Business KPMG and one of its partners have admitted to serious failings in compliance reports for Bank of New York Mellon , Britain's accountancy watchdog said, potentially leading to heavy fines as the auditor comes under unprecedented scrutiny. 19 Sep 2018 06:21PM Bookmark REUTERS: KPMG and one of its partners have admitted to serious failings in compliance reports for Bank of New York Mellon , Britain's accountancy watchdog said, potentially leading to heavy fines as the auditor comes under unprecedented scrutiny.The Financial Reporting Council (FRC) said on Wednesday that KPMG, one of the world's "Big Four" accountants, and partner Richard Hinton admitted to misconduct after an investigation into 2011 reports on client assets held by BNY Mellon and its London branch.A disciplinary tribunal will be convened to decide what sanctions should be imposed, the FRC said, adding that no client money or assets were lost as a result of the misconduct.The accounting watchdog, which … [Read more...] about KPMG admits misconduct on BNY Mellon reports, says watchdog
Regulatory reporting for banks
China DigestEconomics and Policy from China's Newspapers Institutions handling securities and futures should adopt a diversified portfolio and are subject to the 'double 20%' ratio By Asia Times staff July 23, 2018 5:45 AM (UTC+8) Share Tweet Linkedin Print Email Share 0 Comment 0 The China Banking and Insurance Regulatory Commission has released much-anticipated draft rules on commercial banks’ wealth management products as it moves to improve the investment operation system, Yicai.com reported. According to the new regulations, institutions handling securities and futures should adopt a diversified investment portfolio, and are subject to the “double 20%” ratio restriction. That is, a collective asset management plan is not allowed to park most of the funds in one wealth management product (WMP). The funds invested in one WMP shall not exceed 20% of the net asset value of the plan. Meanwhile, all asset management plans managed by one financial … [Read more...] about China steps up rules on asset management for banks
But for all that it aspires to do, technology needs to happen in a safe environment where customers’ data is protected. It all boils down to trust. HSBC’s 2017 global Trust in Technology report found when it comes to finances, people seek safety and prudence above all else from those who manage their money. Trust is the cornerstone of all relationships. Banks have had decades to build extensive infrastructure, develop solutions for compliance and regulatory requirements and, most importantly, earn customer trust. That is why for banks to stay relevant, they cannot lose sight of their core purpose: To safeguard and responsibly look after other people’s money. But this doesn’t take away the need for banks to start deploying better technology to improve customer experience and journeys. The real failure is in not harnessing technology to enhance the customer experience. The financial services industry is going through a period of extraordinary transformation. … [Read more...] about Fintech, banking’s great disruptor. Or is it?
Japan has come to dominate the market for digital currency trading. Still, it is far more cash dependent than other countries. Japanese investors are going bananas for cryptocurrencies, but the country still has a love affair with paper money. Japan has become a big market for cryptocurrency trading. 40% of bitcoin trading from October to November was conducted in yen, according to a Nikkei report cited in a note by Masao Muraki, a global financial strategist at Deutsche Bank. The country was among the first to designate bitcoin as a legal tender and it has one of the most well-established and supportive regulatory environments for cryptocurrencies. “While neighboring China and Korea have been scrambling to close down exchanges and clamp down on cryptocurrencies, Japan in April 2017 passed a law (the Payment Services Act, 改正資金決済法) recognizing cryptocurrencies as legal tender,” … [Read more...] about Japan is going bonkers for cryptocurrency — but the country still loves cash
It’s still unclear what Amazon’s healthcare strategy looks like, despite speculation over the last year. But according to a new research note from Cowen, it’s sounding more unlikely that Amazon’s potential healthcare plan includes distributing prescription drugs. Instead, Cowen researchers wrote, Amazon would have a better shot of getting into healthcare by using its voice assistant Alexa. “We think a natural fit for Amazon could be incorporating its Alexa voice assistant for some health care needs.” Amazon’s potential entrance into healthcare has everyone speculating about what the ecommerce giant might do. One place that people have been looking for clues has been in state regulatory filings for wholesale pharmacy licenses. In 2017, it was reported that Amazon had been approved for wholesale pharmacy licenses for at least 12 states.The licenses don’t necessarily indicate … [Read more...] about A Wall Street bank has a new theory on Amazon’s plans to get into healthcare