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2025 Outlook: Global Sanctions Inflation May Diminish, Yet Mega-Trends Signal Increased Risk Ahead
The global sanctions landscape is changing, with reports from LSEG’s Global Sanctions Index (GSI) indicating a slowdown in the growth of sanctioned individuals, currently totaling around 80,000. Despite a decrease in the annual inflation rate to 17.1%, compliance challenges persist. Key issues include regulatory divergence, increasing complexity in enforcement, extraterritorial measures, and the privatization of enforcement responsibilities. As uncertainty grows, compliance teams in financial institutions must adapt their strategies to navigate these evolving challenges. Staying informed is vital for organizations to effectively manage sanctions-related risks as they approach 2025 and beyond.
Regnology Boosts SupTech Solutions with Strategic Acquisition of BR-AG
Regnology has acquired BR-AG, enhancing its regulatory reporting solutions and expanding its international presence in the banking sector. Founded in 2005, BR-AG specializes in consulting for taxonomy and data model development, aiming to improve reporting efficiency and compliance. The acquisition will bolster Regnology’s Regulatory Supervision Hub and integrate BR-AG’s ATOME suite, enhancing supervisory capabilities and digital transformation. This collaboration promises advanced tools for Data Point Model design, improved regulatory data expertise, and modern API technology, benefiting both regulators and banks. Together, they will reach nearly 100 regulatory bodies globally, fostering innovation and efficiency in regulatory processes.
Open Banking Gains Momentum: 42% of UK Firms Embrace Innovation to Combat Fraud and Boost Efficiency
A report by Payit, NatWest’s Open Banking service, reveals that 42% of UK businesses are considering Open Banking to improve security and reduce fraud. Challenges in managing sensitive customer data lead 22% of businesses to spend over six hours monthly on data management. While Open Banking offers direct and secure payments, 28% of companies hesitate to adopt it due to a lack of understanding. Additional operational challenges include cash flow issues and slow refund processes. Notably, 90% of firms trust traditional banks over FinTech for secure Open Banking solutions. NatWest emphasizes the efficiency and user experience benefits of its services.
Transforming UK Corporate Governance: The Impact of New IDV Laws
Companies House is set to introduce mandatory identity verification (IDV) requirements by 2025, as part of the Economic Crime and Corporate Transparency Act 2023. By the end of 2026, all company directors, Persons with Significant Control (PSCs), and key management personnel will need to be verified to combat fraud and enhance corporate accountability. The new regulations aim to restore trust in legitimate businesses and deter economic crime. Starting autumn 2025, new company incorporations will require ID verification, with existing companies transitioning over a year. Non-compliance may lead to severe penalties, underscoring the need for businesses to prepare proactively.
UK Insurer BHSF Partners with Sapiens for Cutting-Edge Digital Transformation Journey
The UK insurance sector is set for a major digital transformation as BHSF partners with Sapiens International Corporation. This collaboration aims to enhance operational efficiency and customer experiences through Sapiens’ innovative software solutions, including the IDITSuite for streamlining insurance functions and the DigitalSuite for hyper-personalized customer engagement. Utilizing Microsoft Azure for cloud hosting, BHSF will improve agility and rapidly adapt to market demands while accessing a network of over 60 InsurTech partners. Both BHSF and Sapiens leadership express excitement about the partnership’s potential to drive growth, efficiency, and enhanced service in the insurance landscape.
Macquarie Exits Net-Zero Banking Alliance: A Strategic Shift Towards Sustainable Finance
Macquarie Group’s recent withdrawal from the Net-Zero Banking Alliance (NZBA) marks a significant shift in its climate strategy, despite its ongoing commitment to achieving net-zero emissions by 2050. The exit, which affects key sectors such as oil, gas, and coal, comes amid increasing political scrutiny, particularly in the U.S., where ESG alliances face criticism. Macquarie remains involved in the Glasgow Financial Alliance for Net Zero, indicating a strategic realignment rather than a retreat from climate goals. This move reflects broader trends in the financial sector, as institutions adapt to regulatory demands and client needs.