-peer lending regulation, remote client identification, and a regulatory sandbox. The Bank of Lithuania takes a partnership approach to work with fintechs and provide consulting, but also emphasizes that participants must be financially sound and conform to high safety requirements, and it will quickly take supervisory measures if needed.
The Irruption of the Electronic Distribution Channels and the New Banking Sys...Pedro Cravo
Technological progress brought important strategic and structural changes to the Portuguese banking sector.
The objective of this presentation was to analyse the Portuguese banking sector’s evolution trends, considering the contribution of technological innovation to its modernization and development.
This document summarizes statistics and trends regarding consumer credit providers and peer-to-peer (P2P) lending platform operators in Lithuania. It notes that there are various types of consumer credit providers, including banks, credit unions, and specialized providers. The consumer credit market was worth over €6 billion as of June 2019. It also saw over 400,000 consumer credit accounts, with around 4% in arrears. P2P lending has grown significantly, with the volume of new loans increasing from €1.3 million in 2015 to €16.4 million in the first half of 2019. P2P lending now accounts for around 6% of the total consumer credit market.
This presentation by the Norwegian Competition Authority was made during a workshop on “Regulation and competition in light of digitalisation” held by the OECD in Paris on 31 January 2018. More papers and presentations on the topic can be found out at oe.cd/wrcd.
E-invoicing in Corporate Banking: A European PerspectiveCognizant
This document discusses e-invoicing in corporate banking in Europe. It notes that persistently difficult business conditions have forced banks and clients to find more efficient ways to manage their financial supply chains. The document suggests that a cloud-powered, integrated approach to e-invoicing could help achieve this. However, adoption of e-invoicing in Europe has been slow due to challenges around regulations, standards, costs and technology interoperability. The document proposes that a community cloud-based e-invoicing solution managed by a trusted third party could help address these challenges and accelerate adoption of e-invoicing.
This document discusses professional services in Eastern and Southern Africa. It notes that filling information gaps through business surveys of over 2,200 firms can provide data on professionals, prices/wages, trade flows, barriers, and regulations. Domestic regulations like price controls and advertising bans significantly reduce the likelihood of firms exporting, while foreign limits on investment and non-transparent procurement also hinder exports. National reforms removing restrictions on competition and reducing education costs, along with regional cooperation eliminating trade barriers and increasing regulatory coordination, could better integrate professional services markets.
OECD | AUTOMATIC EXCHANGE OF INFORMATION AGREEMENT: IS THIS THE END OF BANK S...preoffshore1
For many years OECD has without much conviction talked about implementing automatic exchange agreements. Then came FACTA. The success and the speediness of the implementation process of FACTA has launched again the automatic exchange agreement program.
The panel presents a comparison of market-based sourcing rules, focusing principally - but not exclusively - on New England states. The comparison centers on differences in statutory language, ordering rules, and approaches to particular types of receipts (e.g., receipts from services, intangibles, and investment income). The panel also presents issues inherent in the application of market-based apportionment to various industries, such as media and entertainment, financial services, and telecommunications.
The European Commission initiated an antitrust case against MasterCard and Visa regarding their interchange fees. Interchange fees are payments from acquiring banks to issuing banks that occur during card transactions. The Commission argued these multilateral interchange fees amounted to price fixing that harmed merchants. As a result, MasterCard and Visa made commitments to reduce interchange fees. However, economists argue interchange fees play an important role in payment systems by incentivizing banks. The case raises questions about whether regulation has improved efficiency and if further action is needed regarding interchange fees and potential market failures in the payment system.
The document discusses applets and Swing components in Java. It begins with pre-assessment questions to test the reader's knowledge of exceptions, error classes, and try/catch blocks. It then provides solutions to the questions. The document outlines how to create applets in Java using the Applet class and various graphic methods. It also describes the different stages of an applet lifecycle, including initializing, starting, stopping, and destroying an applet. Finally, it discusses using layout managers and creating Swing components.
1) The document discusses a community engagement approach in Northern Nigeria aimed at increasing routine immunization uptake by dispelling myths and increasing trust.
2) The approach engages community leaders and volunteers to educate people about vaccinations and help health workers track newborns and maintain health facilities.
3) In Lema Babba ward, the approach has successfully increased attendance at immunization sessions, with people now traveling from other towns to get vaccinations. Community support has helped address the previous lack of trust and low uptake of immunization services.
Ivan Malagas has over 30 years of experience in manufacturing, including roles as a storeman, setter/operator, production supervisor, and most recently as a production superintendent from 2006-2015 at G.U.D. Holdings. He holds qualifications in business management and has responsibility for ensuring production quality and safety standards, maintaining schedules, and developing employees. References are provided from his most recent employer in human resources, production, and as a senior production superintendent.
La erosión dental puede ser causada por el consumo excesivo de bebidas ácidas como alcohol y bebidas carbonatadas, así como por el reflujo gastroesofágico. Estos factores pueden dañar el esmalte dental y generar lesiones en la parte superior de los dientes.
UPDATED: The anti wind tunnel marketing movement, by Charles WigleyMel Exon
The document discusses the need for differentiation in marketing and advertising. It argues that most brands follow the same consumer-focused processes, which results in sameness. It provides 10 potential solutions to address this issue, including considering different types of insights beyond just consumer insights, making "is it different?" the first question, recognizing that not all consumers are equal, testing in the market rather than focus groups, looking to the future instead of the past, valuing inexperience as well as experience, putting more judgment into job requirements, and restructuring corporations.
FLUPA UX-Days 2016 - "Démarche UX et troubles cognitifs : un retour d’expérie...Flupa
En tant qu’UX Designer, nous intervenons dans les projets qui nous sont confiés selon une démarche de conception centrée utilisateurs (CCU). Cette approche place l’utilisateur et la tâche qu’il doit effectuer au centre de la conception et a pour objectif de proposer des produits et services qui répondent réellement à ses besoins et attentes. Il existe de nombreuses méthodes pour mettre en place une approche centrée sur l’utilisateur : tri de carte, test utilisateur, questionnaire, etc. Grâce à la CCU, nous assurons une bonne utilisabilité des outils et services que nous concevons et leur appropriation par les utilisateurs finaux afin d’obtenir une expérience utilisateur optimale.
L’évolution considérable du domaine du numérique nous amène à intervenir auprès de publics divers et variés de par leur culture, leur âge, leur connaissance, leur expertise, etc. Nous nous adaptons aux caractéristiques propres de chaque utilisateur que nous rencontrons. Dans le cadre de cette communication, nous souhaitons apporter notre retour d’expérience concernant la conception d’outils à destination d’utilisateurs présentant des déficiences cognitives, à travers deux exemples concerts : la conception d’un site web à destination de personnes trisomiques et la conception d’un logiciel d’aide pédagogique pour des enfants en situation de multihandicap.
Nous exposerons les différentes situations rencontrées lors de notre intervention, la démarche que nous avons adoptée et les ajustements que nous avons dû réaliser dans l’application de notre méthode de travail. Nous évoquerons notamment l’inadéquation de certaines méthodes existantes avec les besoins des utilisateurs. Nous terminerons en proposant quelques conseils et des pistes d’améliorations.
So You Say You Want a Revolution? Evolving Agile AuthorityHarold Shinsato
These are slides and notes from a talk at Agile CultureCon June 26, 2014.
So You Say You Want a Revolution? Evolving Agile Authority
What do Arab Spring, Occupy Wall Street, Holocracy, and Open Space Technology have in common with the Agile software movement?
Where does authority come from, and where does it need to go in an agile culture?
The Agile Manifesto’s values and principles continue to face an uphill battle in traditional authority structures and your typical work place culture. It’s easy to want a revolution, especially since we have a “Manifesto” like the one Karl Marx penned that mobilized uprisings, chaos, and questionable positive progress. If you are confronting or designing the authority structure in your culture – yes you can “free your mind instead” as the Beatles recommended. But maybe we can do better using the best tools available from primate and human psychology, organizational development, improvisational acting, Tavistock Group Relations and more.
http://newtechusa.net/agileculturecon-2014-boston/#haroldshinsato
Strategy Planning and Deployment Process Training ModuleFrank-G. Adler
The Strategy Planning and Deployment Training Module v6.0 includes:
1. MS PowerPoint Presentation including 97 slides covering our Strategy Planning and Deployment Process using Strategy Maps and Hoshin Kanri, including Introduction to Strategy Planning, Organizing the Process, Current State Analysis (CSA), Strategic Vision Elements, Strategic Breakthrough Objectives, Strategy Maps, Strategic Initiatives and Tactics, Strategy Deployment Matrix, and Strategy Implementation and Review.
2. MS Excel Templates for Annual Planning, Criticality Analysis, Force Field Analysis, Radar Gap Analysis Chart, Strategy Grid Alignment Matrix, Strategy Grid Correlation Matrix, Project Selection Matrix, Bowling Chart, and Strategy Implementation Review Table.
3. MS Word Current State Analysis (CSA) Questionnaire
4. MS Excel Hoshin Kanri Strategy Deployment X-Matrix Template
This document provides an introduction to demolition techniques for a 6th semester civil engineering seminar topic. It defines demolition as the dismantling or destruction of a building or structure through pre-planned methods. There are two main demolition techniques: non-engineering demolition using manual tools for smaller sites, and engineering demolition employing larger machines. Non-engineering demolition proceeds from top to bottom, using jackhammers and oxy-acetylene torches to dismantle concrete and cut rebar. The sequence of demolition is outlined, starting with cantilever structures and working downward through the roof, floors, beams and columns.
Piers Fawkes and Scott Lachut of PSFK give an overview of their Future of Retail 2017 report as they share the emerging trends that are shaping the new digital shopper experience in a post-omnichannel retail environment. Explore the social, technological and physical forces influencing consumer behavior and driving next gen shopping experiences. And find inspiration from fresh strategies that will allow e-commerce platforms and brands to exist in a new retail paradigm. Presentation from Retail's Digital Summit 2016.
Understanding the Regulatory Evolution of Mobile Commerce and the Opportun...Arief Gunawan
The document summarizes key concepts and regulatory frameworks related to mobile commerce and money transfer services, including anti-money laundering regulations, prudential banking regulations, payment service directives, e-money regulations, and rules around the use of agents. It discusses how these different regulations apply at varying levels of oversight depending on the specific services offered and associated risks.
- Mobile/digital payments are a fundamental building block for digital/mobile banking and commerce as well as financial inclusion.
- The ecosystem is becoming more complex by integrating mobile money/payments, mobile banking, and mobile commerce. It is also becoming more competitive through new entrants and regulatory pressures.
- Regulation plays a key role in intensifying competitive pressures as the ecosystem develops both horizontally through general payment systems and vertically through industry-specific systems.
The document provides an overview of AML/KYC regulations in the EU, including details on the 4th EU AML directive. It discusses key requirements such as enhanced due diligence for politically exposed persons, information on beneficial owners, and data protection. It also includes a case study on customer due diligence and beneficial ownership, and summaries of regulatory fines against financial institutions for AML failures.
Digital financial services are becoming increasingly important, moving transactions from cash-based to digital. This is bringing convergence between mobile networks and banking services. Regulations need to collaborate across sectors to address this change. Light-touch regulation can encourage innovation while still protecting consumers. Competition regulations must ensure fair access to networks and interoperability to avoid dominance by large players.
The Human Chain Open Banking - The Future of Payments White Paper V1.1Brendan Jones
The document discusses how regulation and new technologies are driving changes in the banking and payments industry. It outlines how the Payment Services Directive 2 (PSD2) aims to foster innovation by requiring banks to provide third party access to customer account information and payment initiation through APIs. This will allow new entrants like fintech companies to develop services that aggregate customer data from multiple accounts and initiate payments directly from a customer's bank account. PSD2 has the potential to significantly disrupt the traditional banking model and payments landscape by enabling more competition and greater consumer choice of financial products and services.
Digital Customer Due Diligence: Leveraging Third-Party UtilitiesCognizant
By leveraging digital technologies, automation and third-party models, banks can more successfully navigate the complexities of the client onboarding process.
Accenture-Payments-Regulation-Will-Disrupt-EU-Card-Payment-Ecosystem💡 David Baratta
The document discusses how the revised Payment Services Directive (PSD2) and Interchange Fee Regulation (IFR) are reshaping Europe's payments landscape by driving changes in the card payments ecosystem. PSD2 and IFR will impact acquirers, issuers, and network operators by reducing interchange fees, increasing transparency, and enabling new entrants. While this regulatory change creates uncertainty and risks disintermediation, it also provides opportunities for innovation in payment initiation services, credit and lending solutions, and for network operators to offer new infrastructure services.
Global payments 2014_next_level_value_sep_2014_tcm80-171913(1)Rudi Chatab
The payments industry is poised for continued strong growth through 2023. Payments revenues are estimated to reach $2.1 trillion globally, up from $1 trillion in 2013. Retail payments will dominate led by account revenues and credit cards. Wholesale transaction banking revenues will also increase substantially. Digital technologies will disrupt the industry as payments become integrated into broader platforms. Financial institutions must develop long-term growth strategies and pursue multiple innovation initiatives to capture the significant revenue opportunities while fending off new competitors.
The document provides summaries of regulatory news from February 2019 across multiple jurisdictions and topics:
1) It addresses upcoming issues with implementing aspects of EMIR Refit and discusses reports from ESAs on regulatory sandboxes and innovation hubs. Updated bank risk dashboards show improved capital ratios but weak profitability.
2) New standards for market risk are announced with a simplified approach for smaller banks. EBA and ESMA reports address crypto-asset regulations and need for an EU-wide approach. Another report finds investment costs significantly reduce returns.
3) Draft delegated regulations on sustainable finance and sector views from FCA are published. Guidance is provided on exposures associated with high risk and on ESG disclosure. Reviews
Zvilo aims to become the first major challenger bank in the Balkans by offering digital financial solutions and disrupting outdated banking. They plan to focus on countries like Kosovo, Albania, North Macedonia, and more. Zvilo sees an opportunity due to high banking fees, poor user experience from incumbents, and a large unbanked population. Their strategy is to partner with retailers to offer supply chain financing and promote consumer banking to access customers. Financial projections show growing revenue streams from supply chain financing, consumer banking, money transfers, and interchange fees to reach over €66 million in revenue by year five.
Response to FCA crowdfunding consultation simon deane-johns - finalSimon Deane-Johns
My personal response to the UK Financial Conduct Authority's proposed rules to regulated peer-to-peer lending and crowd-investment platforms. Discussion welcome here: http://sdj-thefineprint.blogspot.co.uk/2013/12/response-to-fca-crowdfunding.html
The real cost of KYC & AML compliance for the financial sector - OndatoOndato
In this report, Ondato explores:
Compliance cost
Budget allocation
Non-compliance penalties
How KYC affects banks’ customers
A solution that cuts costs while maintaining compliance
Source: https://ondato.com/reports/the-real-cost-of-kyc-aml-compliance-for-the-financial-sector/
The real cost of KYC & AML compliance for the financial sector - Ondato.pdfNehmeh Taouk elMeaaz
The document discusses the real costs of KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance for financial institutions. It finds that major European banks spend on average €14,250,000 per year on AML-related costs, with 40% (€5.7 million) spent specifically on KYC compliance. Banks employ an average of 77 KYC officers and spend €17,008 per day on labor costs for these specialists. While technology could help automate and streamline compliance work, most banks only allocate 26% of their KYC budgets to technological solutions. The cost of non-compliance, through regulatory penalties, is estimated to be much higher at $14
New Zealand is implementing an enhanced anti-money laundering and counterterrorism financing (AML/CFT) regime to comply with OECD standards and be removed from the EU's blacklist. The new regime takes effect on June 30, 2013 and requires reporting entities like banks and investment firms to undertake risk assessments, develop AML/CFT compliance programs, appoint compliance officers, and implement customer due diligence and reporting processes. Chartered accountants can assist clients in meeting the new requirements which are aimed at preventing criminal use of businesses and upholding confidence in New Zealand's financial system. Non-compliance will be subject to civil and criminal penalties.
This document discusses RegTech and the regulatory landscape for digital finance. It defines RegTech as technologies that help financial institutions meet regulatory requirements more efficiently. RegTech applications include regulatory compliance, risk management, financial crime prevention, and know-your-customer processes. The document also examines the EU's Payment Services Directive 2 (PSD2), which aims to increase competition by regulating new market players like account information and payment initiation service providers. PSD2 establishes rules for bank data access and sharing liability for fraudulent transactions.
Digital Money, from a regulatory point of viewPatrick Bucquet
Unclear regulation about digital money allows new comers to enter and change the market, and now regulators are struggling to push even more for financial inclusion while protecting the customers.
From local approaches to a global one, regulators and governance bodies need to share insights and anticipate developments to build a consistent framework.
This document describes FORFIRM, an ICT company specialized in fintech, and its spinoff IBANP, which aims to introduce account number portability to the European banking market. It discusses the issues faced by banks and account holders due to the lack of ANP, and how IBANP's proposed solutions using blockchain and PSD2 regulations could address these issues by allowing account numbers to remain portable between banks. The benefits mentioned include facilitating bank reorganizations and internal/international customer mobility while reducing compliance costs. Potential objections from industry groups are addressed, and views from the European Commission supporting further evaluation of ANP are presented.
The document discusses the trend of "de-risking" by financial institutions where they exit relationships with clients deemed high risk. It provides background on how de-risking has impacted money service businesses, non-profits, and correspondent banks. While de-risking can help manage risk, it can also isolate entities from the financial system. International standards recommend a risk-based approach over prescriptive rules. The UK financial regulator studied de-risking and found it had limited impact but caused problems for some customers. Regulators are exploring guidance and technology solutions to address de-risking concerns.
The document discusses the evolution of open banking into open finance in the UK and Europe. Open banking has grown significantly since its introduction through regulation, with billions of API calls enabling new financial products and services for millions of customers. There is now interest in expanding open banking into open finance by increasing access to broader financial data across sectors, with the goal of improving consumer outcomes through greater competition and innovation. International bodies are also working to develop open finance standards beyond payments and banking at a European level.
The document provides an overview of the EU and UK legal framework governing payments, including the Payment Services Directive (PSD) and PSD2. PSD2 introduces new opportunities for payment initiation and account information services by requiring banks to provide access to payment account information. However, it may also result in costs for existing payment service providers who will need to make system and process changes. While new fintech entrants could take advantage of these new services, existing providers may resist the changes due to security concerns and loss of customer interaction. Overall, PSD2 presents both opportunities and challenges for existing businesses and new entrants in the evolving payments landscape.
Similar to Digital cross-border Wealth management (20)
2. Digital cross-border
Wealth management
When crossing borders, do you know and comply
with all regulations, anytime and anywhere?
Given its size, its location at the
heart of Europe and its multicultural
workforce, Luxembourg’s
financial center naturally relies
on and promotes cross-border
business. This is particularly true
for the wealth management and
private banking industries, which
should now focus on rethinking
their approach to cross-border
opportunities.
Pascal Martino
Partner
Strategy, Regulatory
Corporate Finance
Deloitte
Said Qaceme
Director
Operations Excellence
Human Capital
Deloitte
Virginie Etienne
Consultant
Operations Excellence
Human Capital
Deloitte
Inside magazine issue 12 | Part 01 - From a digital perspective
3. Inside magazine issue 12 | Part 01 - From a digital perspective
their assets to their country of residence
to avoid any potential conflict with their
local government. This significant shift from
offshore to onshore wealth has already
forced Luxembourg banks and family
offices to rethink the way they serve clients.
On the other hand, new wealth is emerging
outside of the traditional markets, leading
banks and wealth managers to rethink their
geographic coverage and expand toward
other jurisdictions in Asia or Eastern
Europe. Finally, UHNWIs themselves are
increasingly mobile and expecting to be
served around the world.
Interestingly, observed approaches to
cross-border servicing can widely vary.
Some financial institutions have, for
example, made the daring choice to set up
a branch abroad in order to follow their
clients to their country of residence rather
than losing them to the local competition.
On the other hand, other companies have
chosen to become as mobile as their
clients and not to set up a permanent
establishment, but rather to serve them
wherever and whenever they need it.
In Europe, the “Free Provision of Services”
(FPS) principle applies to wealth managers
and private bankers crossing borders to
serve their clients abroad. This principle
allows Customer Relationship Managers
(CRMs) of a European entity to meet or
serve their client in another country, even
when the financial institution does not have
a permanent establishment locally.
However, European governments are
increasingly imposing stricter rules to the
general European FPS principle, and this
right is itself limited to the European market.
CRMs should therefore be permanently
aware of the latest regulatory and tax
developments not only in their home
country, but also in their clients’ country
of residence. Therefore, private banks and
wealth management firms should rethink
their cross-border strategy and may now
more than ever take advantage of digital and
mobile solutions in order to avoid any non-
compliance and reputational issues.
Increased regulatory requirements
In the aftermath of the financial crisis,
the regulatory pressure on the wealth
management and private banking
industries has increased all over the world.
Regulatory frameworks such as national
regulations on consumer protection,
the Foreign Account Tax Compliance Act
(FATCA) and investor protection rules have
an impact on the cross-border banking
operating business model, affecting both
its efficiency and profitability. In practice,
however, observations show that the
standard cross-border banking operating
model remains unchanged despite the
changes in the local and international
regulatory frameworks. This approach can
lead to significant non-compliance and
reputational risks.
Partial harmonization within Europe
Article 56 TFEU prohibits Member
States from restricting the provision of
services within the EU. This right has been
implemented through various pieces
of secondary EU legislation, the most
important in terms of financial services
today being Directive 2004/39/EC and
Directive 2013/36/EU, which respectively
define access to the “EU passport” for
investment firms and credit institutions.
Current context
It is no secret that financial institutions
are facing a challenging environment.
Compliance with new regulations is
driving the CEO’s agenda in the present
and affecting the traditional way of doing
business. As a result, banks and wealth
managers need to reassess what they do
and how they do it.
Institutions are adapting to industry
challenges in a variety of ways, for example
by cutting costs, changing their operating
model, seeking access to cross-border
markets, undertaking digital transformation
or focusing on new customer segments. In
this context, a key topic to be addressed
is how institutions can benefit from cross-
border opportunities to expand beyond
their current business model (regions,
clients, products and services, interaction
channels and pricing approach) while
minimizing their expenditure.
On the one hand, new tax transparency
and regulatory constraints—especially in
Europe—are leading individuals to transfer
4. Inside magazine issue 12 | Part 01 - From a digital perspective
This EU passport grants credit institutions
and investment firms established in a
Member State the right to provide services
within the EU either with the establishment
of a branch or through the direct “Free
Provision of Services” (FPS). This passport
and the relevant directives significantly
ease cross-border provision of services
through a partial harmonization of the
relevant legislation (standards fixed at
the EU level) and the application of the
legal framework of the home Member
State in key areas (for example in terms of
authorization), with the exclusion of the
legislation in the host Member State. The
scope of this home Member State control
will typically be wider in the case of FPS,
as there is no establishment in the host
Member State.
In case the relevant rules have not yet been
harmonized and the home country control
principle does not apply, the directives
require Member States to guarantee access
to service activities and the freedom to
exercise such activity throughout the
territory.
The treaty also generally forbids Member
States from restricting free movement by
imposing their national requirements on
cross-border service providers unless the
Member State can demonstrate that the
measure is necessary to ensure the respect
of one of the limited justifications allowed
and that the measure is proportionate.
In 2013, the ECJ stated that combating
money laundering and terrorist financing
constitutes a mandatory requirement
justifying restrictions on free movement of
services.
Private banks and wealth
management firms should
rethink their cross-border
strategy and may now more than
ever take advantage of digital and
mobile solutions in order
to avoid any non-compliance
and reputational issues.
5. Looking beyond traditional borders
allows banks and wealth managers
to have access to larger pools of
clients as well as retain and serve
existing clients better.
Inside magazine issue 12 | Part 01 - From a digital perspective
6. Inside magazine issue 12 | Part 01 - From a digital perspective
Outside of the EU—coping with
disparate local rules
Such harmonization is even more limited, if
not non-existent, when looking at markets
abroad. The servicing of clients in Dubai,
Sao Paulo or Shanghai therefore requires
compliance with disparate regulatory and
tax schemes, increasing the risk for daily
business activities.
Risks and opportunities from cross-
border business
Looking beyond traditional borders allows
banks and wealth managers to have access
to larger pools of clients as well as retain
and serve existing clients better. They
are, however, facing several challenges
inhibiting the development of a real cross-
border strategy:
•• Difficulty of assessing and comparing the
real cost of compliance when defining the
firm’s cross-border strategy
•• Identification and mitigation of the
potential risks arising from the client’s
location
•• Monitoring of the increased regulatory
(and reputational) risks associated
with the dependence on Relationship
Managers’ knowledge of the cross-border
rules while they increasingly travel within
and outside of Europe
•• Compliance with strengthened anti-
money laundering (AML), investor
protection and tax requirements in terms
of information sharing and cooperation
This complex regulatory environment and
the differences between countries mean
that banks have to adapt their products
and customer due diligence frameworks,
which should take into account the specific
regulatory requirements of the client’s
country of residence. These changes in
operations are often quite burdensome
as the regulatory information is spread
over many directives, laws and regulations,
which deal with many different subjects.
This causes a further increase in operating
costs, and has a direct impact on the
industry’s profitability.
Coping with the new challenges
Identifying the regulatory, compliance and
tax risks associated with cross-border
banking services is complex but essential
for players to remain competitive.
The complexity of cross-border business
activities stems from the individual country
requirements concerning investment
suitability, cross-border regulation and tax
transparency: a country-specific solution
is therefore necessary. Only then can a
bank or a private wealth management
firm decide how to structure their cross-
border strategy, allowing them to identify
which country to target and what level of
compliance effort will be required.
Moving to the daily provision of daily
business activities, customer-facing
employees need to be properly equipped
to ensure compliance with multiple local
rules when servicing clients abroad. One
solution is to increase the awareness of
CRMs in this specific field, as they are the
ones who cross the borders and who put
their bank’s image and reputation forward
on a daily basis. However, as CRMs are
highly mobile, the regulatory compliance
should be as well.
Digitization of such country-specific
information appears to be the most
appropriate solution, allowing both a quick
access to and easy comparison of local
rules applicable to a particular service or
financial product. A regulatory-compliance
tool reunites key features allowing financial
institutions to cope with cross-border
challenges. First, it allows for the gathering
of a large quantity of information in a
single database. Second, it returns only the
necessary information in a user-friendly
way resulting in increased flexibility. Finally,
it allows clients to be followed to their
residence country without taking the risk of
missing regulatory or tax requirements.
The digitization of country-specific
knowledge should summarize regulatory,
compliance and tax information about
permissible activities, products or
services under national and international
regulations. It should allow private bankers
to challenge their strategy by comparing
countries’ local requirements, by identifying
which country allows a particular service or
activity or by ranking countries’ openness
to banking services or activities. The digital
solution should be as flexible as possible
covering every possible cross-border
situation, independent of whether the
client travels to the bank, the CRM flies
to the client’s location, or the service is
provided remotely.
In short, the cross-border business
regulatory and tax awareness solution
should ideally be digital and easily
portable, as CRMs do not always have the
opportunity to prepare for a client meeting
from their office’s desktop but rather
prepare “on the go.” While digital often
refers to connectivity, the solution should
allow databases to be used offline as CRMs
may attend a meeting where no internet
connection is possible.
The complexity of cross-border business
activities stems from the individual country
requirements concerning investment
suitability, cross-border regulation and tax
transparency: a country-specific solution
is therefore necessary.