What You Need to Know About The Pandora Papers and the Countries Involved

The release of the Pandora Papers has resurfaced an opportunity to take a closer look at the offshore industry. The Pandora Papers is among the most extensive global financial investigations. It brought together more than 600 journalists from 140 media organizations across 117 nations to pore over nearly 12 million leaked documents from 14 offshore services companies.

During implementation, we faced common challenges: processes needed to be changed, imports required adjustments, and the different teams needed to get to know one another. Throughout regular calls, questions were clarified, and information was exchanged. From there, we quickly began to see significant positive developments.

Following a number of prominent cases of alleged money laundering taking place at EU credit institutions, the European Commission concluded that reforms were necessary to be more effective and efficient in combatting money laundering and financing of terrorism (AML/CFT).

If you’re curious what we’ve been up to during the FinDatEx meetings, wonder no more! Today, we are sharing some of our early insights from the FinDatEx meetings, especially from the perspective of being an active, participating member in the EET standardization working group.

Our team is hard at work, continuing to make updates to the docRepository issuer connections!

The docRepository™ Microsite service is continuously evolving to improve usability and incorporate new features into our standard service.

The Swiss Financial Services Act (FinSA) entered into force in 2020 with a two-year transitory period. Providing FinSA KIDs to a retail customer will become mandatory in 2022. The provisions of the regulation apply whenever a financial service is offered in Switzerland, or to end-customers domiciled in Switzerland.

Earlier this year, we informed our clients when the European Supervisory Authorities (ESAs) submitted a draft Regulatory Technical Standards (RTS) to the EU Commission, combining regulatory technical standards developed under Articles 8(5) and 10(2) of Regulation (EU) No 1286/2014. Later on, we notified clients about the proposal of the EU Commission to amend Regulation (EU) No 1286/2014 to include an extension to July 01st, 2022.

Update – July 20, 2021: Looking for the latest updates to the Sustainable Finance Disclosure Regulation (SFDR) for your ESG reports? Look no further. At cleversoft, we help you — and our customers — stay on top of the latest regulatory updates, as they happen.

Luxembourg/Munich, July 06, 2021 – cleversoft group, the Munich-based RegTech provider for the financial services sector, together with software investor Main Capital, announces the 100% acquisition of CDDS Luxembourg S.A. and CDDS International S.A. (together “CDDS”), a software and data provider group, based in Luxembourg, that specializes in Know your Customer (KYC) and Anti-Money Laundering (AML) solutions.

As the deadline drew closer to the end of the six-month bridging period, provided under the EU-UK Trade and Cooperation Agreement, the European Commission adopted two adequacy decisions for the United Kingdom: One under the General Data Protection Regulation (GDPR) and the other for the Law Enforcement Directive on the processing of personal data for criminal offenses.

Great news! We just made another update to the issuer connections in docRepository™!

On June 7th, new Standard Contractual Clauses (SCCs), for the transfer of personal data to third countries, were published in the Official Journal of the European Union. My team and I are constantly monitoring the evolution of the Regulation EU 2016/679 (General Data Protection Regulation “GDPR”), and here’s what we’ve learned so far about the latest changes.

On June 1st the HM Treasury announced that UCITS Funds will be further exempted from the PRIIP Regulation until December 31st, 2026.

cleversoft ISAE 3402 audit report for 2020.

On March 10th, 2021, cleversoft’s ESG4insurance service went live with ESG (Environmental, Social and corporate Governance)/SFDR Transparency documentation for over 1300 investment funds. These investment funds are tied to unit-linked insurance policies that are now able to maintain compliance with new EU sustainability regulations, due to the implementation of the new ESG4insurance software. With this coverage, cleversoft takes the market lead, covering more than 50 percent of the insurance market for the DACH region.

In order to strengthen its services, Web Financial Group (WebFG) has entered into a strategic partnership with market-leading RegTech provider, cleversoft group GmbH.

cleversoft group, the Munich-based RegTech software provider for financial institutions and insurance companies, together with Software Investor Main Capital Partners announces the 100% acquisition of BusinessForensics B.V., a provider of financial and economic crime prevention solutions based in The Hague, Netherlands.

Swiss regulatory expert BRP Bizzozero & Partners SA, German financial services expert cleversoft GmbH and RegTech company Indigita SA have announced their collaboration to seamlessly integrate client, cross-border, and tax suitability checks for financial products with the provision of the respective regulatory documentation according to FinSA and PRIIPs. Through this unique offering, Financial institutions obtain all these checks and information from a single source covering all types of asset classes.

To ensure the increasing regulatory requirements of the supervisory authority and our customers in combination with the high standard of our service, we are expanding our partnerships with FE fundinfo and EDISOFT on the basis of our long standing working relationship.

Finnova integrates cleversoft's docRepository™ service in the Finnova Banking Software to serve banks regulatory need for pre-Trade compliance documents with access to cleversoft’s holistic solution via a standard interface. With this integration, Finnova not only responds to the regulatory requirements of the Financial Services Act (FinSA) but also to the industry's demands for further digitization of processes.

Helvetia now supports the focus on unit-linked life insurance products with the introduction of the new digital fund information cockpit FactsheetsLIVE™ from cleversoft. Looking back on a 160-year history of success, Helvetia continues to expand its leading position in the market with enhanced digital sales support for life insurance companies.

cleversoft group, the Munich based RegTech provider for Financial Services, acquired SecondFloor, an Amsterdam based specialist of risk and regulatory reporting solutions for Solvency II, IFRS 17, FTK, IORP II and others.

cleversoft has received a substantial investment from software investor Main Capital to capitalize on the growing RegTech Challenge for the financial services market. cleversoft looks to grow product and regulatory scope organic and inorganic with the added expertise and additional capital from Main Capital.

cleversoft, the leading provider of cloud-based PRIIP and RegTech content solutions, has added fundinfo’s fund documents to its regulatory document service in the global Refinitiv Wealth Management terminal EIKON. Refinitiv is formerly the Financial and Risk business of Thomson Reuters.

After four months of PRIIP and MiFID II regulation in addition to German PIB regulation are reality. Cleversoft has established itself successfully as leading service provider for these topics in the DACH market. We want to share our experiences and discuss challenges with you.

cleversoft has successfully completed its yearly controls audit. Once again cleversoft is demonstrating its commitment to highest compliance and transparency standards for its customers.

Florian Clever explains how innovative RegTech cloud-based solutions can help financial institutions cope with new regulation.