To recap, we have been working with your peer firms over the last 2 years to engage with the regulators on AML:
- The RegTech Council, at the direction of Barclays, Credit Suisse, BNP, Citi and other firms worked with the FCA to define the UBO use case for the global Tech Sprint last summer
- Team Citadel (led by Citi and WestPac) won the competition and the RTC has been helping frame he registry data project which would extend it beyond UBO to and create the conditions for the safe introduction of new technology (see slide below)
- We engaged Companies House and the FCA RegTech teams on 30 January to discuss how to frame the project (documented in the attached 1 pager)
- On behalf of the RTC, I have been invited to the HMT/ UK Finance chaired Innovation Working Group which seeks to identify where innovations, both technological or otherwise, to prevent financial crime (and to comply with relevant regulation) are encountering regulatory or legislative barriers to adoption. It will seek to find solutions to those barriers, such as via initiating amendments to regulation or guidance, and publication of statements of the findings of the group. The group agreed to discuss Privacy Enhancing Technologies at the next meeting, and will shortly be seeking evidence from private sector on the barriers to adoption of these technologies
- Deutsche Bank are hosing the next meeting on Tuesday for potential members to collectively agree how to makes the internal business case threshold for investment in the RegTech Council membership.