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Advisor Group Continues To Grow and Build On Its Strategic Vision With Addition Of Experienced Business Strategist and Compliance Expert




Advisor Group, the nation’s largest network of independent wealth management firms, today announced the appointments of Dimple Shah as Executive Vice President of Corporate Strategy and Iryna Northrip, CFA®, as Chief Compliance Officer, Investment Advisory to enhance its team in support of the firm’s strategic vision.

Ms. Shah joined Advisor Group on April 25 and reports to President and Chief Executive Officer Jamie Price. In this role, she is responsible for Advisor Group’s growth strategy and will serve on the Executive Committee. Ms. Northrip will join on May 9 and report to Chief Risk Officer Steve Wastek. She will oversee compliance for investment advisory portfolios across the firm’s network and will contribute to the broader evolution of risk and compliance for the firm.

Mr. Price said, “Expanding our ability to serve our advisors and their clients by bringing in top talent is a critical component of our strategy. For the last two years, we’ve been hiring across the organization adding new leaders and fresh perspectives to Advisor Group. We are thrilled to welcome Dimple and Iryna to our firm and to our leadership team.”

Ms. Shah has more than 20 years of experience in developing corporate and business strategies for Fortune 500 companies. Most recently, she was a Managing Principal at Cielo Advisor, an independent strategy consultancy, where she played a significant role in developing Advisor Group’s current strategic plan. Previously, Ms. Shah served as the Head of Corporate Strategy for LPL Financial.  Ms. Shah has also held strategy leadership roles at Oliver Wyman/Marsh & McLennan Cos, Hewlett Packard and PayPal/eBay Inc.

She has a bachelor’s degree in Economics from Stanford University and a Master of Business Administration from Harvard Business School. Ms. Shah was named to Wealth Management Magazine’s “Top 10 to Watch in 2019” for developing a structured approach to accelerate the pace of innovation across the industry.

Ms. Northrip was previously a Vice President, Regulatory Counsel and Chief Compliance Officer for Mariner Wealth Advisors in Overland Park, Kansas. She was also an associate at Bryan Cave LLP and a senior consultant at Deutsche Bank. Ms. Northrip has a Bachelor of Business Administration from International Christian University in Kyiv, Ukraine, and a Master of Finance from Albert-Ludwig’s University in Freiburg, Germany. She earned her law degree from the School of Law at the University of Missouri at Kansas City.

“Dimple and Iryna represent the high caliber of talent and leadership we are building to support the future of our firm and the futures of the advisors who affiliate with us. Evolving our corporate strategy and fostering a culture of compliance to enable growth are key elements to our strategy and we’re thrilled to have two wonderful leaders like Dimple and Iryna blazing that path for us,” said Greg Cornick, President, Advice and Wealth Management for Advisor Group.

Advisor Group’s network of firms includes FSC Securities, Royal Alliance Associates Inc., SagePoint Financial, Securities America, Triad Advisors and Woodbury Financial Services.

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Central banks and the FinTech sector unite to change global payments space





The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).

At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

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TD Bank inks multi-year strategic partnership with Google Cloud





TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.

TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.


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MAS launches transformative platform to combat money laundering





The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.

According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).

Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.

Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.

Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.


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