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Regulators Urged to Simplify Financial Crime Reporting Amid Industry Concerns
Regulators Urged to Simplify Financial Crime Reporting Amid Industry Concerns
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BTCCSquare news:
Market participants are calling for regulators to prioritize simplified reporting frameworks for financial crime and transaction monitoring. Edwin Schooling Latter, Mizuho's UK Compliance Head, labeled these areas as top regulatory pain points during AFME's European Compliance and Legal Conference in London.
The former FCA director criticized the "staggeringly inefficient" allocation of compliance resources, noting wholesale firms waste significant time and capital exchanging documents across regulated entities. Transaction reporting regimes like MiFID, EMIR, and SFTR now require hundreds of data fields—a complexity Latter claims diverts attention from substantive risk monitoring to minor reporting discrepancies.
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