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Stripe Alumni Secure €10.7 Million Funding for Innovative Business Identity Startup
Duna’s innovative platform is revolutionizing business identity management, helping companies like Plaid and Bol navigate complex regulatory challenges, including AMLD5/6 and PSD2/3. Founded by industry veterans David Schreiber and Duco van Lanschot, Duna simplifies identity verification to just two clicks, moving away from traditional paper-heavy processes. The platform has led to a 38% increase in onboarding conversions for clients, transforming onboarding from a cost center to a revenue driver. Duna aims to create digital passports for businesses, enabling secure and instant identification. As regulatory demands grow, Duna’s solutions enhance compliance and operational efficiency.
ABN Amro’s Neobroker Hit with €1.6M Fine for Paying Financial Influencers: What You Need to Know
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Navigating Compliance Challenges: Insights from Finextra Survey on Technology Gaps Amid US Regulatory Uncertainty
A recent survey reveals strong regulatory confidence among financial institutions, with 96% expressing optimism about meeting compliance deadlines by 2025. However, challenges remain, particularly regarding data security, as 26% of banks view the Bank Data Security Act as critical. While 72% utilize data analytics and 66% use AI for compliance, only 3% feel their technology fully meets needs. Key barriers include high compliance costs (36%) and talent shortages. Collaboration with third-party vendors is rising, as 73% seek external expertise. The survey underscores the need for innovative technology and a better understanding of credit unions’ roles in the evolving regulatory landscape.
BofA CEO Unveils Plans for Innovative Stablecoin Launch
Bank of America (BofA) is exploring the possibility of launching a stablecoin, pending regulatory approval. CEO Brian Moynihan expressed interest during a discussion at the Economic Club of Washington, DC, suggesting that BofA would enter the stablecoin market if it becomes legal. This comes as the proposed Genius Act aims to establish clear guidelines for stablecoin regulation. Moynihan outlined that a BofA stablecoin would be fully backed by U.S. Dollar deposits, allow seamless transactions, and comply with legal frameworks. The initiative could significantly alter how consumers engage with digital currencies, merging traditional finance with digital assets.
CFPB Announces Plans to Reassess Open Banking Regulations: What You Need to Know
In October, the Consumer Financial Protection Bureau (CFPB) implemented the Personal Financial Data Rights final rule, allowing Americans to direct banks to share financial data with third-party providers, enhancing consumer control. However, reports suggest the Trump administration may revisit this rule due to banks’ concerns over liability risks from data breaches and potential access fees. Financial institutions have raised issues regarding data misuse. The CFPB faces legal challenges from banks claiming it exceeded its authority. Additionally, the Trump administration has scaled back regulatory activities, impacting consumer protection and oversight of tech companies in financial services.
Transforming the Future: Technology at the Core of FCA’s Five-Year Strategic Vision
The Financial Conduct Authority (FCA) has announced a strategic plan for the next five years, focusing on four key priorities: becoming a smarter regulator, supporting economic growth, assisting consumers, and combating financial crime. To enhance regulatory effectiveness, the FCA will invest in technology and streamline company authorizations. The integration of the Payment Systems Regulator aims to promote Open Banking and Open Finance, leading to innovative products, lower costs, and better consumer choices. FCA chief executive Nikhil Rathi emphasized collaboration to create a fair financial market that benefits consumers and the economy. For more details, visit the FCA’s official website.