Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies. Personalization of Customer Services.

Regulation 309

Regulation Industry Risk Management Analysis 309

Perficient

JANUARY 23, 2024

The COVID-19 pandemic prompted several unprecedented shifts in society, notably impacting the workplace and necessitating the adoption of innovative technologies that facilitate collaboration and efficiency in a work-from-home (WFH) environment. This post has been updated to reflect FINRA Regulatory Notice 24-02, issued January 23, 2024.

Compliance 221

Compliance Regulation Industry Maine 221

PYMNTS

JANUARY 17, 2020

Seeking to keep things ethical in the development of artificial intelligence (AI), the European Union wants to enact legally binding requirements for makers of the technology. Facial recognition is among the things the EU might look at regulating.

Regulation 131

Regulation Regional Technology Innovation 131

PYMNTS

DECEMBER 9, 2020

And new regulations are taking root or are on the horizon to help protect consumers, their data and how that data might be used. The confluence of the great digital shift, closed offices and the need for robust ID efforts can be seen in a microcosm of sorts, where Mitek is conducting selfie and document verification to help Gov.UK

Regulation 234

Regulation Security Data Course 234

Perficient

JANUARY 3, 2024

The COVID-19 pandemic prompted several unprecedented shifts in society, notably impacting the workplace and necessitating the adoption of innovative technologies that facilitate collaboration and efficiency in a work-from-home (WFH) environment.

Compliance 221

Compliance Risk Management Regulation Industry 221

PYMNTS

FEBRUARY 17, 2020

increased regulation over content delivered online through platforms may be on the horizon. This past week, Britain’s federal government said its media regulator, known as Ofcom, would be given new oversight to monitor and regulate material posted on the web by companies such as Facebook, Google and Twitter. In the U.K.,

Regulation 140

Regulation Google Operations Company 140

PYMNTS

JUNE 7, 2018

As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. It was the second major case new CEO Matt Comyn settled with regulators in a month, following an admission of rate manipulation.

Regulation 162

Regulation Fintech Examples Industry 162

PYMNTS

APRIL 10, 2020

There are several complexities associated with reviewing and settling claims, given the nature of the insurance industry, which requires stringent customer authentication and documentation. v , said in a recent interview with PYMNTS. Mobile Insurance Disbursement Challenges.

Mobile 198

Mobile Technology social media Customer Experience 198

BankUnderground

MAY 15, 2024

These models form the bedrock of revolutionary technologies like large language models (LLMs), opening up new ways for regulators, such as the Bank of England, to analyse text data for prudential supervision and regulation. Analysing text data forms a core part of regulators’ day-to-day work.

Training 65

Training Regulation Policies Data 65

PYMNTS

APRIL 8, 2019

Australian financial regulators are feeling pressure to ensure financial institutions treat customers properly and have turned to artificial intelligence (AI) in an attempt to improve compliance, according to a report by the Financial Times. They also lied to regulators and adversely cost customers millions by giving bad advice.

Compliance 108

Compliance Regulation Industry National 108

Abrigo

JUNE 10, 2020

Adequately staffed and risk-focused AML resources with good documentation are critical. LaFontaine failed to take sufficient action when presented with significant AML program deficiencies in the Bank’s SAR-monitoring system and the number of staff to fulfill the AML compliance role by his AMLO [AML Officer],” the document said.

Resources 195

Resources Regulation Compliance Policies 195

Abrigo

SEPTEMBER 11, 2023

DOWNLOAD Takeaway 1 With generative AI technology improving by the day, the question is not if the banking industry will utilize it, but when. Takeaway 3 Financial institutions should resist the hype to apply the technology to their most complex problems and be strategic as AI improves. So, what is generative AI?

Risk Management 195

Risk Management Data Technology Fintech 195

PYMNTS

MARCH 20, 2018

Regulators from around the world are teaming up to create a blueprint for a global FinTech “sandbox.”. According to Reuters , Britain’s Financial Conduct Authority (FCA) announced the plans for a global testing bed for new financial technology apps.

Regulation 130

Regulation Fintech Regional Guidelines 130

Abrigo

MAY 9, 2022

Financial crime detection and prevention are increasing in complexity for BSA/AML professionals as new technologies and challenges arise each year. A recent and notable consent order shows the dangers of turning to an unqualified or inept third-party institution to perform some or all BSA/AML duties to meet regulations.

Compliance 195

Compliance Fraud Regulation Resources 195

PYMNTS

JANUARY 26, 2020

Documents obtained by Reuters show that the EU wants to adopt a strategy of utilizing more aggressive trade defense instruments against companies thought to be unfairly benefiting from foreign subsidies. More such projects will involve industries like clean hydrogen technologies, microelectronics and low-carbon industries.

blockchain 210

blockchain Policies Data Tools 210

Abrigo

JULY 11, 2017

Second, Shelat recommends that “banks should ascertain whether their existing software platforms for small business loan applications and small business loan servicing is capable of collecting this data, and if not, determine what kind of technology upgrades would be necessary to collect and maintain this information.”

Regulation 150

Regulation Memphis Tennessee Lending 150

Abrigo

OCTOBER 14, 2022

Takeaway 3 Utilize regulatory guidance to understand regulators' expectations, which are likely to include consistent stress testing. The document provides a baseline and severely adverse scenario that banks can use as a defensible starting point for stress testing worst-case scenarios. Have a playbook. Adapt and adjust. Learn More.

Risk Management 195

Risk Management Management Policies Lending 195

Accenture

MARCH 23, 2017

I wanted to follow on from my previous blog around the emergence of RegTech (technologies that address the challenge and cost of regulatory compliance.) I wanted to explore how investment trends in this area are impacting the industry and how the ecosystem can work with the regulator. Now—what does RegTech mean? RegTech means… RegTech!

Regulation 150

Regulation Industry Trends Compliance 150

Accenture

MARCH 23, 2017

I wanted to follow on from my previous blog around the emergence of RegTech (technologies that address the challenge and cost of regulatory compliance.) I wanted to explore how investment trends in this area are impacting the industry and how the ecosystem can work with the regulator. Now—what does RegTech mean? RegTech means… RegTech!

Regulation 150

Regulation Industry Trends Compliance 150

PYMNTS

DECEMBER 8, 2020

. Traditional bank account opening methods have long involved visits to branches and face-to-face meetings with officials in which physical identification documents are presented. Brazil-based facial recognition and identification technologies provider Acesso Digital recently reported that more than 5.2

Video 211

Video Report Meeting United States 211

PYMNTS

SEPTEMBER 22, 2016

Know Your Customer regulations can mean corporations have to wait as long as three months — yes, months — to get onboarded to a new bank. According to Khosla, normally, banks in each jurisdiction would have to aggregate documents and information about their clients manually. On Tuesday (Sept. And speed is critical.

Regulation 100

Regulation Compliance Technology Payments 100

Abrigo

FEBRUARY 16, 2024

Customize documentation : Avoid a one-size-fits-all approach to documentation when it comes to the underwriting process. This will save time by ensuring that staff aren’t adding unnecessary length and detail to low-risk, low-maintenance documents. Assess and control key risk areas with an effective credit policy.

Training 195

Training Risk Management Analysis Policies 195

CB Insights

DECEMBER 2, 2020

Fintech Smart Money VCs are showing a strong interest in the digital ID space — a narrow area at the intersection of cybersecurity, regulatory technology (regtech), and fintech. This helps to comply with Know Your Customer (KYC) and anti-money laundering (AML) regulations. Want the full expert post? Become a CB Insights customer.

Technology 73

Technology Fintech Regulation Groups 73

PYMNTS

MAY 12, 2020

Traydstream , a FinTech that looks at trade documents with artificial intelligence (AI), has partnered with Infosys Finacle to implement blockchain technology and further automate trade finance, according to a press release.

blockchain 213

blockchain Compliance Regulation Fintech 213

PYMNTS

JUNE 11, 2020

Social distancing restrictions implemented to curb the virus’s spread are preventing compliance professionals from obtaining physical identification documents and holding in-person meetings that typically enforced anti-money laundering/know your customer (AML/KYC) compliance. Compliance Enforcement Goes Remote With Biometrics.

Compliance 186

Compliance Guidelines Meeting Tools 186

PYMNTS

AUGUST 3, 2020

Laing also noted that regulations governing customer authentication are growing stricter than ever. Melissa’s ID offering breaks down into three groups — an identity verification solution, a document verification offering and a biometric authentication service. It’s called ‘semantic technology,’ or ‘semtech.’”.

Fraud 225

Fraud Online Data Tools 225

PYMNTS

OCTOBER 4, 2020

A 14-page report Facebook lawyers prepared in advance of a potential antitrust lawsuit from the government found such action would hurt users, be contrary to established law and cost billions of dollars, WSJ reported after seeing the document. A ‘breakup’ of Facebook is thus a complete nonstarter,” the document stated, according to WSJ.

social media 291

social media Austin Chicago User Experience 291

PYMNTS

NOVEMBER 3, 2020

3), stock exchanges in Shanghai and Hong Kong have suspended the looming IPO (initial public offering) in Ant Group, citing regulatory changes in the financial services landscape — and summoning executives including controller Jack Ma to meet with Chinese regulators at the China Securities Regulatory Commission.

Lending 199

Lending Meeting Groups Regulation 199

PYMNTS

JULY 23, 2019

China’s banking regulator is introducing stricter requirements on banks and insurance institutions that provide supply chain financial solutions in an effort to curb fraud, according to China Daily reports last week. Noah, however, claims that it had verified all documentation with JD.com. Regulators Step In.

Fraud 128

Fraud Regulation Report Management 128

PYMNTS

MARCH 27, 2020

And verification can come only on the heels of having the right documentation, attributes and offerings in place that can be verified with speed and security through the use of advanced technologies. Digital passports can eventually be part of digital “identity wallets.”.

Course 361

Course Mobile National Examples 361

CFPB Monitor

AUGUST 15, 2018

Last week the CFPB announced an initiative to create a Global Financial Innovation Network (GFIN) with 11 other financial regulators and related organizations across the globe. Develop a “global sandbox” for business to consumer (B2C) or business to business (B2B) firms to trial and scale new technologies in multiple jurisdictions.

Regulation 68

Regulation Fintech United States Innovation 68

PYMNTS

MAY 2, 2018

In recent years, he remarked to Webster, the publication of documents, such as those known collectively as the Panama Papers , shows how individuals have been able to obfuscate their identities and bury ownership stakes deep within opaque corporate structures. When venturing down those rabbit holes, technology proves a useful guide, he noted.

Technology 102

Technology Regulation User Experience Management 102

Perficient

MARCH 3, 2023

Once the business outcomes and pain points have been documented and prioritized and technology has been assessed, Perficient recommends that the next step be to determine what the inventory visibility capability should be. Perhaps regulators will want/need access to satisfy their inquiries. Who/What/When?

blockchain 275

blockchain Management Regulation Resources 275

PYMNTS

SEPTEMBER 25, 2019

Regulations designed to combat fraud have yet to keep pace with the fraudsters themselves, noted Ritter. Additional layers of security, including identity document verification (offered by Mitek and others) may introduce necessary friction into the process, where individuals must look for, procure and photograph their documents.

How To 189

How To Security Fraud Mobile 189

Abrigo

DECEMBER 20, 2021

Inadequate staffing: The lack of technological and human resources will result in deficiencies in an AML program. The CBOT investigation determined that this was not an adequate number of analysts and that they were not thoroughly reviewing the documentation of each unusual activity alert.

Resources 195

Resources Texas Analysis System 195

PYMNTS

NOVEMBER 25, 2020

In one example, Qantas’ CEO said that international travel likely won't get back to normal without compulsory vaccinations, and that international travelers on the airline must have that documentation in place. There are indications that other digitally-focused public health efforts are gaining momentum where crowds gather.

New York 326

New York Resources Course Data 326

PYMNTS

DECEMBER 5, 2018

The funding will be used to hire staff, “build out our infrastructure and secure the appropriate steps are taken to develop a regulated market for digital assets,” said ErisX Chief Executive Officer Thomas Chippas, according to Reuters. A new document shows that the U.S.

blockchain 166

blockchain Bitcoin cryptocurrency Analysis 166