Abrigo

DECEMBER 5, 2023

AML Compliance Ten qualities of a successful BSA officer Hiring a Bank Secrecy Act (BSA) Officer for a financial institution involves looking for a unique experience level and skillset that ensures compliance with the BSA and related regulations.

Training 221

Training Compliance Regulation Software 221

Insights on Business

MARCH 19, 2018

Maintaining regulatory compliance is a daunting task. Up to 200 regulatory changes occur every day, varying from large scale regulation like Dodd Frank, to minute changes to the font and size of footnotes in regulation text. Enter, IBM Watson Compliance. Confusion can become expensive in the compliance industry.

Compliance 135

Compliance Meeting Regulation Comparison 135

Perficient

FEBRUARY 29, 2024

Banking institutions are responding by integrating advanced technologies, particularly artificial intelligence and data analytics, into their lending operations to enhance efficiency and adaptability. Facilitation of embedded lending while ensuring compliance: Embedded finance initiatives must adhere to regulatory requirements.

Trends 221

Trends Industry Analytics Compliance 221

PYMNTS

SEPTEMBER 24, 2020

Reducing fees for remittances might push price points low enough that more consumers could resume sending money home, though, and some researchers believe that money transfer service providers could make such price adjustments if they are able to reduce their own expenses through more robust and cost-effective regulatory compliance measures. .

Compliance 223

Compliance Tools Fraud Regulation 223

PYMNTS

JANUARY 24, 2019

With third-party due diligence and supply chain security as increasingly critical components of organizations’ procurement operations, compliance executives are finding important positions in their firms’ purchasing processes. ” Organizations must do more with less, and they must do it quickly, he continued.

Compliance 191

Compliance Risk Management Training Analysis 191

CFPB Monitor

NOVEMBER 11, 2021

The agencies explain that they believe the temporary flexibility is no longer needed “because servicers have had sufficient time to adjust their operations by, among other things, taking steps to work with consumers affected by the COVID-19 pandemic and developing more robust business continuity and remote work capabilities.”.

Compliance 78

Compliance Regulation FDIC Meeting 78

PYMNTS

SEPTEMBER 24, 2020

Staying abreast of these various compliance shifts can be costly and challenging for banks, but doing so is necessary to ensure that financial institutions’ (FIs) operations can run smoothly and ward off cyberattacks. Compliance, Cybercrime And The Cloud . EU and U.K. EU and U.K. Answering The Data Question .

Compliance 151

Compliance Fraud Regulation Security 151

PYMNTS

JULY 1, 2020

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). The pandemic has heightened risks for pretty much everyone, including U.S.

Compliance 166

Compliance National Fraud Operations 166

PYMNTS

OCTOBER 30, 2020

Slow compliance checks and sluggish processing times are commonplace, especially on the legacy systems still used by many banks around the world. Automating Compliance. Cash payments are quickly falling to the wayside, with only 26 percent of all U.S. consumer purchases made with cash.

Operations 228

Operations Payments Compliance System 228

PYMNTS

MARCH 27, 2019

While regulators had transparency and financial security in mind when introducing more stringent requirements for banks following the global financial crisis, financial institutions faced a sudden surge in the burden compliance. The Key To Compliance Is Data.

Compliance 116

Compliance Data Regulation Analytics 116

Perficient

OCTOBER 27, 2022

In addition, the regulators are trying to keep as many resolution options as possible open for the FDIC to resolve a firm in a way that minimizes the long-term risk to the Deposit Insurance Fund (DIF). GSIBs maintain enough loss-absorbing capacity to fully recapitalize material subsidiaries quickly for continuous operation.

Capital 275

Capital Regulation FDIC Regional 275

PYMNTS

SEPTEMBER 6, 2018

Compliance and risk? Automating that compliance is now a “need to have.”. The age of technology is, of course, well upon us, with Software-as-a-Service (SaaS) a key conduit to making sure that at least some business operations — once the province of spreadsheets and reams of paper — can be streamlined. Plugging In To Plugins.

Compliance 133

Compliance Fintech Regulation Knowledge Base 133

Abrigo

DECEMBER 19, 2022

Checklists, guides, and more to help you and your AML-CFT staff Thousands of FinCrime professionals have accessed these guides, checklists, and other resources produced in 2022 by Abrigo's team, which includes former bankers, BSA officers, and regulators. . Would you like other articles like this in your inbox? From crypto to cannabis.

Resources 195

Resources Training Fraud Compliance 195

Independent Banker

SEPTEMBER 25, 2014

This is particularly true for community banks preparing to undergo their next regulatory safety and soundness or compliance examination. The better prepared, the less likely they are to run afoul of the continually shifting regulations. increased operational risks. Be aware of existing or emerging risk concerns.

Compliance 101

Compliance Regulation Community Bank Community 101

Cisco

OCTOBER 4, 2022

It is an update to the 2004 Operations book, and links the different processes of Architecture, Infrastructure, and Operations (AIO) into a cohesive framework for auditors to assess. In this booklet the FFIEC discusses the principles and practices for IT and operations, as well as processes for addressing risk respective to IT systems.

Operations 118

Operations Software Risk Management Management 118

Bobsguide

MARCH 24, 2022

Finastra and CloudMargin Collateral Management as a Service offering accelerates compliance with UMR regulation. Stuart Connolly, CEO of CloudMargin, said, “Now is the time for Phase 6 firms, that will be subject to UMR for initial margin calls, to start addressing operational and technological challenges ahead of the deadline.

Compliance 60

Compliance Management Regulation Software 60

Bank Innovation

JANUARY 8, 2020

Gas station operators who fail to […]. Visa and Mastercard have given U.S. gas station owners until October of this year to upgrade pumps to accept EMV chip cards, rejecting a deadline extension request from the Merchant Advisory Group.

Cards 259

Cards Meeting Groups Retail 259

PYMNTS

MARCH 8, 2018

and group compliance director, explained to PYMNTS how online tools can make remote identity verification even more robust than in-person processes — and also help kick cross-border payments into higher gear. WorldRemit is focused on P2P , and its experience has implications for B2B operations, Nazzaro said. Taking Transfers Online.

Compliance 101

Compliance Regulation Online Payments 101

Gonzobanker

APRIL 20, 2020

Compliance plays an important role in a financial institution’s relationship with its customers. As banks evolve to a digital-centric operating model, one of the laments Cornerstone often hears from our clients is, “Compliance won’t let us do that.” Give Compliance a Seat at the Table – Early.

Compliance 78

Compliance Customer Experience Guidelines Technology 78

PYMNTS

NOVEMBER 9, 2016

Any organization, small or large, private or public, must handle the pressures of compliance. “It varies around where revenue is coming from, the requirements attached to that revenue and the scale of operations. . With all of this in mind, nonprofits also have to meet more stringent requirements when it comes to their payments.

Compliance 174

Compliance Resources Data Management 174

FICO

JULY 13, 2020

Two months ago, I posted about why it is important for collections operations to adopt a forward-looking approach to debt management – basically the importance of having a clear and compelling vision. New guidelines from the FCA that call for operational resilience in collections reinforce this point. The Expectation for Resilience.

Meeting 52

Meeting Operations Customer Experience Technology 52

Abrigo

APRIL 6, 2022

New Rule Outlines Computer-Security Incident Notification Obligations for Banks Financial institutions and their service providers should prepare to meet new computer-security notice requirements by May 1, 2022. . You might also like this webinar, "Russian Sanctions: Impact, Implications, and Best Practices." Expand and Clarify.

Security 195

Security Regulation District of Columbia United States 195

Insights on Business

NOVEMBER 12, 2018

Today, governance, risk and compliance (GRC) is being transformed by not only rapidly-evolving regulatory standards and growing costs of non-compliance, but also by the clear and present need for greater GRC adoption/engagement – by the first line of defense – while delivering added value by empowering business users.

Compliance 107

Compliance Technology User Experience Analytics 107

Abrigo

FEBRUARY 6, 2024

It also recommends including projections related to loan pricing, operating expenses, and delinquency. In developing an appropriate strategy , credit unions should analyze the various plausible approaches they may take given their personnel, operational, and financial resources. How robust is your compliance program?

Lending 221

Lending How To Risk Management Policies 221

FICO

AUGUST 12, 2021

Financial Institutions’ compliance officers and teams should be concerned that Open Banking may render their existing AML/CTF and KYC compliance programs inadequate. In some markets, like the EU, Open Banking is mandated and regulated. AML compliance has not traditionally focused on monitoring this type of network.

Compliance 52

Compliance Regulation cryptocurrency Marketing 52

Abrigo

MAY 20, 2022

Meet Model Risk Management Expectations Updates to the FDIC Risk Management Manual should steer institutions toward a model that manages risk and drives growth. Takeaway 1 Aside from meeting examiner expectations, proper model risk management can protect your institution from unnecessary risk. . Model Risk Management in the spotlight.

Risk Management 195

Risk Management Management FDIC Meeting 195

PYMNTS

APRIL 27, 2017

million fine by the Central Bank of Ireland due to compliance failures with anti-money laundering and terrorist financing rules. The bank “fully co-operated with the Central Bank at all stages of this investigation, which has now concluded,” it added. Allied Irish Banks was hit with a $2.2

Compliance 100

Compliance Taxes Regulation Policies 100

Abrigo

JUNE 10, 2020

The former Chief Operational Risk Officer was fined for insufficient action on AML program deficiencies and staffing issues. Abrigo Compliance & Engagement Director Terri Luttrell, CAMS-Audit, says that fines against individual BSA professionals are rare. The regulators don’t care what your budget is,” Luttrell says.

Resources 195

Resources Regulation Compliance Policies 195

PYMNTS

JUNE 20, 2019

One thing he wants to do right away is to enhance the coordination between financial regulators in the country. “To The cryptocurrency would have to meet stringent standards regarding protecting customers and also in terms of preventing money laundering. separates from the European Union. To remain a dominant player we in the U.K.

Regulation 116

Regulation social media cryptocurrency Capital 116

PYMNTS

MARCH 9, 2020

Banks on Wall Street are talking to regulators about waiving rules regarding brokers working remotely while the coronavirus makes its way through New York, according to a report by Reuters. A rule change would allow the thousands of daily traders to work from home. has been spearheading the industry response to the outbreak.

New York 154

New York Regulation Meeting Industry 154

PYMNTS

SEPTEMBER 9, 2019

Each country has its own rules and regulations dictating how businesses can make and receive payments, as well as its own, unique financial infrastructure. How can international businesses streamline their cross-border operation systems to overcome these frictions?

Payments 174

Payments Compliance Meeting System 174

Abrigo

AUGUST 7, 2023

Assessing and preparing for staffing needs AML and fraud compliance is an essential obligation for financial institutions. Safeguarding the integrity and effectiveness of a financial institution’s anti-money laundering (AML) program is paramount to ensuring regulatory compliance and detecting illicit activity.

Training 195

Training Fraud Leadership Resources 195

Abrigo

MAY 19, 2023

Takeaway 2 There are many qualifications that a loan reviewer should have in order to meet the frequency, scope, and depth of their work. So, what kind of qualifications should a loan reviewer have in order to meet the frequency, scope, and depth of reviews?

Training 195

Training Lending Risk Management Guidelines 195

PYMNTS

SEPTEMBER 20, 2016

Payments is already a highly regulated and complex space, but when it comes to moving money for Global Citizens , the rules that govern these kinds of payments are well beyond just the basics. If there are licenses required, Butterfield suggested investing in practical legal advice and potentially working with locally situated regulators.

Compliance 100

Compliance Payments Regulation Security 100

SWBC's LenderHub

JULY 15, 2016

In yesterday’s post , I went over the impact state and federal regulations are having on credit union operations and how to identify potential violations.

Compliance 60

Compliance Meeting Regulation Operations 60

FICO

MARCH 7, 2023

Home Blog FICO Responsible AI: Are European Firms Ready for the Regulators? There are significant changes coming in Europe, which highlight getting a handle on responsible AI use, with the banking and financial services sector among those that will be most impacted by increasing regulation.

Regulation 52

Regulation America Compliance Fraud 52

PYMNTS

DECEMBER 19, 2019

The revised Payment Services Directive ( PSD2 ) Strong Customer Authentication ( SCA ) regulation rollout in the EU has been a little bit on the bumpy side so far. 14 of this year, and while PSD2 did, the SCA part of the regulation has been put on hold. What will that compliance look like in the in the EEA and around the world?

Compliance 102

Compliance Regulation Strategy Training 102