- Round the table:
- Firms: Blackrock, BNP, Citi, Credit Suisse, Deutsche Bank, GAM, HSBC, Morgan Stanley, Natwest Markets, Railsbank
- Regulator: Companies House, FCA
- Infrastructure: BvD, Ince, SEI
- 25 people will discuss:
- Align our current understanding of 5MLD registry challenges
- Define key challenges for the RegTech Council
- Agree a plan to mutualise the work required to digitize the exchange of data
The FCA, Companies house, JWG and ‘team Citadel’ have been working behind the scenes to define a new project for the RegTech Council to help digitize this process for the industry. For background, please see the attached minutes and article here. Whether you are just starting to comply with the new rule, or thinking about the longer term reengineering opportunity, you won’t want to miss our next meeting.
Citadel background: Citadel’s vision is to use homomorphic encryption, fuzzy logic and machine learning to identify discrepancies between firms’ datasets which are held in different places on the same customer. Once these differences are identified and judged to be materially significant, Citadel can then work with Companies’ house via an API to reconcile information. This will drastically reduce the number of times a customer is contacted and reduce the need for millions of emails between customers house and the industry.
We will discuss the launch of a collaborative project next month which will work across regulator and regulated to align UBO policies, requirements and solution characteristics. Participation will be limited to financial institutions, Companies House and the FCA and confirmations issued w/c 27 Jan.
Also, on 7 February at JWG’s RegTech 2.0 conference in London we will have a rich debate between public and private sectors about how to win in the decade ahead. If you would like to join over 50 regulatory, banking and technology institutions already registered including the Bank of England, FCA, ICO and many more, please register here: http://regtechconference.co.uk/