Abrigo

MARCH 11, 2022

Expert insights on 10 regulatory topics that NBFIs should consider this year Review this list of what regulators are looking for in 2022 to help your NBFI pass exams with flying colors. Takeaway 3 NBFIs should review common deficiencies in AML programs that regulators are citing and fix issues before their next audit or exam.

Regulation 195

Regulation cryptocurrency Policies Management 195

PYMNTS

NOVEMBER 26, 2019

The Prudential Regulation Authority (PRA), the supervisory arm of the Bank of England (BoE), has fined Citigroup a record-breaking $56.3 million for not completing accurate returns between 2014 and 2018, according to a report by Reuters. Citigroup said it corrected the issues as soon as it became aware of them.

Report 191

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Abrigo

MARCH 7, 2022

Experts weigh in on regulatory hot topics for 2022 Review these 10 insights into what regulators are looking for in 2022 to help your financial institution pass exams with flying colors. Takeaway 1 Regulators have increased their focus on BSA in the first quarter of 2022, and the crisis in Ukraine will put OFAC in the spotlight.

cryptocurrency 195

cryptocurrency Regulation Fraud Policies 195

PYMNTS

JUNE 29, 2020

Small- to medium-sized businesses (SMBs) have been especially hard hit, as many have pivoted quickly to enable online transactions and adhere to the regulations that often accompany them. The health crisis has brought about changes to this rule, however, and these may have long-term implications for payment standards and regulations.

How To 239

How To Payments Management social media 239

PYMNTS

SEPTEMBER 12, 2019

Compliance failures are prevalent worldwide: Approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance between 2008 and 2018. billion — 91 percent — of those penalties, while European regulators demanded $1.7 resources. A report found that the U.S. imposed a full $23.52

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

JULY 21, 2020

Open banking is appealing to financial institutions (FIs) and regulators in many markets, even as the pandemic sweeps across the world. Regulators in other regions, including Latin America, are also shaping and announcing plans to enable open banking and better support digital financial systems.

Mobile 229

Mobile Report America Regulation 229

Abrigo

FEBRUARY 10, 2023

Introduction Corporate Transparency Act guidance FinCrime professionals have been on high alert for new regulations since the Anti-Money Laundering Act of 2020 (AMLA) was signed into law, but updates have been slow to arrive. It proposes regulations for disclosing BOI to specific groups, including financial institutions.

Fraud 195

Fraud Training Regulation Compliance 195

PYMNTS

MARCH 27, 2020

While the advancement of open banking regulations may be seeing a small skip due to the spread of the coronavirus , many countries saw business and typical banking operations halted right after deciding upon new online privacy rules. Considering t he global nature of COVID-19, regulators outside of the U.S. Security .

Data 199

Data Retail US California 199

PYMNTS

NOVEMBER 26, 2019

The Prudential Regulation Authority (PRA), the supervisory arm of the Bank of England (BoE), has fined Citigroup a record-breaking $56.3 million for not completing accurate returns between 2014 and 2018, according to a report by Reuters. Citigroup said it corrected the issues as soon as it became aware of them.

Capital 136

Capital Regulation Meeting Resources 136

Abrigo

SEPTEMBER 13, 2017

In the recent Sageworks webinar “Actionable Steps to Prepare for CECL Today,” Neekis Hammond and Jared Mills, advisory services consultants at Sageworks, discuss five actionable steps credit unions can take to prepare for the upcoming CECL regulation.

Resources 150

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Insights on Business

MARCH 5, 2019

Reducing costs but appeasing regulators seems like an oxymoron, yet, many AML compliance and operations leaders are being asked to do just that. The question is, how to do this, while keeping the regulators happy? Even better, regulators have recently begun encouraging the application of these techniques.

Regulation 70

Regulation Compliance Analysis Innovation 70

Abrigo

DECEMBER 20, 2021

Inadequate staffing: The lack of technological and human resources will result in deficiencies in an AML program. Community financial institutions must take note and evaluate their AML program and correct any deficiencies. Inadequate staffing will not be tolerated, and regulators will not care about your budgetary constraints.

Resources 195

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PYMNTS

MAY 3, 2020

RBS is looking to focus resources on Mettle, the second of its two digital-only challenger brands. Bó was first launched by RBS in September 2018 to address the increasing popularity of newer electronic banks like Monzo, Revolut and Starling. Bó and Mettle will be merged and will target the small- to medium-sized business (SMB) market.

Branding 181

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PYMNTS

JANUARY 13, 2020

In today’s top payments news, Wells Fargo is trying to revamp its approach to technology to appease regulators, and Goldman Sachs finally launches a mobile app for its online-only bank, Marcus. Mattress Maker Casper Files IPO After $92M Loss In 2018. Also, Karen Webster examines the economics of delivery aggregators.

Mobile 131

Mobile Payments Regulation Resources 131

Abrigo

MARCH 24, 2021

Anti-Money Laundering Act of 2020 BSA professionals should prepare for changes as new regulations and guidance from FinCEN unfold. Takeaway 2 While the AMLA is now law, regulations, guidance, and other information still needs to be written. These include conducting studies, writing regulations, and publishing guidance.

Regulation 195

Regulation Training Study Policies 195

Abrigo

DECEMBER 10, 2021

This release is the latest since revisions began in 2020 as the council attempts to clarify and achieve transparency within sections of this valuable resource. This update clarifies that banking regulators and FinCEN understand that no specific customer type automatically falls into a higher risk category. BSA Rules and Regulation.

Training 195

Training Regulation Policies ATM 195

PYMNTS

MARCH 4, 2020

LaFontaine was warned by his subordinates and by regulators that capping the number of alerts was dangerous and ill-advised. In February 2018, FinCEN collaborated with the Office of the Comptroller of the Currency (OCC) and the U.S. Bank that capping the system due to staff size and available resources could trigger enforcement. .

US 130

US Regulation cryptocurrency Resources 130

PYMNTS

MARCH 7, 2019

Merchants and customers are now transacting under PSD2 and GDPR in the European Union (EU) — regulations that allow a greater window into how customer data is being used. While these regulations are aimed at increasing consumer trust by allowing them more transparency, many consumers in the region are still adjusting.

Lending 198

Lending Regulation Regional Data 198

Abrigo

NOVEMBER 21, 2019

This was long before the United States passed legislation in 2018 to unveil the secrecy of legal entity ownership. has continued to be under scrutiny by FATF for not having strong beneficial ownership regulations to prevent the use of shell companies for nefarious purposes. BSA Rules and Regulation. BSA Rules and Regulation.

United States 195

United States Regulation National Taxes 195

PYMNTS

SEPTEMBER 17, 2019

Shopify has unmatched expertise in emerging industries, along with the resources merchants need to be successful in the fast-growing market of hemp-derived CBD products in the U.S.,” sellers succeed in the flourishing but regulated CBD industry. Shopify has been helping merchants sell CBD products in Canada since 2018.

Tools 192

Tools Industry Retail Resources 192

PYMNTS

DECEMBER 20, 2018

Melamed pointed to its vendor agreement as one example: Earlier in 2018, Morgan Stanley reduced the document to one page from twenty, which resulted in startups and Morgan Stanley inking agreements in as short as one week. Startups by nature have limited resources, so this makes it very difficult for them.

Fintech 192

Fintech New York Meeting Resources 192

Abrigo

FEBRUARY 27, 2020

Our Transparent AI is easy to explain to regulators. . The Financial Crimes Enforcement Network (FinCEN), along with the Federal Banking Agencies, released a joint statement in December 2018 emphasizing financial institutions’ need to embrace technology to strengthen their BSA/AML programs. Be at the forefront of innovation in BSA/AML.

Innovation 195

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PYMNTS

MAY 28, 2019

While the FRC is expanding its oversight, some have called for the creation of an entirely new regulator to address potential shortcomings in the auditing sector. The FRC has already increased the number of audit quality reviews from 126 in 2014 to 160 in fiscal year 2018.

Regulation 101

Regulation Leadership Report Resources 101

PYMNTS

FEBRUARY 4, 2019

A series of regulations was established to encourage a safer, more transparent financial services environment following the 2008 financial crisis. Failure to meet AML/KYC requirement challenges can be costly for FIs, too, with regulators issuing heavy fines for lax security practices or failure to devote sufficient resources to oversight.

How To 161

How To Regulation Compliance Meeting 161

PYMNTS

AUGUST 7, 2019

Known as commercial acceptance bills, the IOUs have topped $200 billion, up more than one-third from 2018. The increasing use of IOUs has regulators concerned. State-owned export company China Resources had $2.7 The intensifying U.S. So far, 281 firms went bankrupt this year, compared to 200 over the same period last year.

New York 134

New York Resources Tools Regulation 134

PYMNTS

OCTOBER 1, 2019

As fraudsters become increasingly aggressive, new global regulations and solutions are being deployed to keep consumers, merchants and banks safe. Federal regulators in the U.S., The agency reported that more than 21,000 individuals were tricked into sending $143 million in romance scams in 2018 — triple the rate reported in 2015.

Fraud 156

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PYMNTS

JANUARY 11, 2021

In a 2018 Mercator Advisory Group survey , 67 percent of respondents said they actively seek out ATMs in surcharge-free networks to avoid paying fees. The company said its network helps banks save money by allowing them to redirect resources that they would have spent trying to build out their own ATM machine networks.

ATM 130

ATM Capital Survey Cards 130

Abrigo

SEPTEMBER 10, 2021

BSA continued to evolve into an even more significant endeavor with the 2018 passing of the customer due diligence final rule and beneficial ownership requirements. BSA Rules and Regulation. BSA Rules and Regulation. Learn More. Remembering 9/11 – A Pivotal Day for BSA/AML Professionals. Learn More. BSA Training. Learn More.

Training 195

Training Risk Management Pennsylvania Resources 195

PYMNTS

OCTOBER 29, 2018

As a result of the passage and adoption of open banking regulations, like PSD2 in Europe, banks and other financial firms are sharing data more freely than ever before. Banks, FinTech firms and other financial services firms would be wise to invest more time, effort and resources into open banking security systems.

Security 192

Security Fraud Tools Data 192

PYMNTS

NOVEMBER 16, 2020

In the past, this wasn't the case; only legacy enterprise resource planning (ERP) software, which often had irrelevant functionality issues and was costly, was able to support multi-entity companies and their associated high-level billing and accounting needs. UK's Recognise Gets Its 'Restricted' Banking License.

Security 141

Security Samsung Resources Management 141

Abrigo

JUNE 13, 2022

These crimes can result in significant loss of financial resources for the victims and often greatly impact their quality of life. BSA Rules and Regulation. BSA Rules and Regulation. BSA Rules and Regulation. Our seniors are worth the effort, so keep up the good fight. Cannabis Banking. Customer Due Diligence.

Fraud 195

Fraud Training United States Survey 195

PYMNTS

FEBRUARY 3, 2020

This prospective growth can largely be attributed to the Monetary Authority of Singapore (MAS), the region’s main regulator, which announced in June 2018 that it would grant five digital banking licenses to third-party companies. APIs are critical, as they enable further digital banking connectivity.

Digital Banking 185

Digital Banking Innovation Maine Regulation 185

Independent Banker

DECEMBER 13, 2015

Community banks face yet another set of regulatory requirements with the recently revised Regulation C reporting rule implementing the Home Mortgage Disclosure Act. 1, 2018, such as borrower age, credit score, property value, loan term, interest rate, and points and fees, among others. Readiness resources. By Joe Gormley.

Community Bank 70

Community Bank Community Resources Regulation 70

PYMNTS

DECEMBER 27, 2018

However, these roles are shifting from competitor to collaborator — and from battle for market share to shared revenues amid shared resources. Watson pointed to Deutsche’s announcement during the summer of 2018 when the firm acquired an equity stake in Modo Payments , based in the U.S.,

Fintech 184

Fintech How To Regulation Payments 184

Abrigo

AUGUST 2, 2017

15, 2018, at the earliest, bankers and their advisors have been researching requirements of the updated standard, determining what data will likely be needed and exploring possible methodologies for their calculations of the allowance for loan and lease losses (ALLL).

Capital 150

Capital Survey Resources Community 150

CFPB Monitor

JULY 6, 2021

The Priorities have been much-anticipated because, under the AML Act, regulators will review and examine financial institutions in part according to how their AML/CFT compliance programs incorporate and further the Priorities, “as appropriate.”. A prime example of this problem is the inclusion of “fraud” as a Priority.

United States 78

United States Fraud Regulation Compliance 78

PYMNTS

JANUARY 29, 2020

A significant number of firms — notably small- to medium-sized businesses (SMBs) — still use such systems, as 25 percent of smaller firms stated in 2018 that their payroll involved pen-and-paper methods. SMBs need to remain compliant with increasingly complex financial regulations. Taxes And The Automation Benefit.

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