Given the intense focus on counterparty risk in the post-Lehman world, it is no surprise that various members of the vendor community are teaming together to tackle the entity data space. One such partnership has resulted in the integration of EDM vendor SmartCo’s DataHub solution with CounterpartyLink’s issuer, client and counterparty data. James Redfern, head of sales and marketing at CounterpartyLink, explains that the two vendors first got talking about the solution through a mutual client and things progressed from there.
The Committee of European Banking Supervisors (CEBS), much like the rest of the regulatory community, has experienced an exceptionally busy year, involving drawing up plans to respond to the weaknesses in oversight highlighted by the financial crisis. Risk management and mitigation has proved to be a common theme throughout the year and it seems that next year will be more of the same, if its recent draft deliverables document is anything to go by.
The three European level three (3L3) committees, the Committee of European Securities Regulators (CESR), the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pension Supervisors (CEIOPS), have this week turned their attention to the area of anti-money laundering (AML) with the publication of a new report. The 3L3’s Anti-Money Laundering Task Force (AMLTF) has therefore released a new paper detailing recommendations for European regulators on implementing the Third Money Laundering Directive (2005/60/EC).
Its long term future may be hazy at the moment, but the UK Financial Services Authority (FSA) has been granted greater prosecution powers by a recent ruling by the Court of Appeal in London. The ruling could mean the regulator is able to prosecute criminal infractions that are not currently legally under its remit such as money laundering.
Following its acquisition of Syfact earlier this year, Nice Systems’ Actimize business has added yet another bow to its compliance and risk management quiver with the acquisition of AML solution vendor Fortent. The purchase of the vendor for a cash transaction of US$73.5 million is aimed at strengthening Actimize’s risk analytics, compliance and financial crime offering in line with its cross channel strategy, according to David Sosna, CEO of the vendor.
This week the UK’s Serious Fraud Office (SFO) has indicated that its that financial crime investigators will be targeting the private equity, insurance and hedge fund industries in an effort to counter criticism of its failure to mount more cases against the financial sector. Richard Alderman, director of the SFO, explains that those suspected of fraud will face covert surveillance, mail interception and telephone tapping as part of the crackdown on the market.
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Following the announcement earlier in the week that entity data vendor CounterpartyLink and SmartCo have integrated their offerings (see 
