The new EU regulatory agenda for banks will bring about far-reaching changes. It grants institutions greater leeway, but also imposes stringent requirements. The September issue of Horizonte, our magazine for the financial sector, examines key regulatory developments that will shape the agenda for banks, securities firms and financial service providers in the coming months: from EU reform plans to group-wide compliance management, KYC and anti-money laundering, right through to instant payments and the further development of sustainability reporting.
An overview of the topics:
Competitiveness of the banking sector: The EU is planning the next steps in its reform programme
The European Commission aims to simplify regulation and remove barriers to cross-border banking transactions. The report on the competitiveness of the banking sector forms part of the strategy for a European Savings and Investment Union and is intended as a starting point for further reforms. The coming months will be crucial for banks, as consultations on the specific details are now getting under way.
AMLA and KYC: From a static process to continuous monitoring
With the new EU framework for combating money laundering and terrorist financing, the requirements for know-your-customer processes are set to increase significantly. In future, customer information will need to be updated on an ongoing basis and risks monitored continuously. To achieve this, financial institutions require high-performance data, analytics and monitoring solutions.
WpI MaRisk: Greater personal responsibility for investment firms
The new minimum requirements for risk management at securities firms (WpI MaRisk) provide clarity and mark an important step forward in the supervision of securities firms. The focus is, in particular for small and medium-sized securities firms, on fewer detailed requirements and, instead, a stronger focus on the business model and risk profile. In future, risk management is to be organised and documented with a greater degree of autonomy.
Instant Payments: Real-time transactions as the new operational reality
With instant payments, payment systems are becoming round-the-clock operations. Banks must ensure that real-time processing, payee verification, sanctions checks, fraud prevention and liquidity management are available at all times. The regulatory requirements therefore go far beyond simply speeding up transfers.
With instant payments, payment systems are becoming round-the-clock operations. Banks must ensure that real-time processing, payee verification, sanctions checks, fraud prevention and liquidity management are available at all times. The regulatory requirements therefore go far beyond simply speeding up transfers.
Group-wide compliance structures in many institutions are characterised by differing processes, responsibilities and historical organisational structures. However, regulatory requirements for consistent governance at group level are increasing. We explain how centralised and decentralised compliance functions can be effectively integrated.
CSRD and ESRS: Sustainability reporting is set to become more efficient
Two reporting cycles under the European Sustainability Reporting Standards (ESRS) have shown which requirements have stood the test of time in practice and where challenges remain. With the revised ESRS, the European Commission aims to significantly reduce the reporting burden without compromising the fundamental principles of the Corporate Sustainability Reporting Directive (CSRD). For financial institutions, this means that efficiency, materiality and data quality are coming to the fore.
Competitiveness of the banking sector: The EU is planning the next steps in its reform programme
The European Commission aims to simplify regulation and remove barriers to cross-border banking transactions. The report on the competitiveness of the banking sector forms part of the strategy for a European Savings and Investment Union and is intended as a starting point for further reforms. The coming months will be crucial for banks, as consultations on the specific details are now getting under way.
AMLA and KYC: From a static process to continuous monitoring
With the new EU framework for combating money laundering and terrorist financing, the requirements for know-your-customer processes are set to increase significantly. In future, customer information will need to be updated on an ongoing basis and risks monitored continuously. To achieve this, financial institutions require high-performance data, analytics and monitoring solutions.
WpI MaRisk: Greater personal responsibility for investment firms
The new minimum requirements for risk management at securities firms (WpI MaRisk) provide clarity and mark an important step forward in the supervision of securities firms. The focus is, in particular for small and medium-sized securities firms, on fewer detailed requirements and, instead, a stronger focus on the business model and risk profile. In future, risk management is to be organised and documented with a greater degree of autonomy.
Instant Payments: Real-time transactions as the new operational reality
With instant payments, payment systems are becoming round-the-clock operations. Banks must ensure that real-time processing, payee verification, sanctions checks, fraud prevention and liquidity management are available at all times. The regulatory requirements therefore go far beyond simply speeding up transfers.
With instant payments, payment systems are becoming round-the-clock operations. Banks must ensure that real-time processing, payee verification, sanctions checks, fraud prevention and liquidity management are available at all times. The regulatory requirements therefore go far beyond simply speeding up transfers.
Group-wide compliance structures in many institutions are characterised by differing processes, responsibilities and historical organisational structures. However, regulatory requirements for consistent governance at group level are increasing. We explain how centralised and decentralised compliance functions can be effectively integrated.
CSRD and ESRS: Sustainability reporting is set to become more efficient
Two reporting cycles under the European Sustainability Reporting Standards (ESRS) have shown which requirements have stood the test of time in practice and where challenges remain. With the revised ESRS, the European Commission aims to significantly reduce the reporting burden without compromising the fundamental principles of the Corporate Sustainability Reporting Directive (CSRD). For financial institutions, this means that efficiency, materiality and data quality are coming to the fore.
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Horizons: Regulation for the financial sector
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