American Banker

AUGUST 25, 2023

The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.

Compliance 69

Compliance Industry Company Management 69

PYMNTS

JANUARY 15, 2021

It also said the bank’s Check Cashing Group admitted that it failed to file thousands of suspicious activity reports (SARs) as well as thousands of Currency Transaction Reports (CTRs) from 2008 to 2014. The statement from FinCEN said Capital One established the Check Cashing Group as a business unit within its commercial bank in 2008.

Capital 268

Capital New Jersey Groups New York 268

Insights on Business

MAY 3, 2018

Today, IBM proudly accepted two distinguished RegTech Awards 2018 for our innovations within IBM Watson Regulatory Compliance: “Best AI Solution for Regulatory Compliance”. With these awards, what is most exciting is the recognition of the value we bring to clients in need of solutions for regulatory compliance and risk.

Compliance 70

Compliance Innovation Regulation System 70

PYMNTS

DECEMBER 18, 2020

The case in question goes back to 2008 when a Bulgarian wrestler was investigated for reportedly turning to drug trafficking. The fact that the bank let it continue until 2008, or even beyond, impeded or frustrated the detection of the money laundering activities,” the indictment read, according to Bloomberg.

Compliance 203

Compliance Regulation Report Innovation 203

Perficient

FEBRUARY 23, 2021

The financial crisis of 2008 and 2009 highlighted the need for timely data to identify and monitor liquidity risks at individual firms, as well as in aggregate across the financial system, especially with respect to intra-company flows and exposures within a consolidated institution.

Report 309

Report Risk Management Data System 309

SWBC's LenderHub

JUNE 21, 2021

Regulatory technology, or RegTech, was developed in the wake of the FinTech revolution and has been continuously expanding since the financial crisis of 2008. Experts predict it will rapidly advance the regulatory landscape by offering technological compliance solutions for the highly regulated financial services industry.

Industry 78

Industry Compliance Regulation Technology 78

Bobsguide

APRIL 2, 2019

The decade since the financial crisis of 2008 has been a challenging time for the financial services sector. Not only has the industry had to face the increased compliance and governance requirements that emerged as a result of new and tighter regulation intended to prevent a similar crisis in.

Compliance 129

Compliance Regulation Industry 129

Let's Talk Payments

AUGUST 9, 2017

In the aftermath of the 2008 economic crisis, financial services regulators introduced a number of new measures to safeguard both the integrity and security of the financial system.

Compliance 106

Compliance Industry Report Fintech 106

American Banker

APRIL 4, 2024

The Federal Reserve, historically a secretive and isolated institution, has made a concerted effort to explain itself to and be understood by the public since 2008. But try as it might, the central bank is still viewed by many as an enigma, if not an enemy.

Policies 90

Policies Compliance Regulation 90

Bank Innovation

DECEMBER 9, 2019

First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the “real game changer.” Jesper Berg, the head of the Financial Supervisory Authority in Denmark, says the next big threat for banks is the rapid spread of big tech into financial services. The […].

Data 221

Data Regulation Compliance Security 221

American Banker

APRIL 25, 2024

Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.

Utah 63

Utah FDIC Regulation Community Bank 63

American Banker

MAY 2, 2023

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FDIC 100

FDIC Policies Compliance Regulation 100

Accenture

FEBRUARY 22, 2017

Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. RegTech has two aims: increasing the effectiveness and the efficiency of compliance. Both are critical.

Compliance 150

Compliance Regulation Innovation Fintech 150

Accenture

FEBRUARY 22, 2017

Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. RegTech has two aims: increasing the effectiveness and the efficiency of compliance. Both are critical.

Compliance 150

Compliance Regulation Innovation Fintech 150

ForwardBanker

SEPTEMBER 20, 2016

In September 2008, the United States was experiencing not only the roll up to a Presidential election but experienced an economic crash now described as The Great Recession, or the Financial Crisis. The post The Economics of Trickle Down Compliance appeared first on Deluxe FI.

Compliance 31

Compliance United States Branding 31

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. A report found that the U.S. imposed a full $23.52 billion and the Middle East levied $9.5 million. .

Fraud 189

Fraud Fintech Compliance Regulation 189

PYMNTS

FEBRUARY 11, 2020

The Uber Money team will be geared toward putting into place new payment methods, harnessing smart routing technologies for payment gateways, using Uber artificial intelligence (AI) models for intelligent risk decisions and enabling as well as developing financial compliance tools. billion earlier in January and started in 2008.

San Francisco 186

San Francisco Fintech Analytics New York 186

ForwardBanker

SEPTEMBER 20, 2016

In September 2008, the United States was experiencing not only the roll up to a Presidential election but experienced an economic crash now described as The Great Recession, or the Financial Crisis. The post The Economics of Trickle Down Compliance appeared first on Deluxe FI.

Compliance 28

Compliance United States Branding 28

Bobsguide

MARCH 12, 2017

Jake Plenderleith, Editorial Manager, International Compliance Association. Dodd-Frank emerged in the aftermath of the 2007-2008 financial crisis, designed to prevent the kind of failures that led to the collapse of Lehman Brothers. It explicitly looked to address the problem of banks being.

Compliance 90

Compliance Management 90

PYMNTS

SEPTEMBER 12, 2019

The Cost of Compliance. The projected 2020 cost of AML compliance across all U.S. Between 2008 and 2018, approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance. financial institutions (77 percent) for AML compliance. financial services firms is $26.4

cryptocurrency 116

cryptocurrency Regulation Compliance blockchain 116

PYMNTS

MARCH 9, 2020

He said his organization is talking to regulators about how companies could meet compliance rules if trading staff aren’t working from a place where they’re required to, where there’s plenty of oversight. They’ve done this in the past around the 2008 financial crisis and 9/11.

New York 154

New York Regulation Meeting Industry 154

PYMNTS

JULY 17, 2019

Historically, banks are taking a reactive approach to risk: reactionary measures were largely behind financial institutions’ pullback from the small business lending market following the 2008 global financial crisis, for example. On top of that balancing act is the rising pressure of regulatory compliance, too.

Data 130

Data Management Analytics Compliance 130

PYMNTS

FEBRUARY 4, 2019

A series of regulations was established to encourage a safer, more transparent financial services environment following the 2008 financial crisis. Money laundering remains a significant problem in the financial services sector, though, despite the urgency brought about by 2008.

How To 161

How To Regulation Compliance Meeting 161

Bank Innovation

FEBRUARY 1, 2019

The 25% plunge -- the worst since July 2008 -- capped a tumultuous three days that shaved about €7.2 Wirecard AG fell the most in more than a decade on Friday after a report that a law firm found evidence of alleged forgery, the latest fraud allegations to beset the digital payments company. billion ($8.3 […].

Fraud 150

Fraud Report Payments Company 150

Bobsguide

APRIL 13, 2016

According to the WTO, the percentage of global GDP that was based on international trade (the trade-to-GDP ratio) peaked at 31% in 2008. This has been part of a sustained pattern of growth since 1995, when the percentage was around 20%. With the Great Recession, the trade-to-GDP ratio nosedived to.

Compliance 60

Compliance 60

PYMNTS

JANUARY 30, 2019

In addition, how can they remain confident that they are in compliance with existing AML laws? The inaugural edition examines how the 2008 financial crisis led to the current state of compliance and regulations, and why many FIs still struggle with standardization. Deep Dive: The Trouble With Existing AML/KYC Rules.

How To 170

How To blockchain Compliance Regional 170

American Banker

OCTOBER 9, 2023

The Federal Reserve's top regulator cited the financial crisis of 2008 repeatedly in a speech about the merits of new risk-capital standards — proposals that have drawn unprecedented fire from banking trade groups and members of Congress.

Capital 60

Capital Regulation Groups Policies 60

PYMNTS

APRIL 14, 2020

As is the case today, albeit on a far smaller scale, the market crash of 2008 left millions unemployed and scrambling. New laws like California’s Assembly Bill 5 (AB5) and many others have also created new compliance hurdles for companies employing gig workers that must be managed.

Millennials 224

Millennials Compliance Payments National 224

Perficient

AUGUST 16, 2023

He was promoted to President and CEO in 2008. Shan Hanes, who served as the bank’s President and CEO until its closure, joined the firm in 1993 as an agricultural loan officer and Informational Technology Officer.

United States 221

United States Kansas FDIC Risk Management 221

PYMNTS

JUNE 26, 2018

In a press release issued on Monday (June 25), the SBA announced a strategic alliance with the American Institute of Certified Public Accountants (AICPA) to help small businesses (SMBs) facing regulatory compliance and enforcement issues. The SBA and AICPA have been working together since 2008, the entities noted.

Groups 101

Groups National Compliance Lending 101

PYMNTS

OCTOBER 15, 2020

We had already identified that we wanted to grow out of being a point solution and become more of an end-to-end compliance and identity proofing platform,” Pointner said. “We The world saw this during the 2008-09 financial crisis, he pointed out, when fraud attempts doubled and, in some cases, tripled.

Company 243

Company Fraud Compliance Course 243

Bank Innovation

OCTOBER 17, 2016

Recently a federal appeals court decided that the Consumer Finance Protection Bureau—a federal organization designed to safeguard against some of the pitfalls that led to the 2008 crisis—had been operating unconstitutionally, something which is certainly a blow to the agency itself and will no doubt have ramifications for how it Read More.

Fintech 150

Fintech Operations Compliance Lending 150

PYMNTS

OCTOBER 29, 2018

risk and compliance firm Exiger. Last week the SFO suffered a setback when the High Court ruled that it could not reinstate charges against Barclays over a loan it made to Qatar during the financial crisis in 2008, which means the bank won’t face regulatory sanctions over its fundraising. According to City A.M.

Fraud 139

Fraud Compliance Lending Capital 139

CFPB Monitor

JULY 27, 2021

The CFPB has filed a motion to lift the stay of the compliance date for the payment provisions in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule). In May 2018, the Texas federal district court hearing the lawsuit filed by two trade groups challenging the 2017 Rule entered an order staying the lawsuit.

Payments 78

Payments Compliance Groups Texas 78

Insights on Business

FEBRUARY 6, 2018

For example, financial intelligence regulator Austrac handed gaming giant Tabcorp a fine of AUD 45 M (USD 35 M) for non compliance, the highest ever civil penalty in corporate Australian history. The current approach to compliance management is not sustainable. Regulatory fines imposed in 2017 alone proved this to us in many ways.

Compliance 87

Compliance Analytics Boston Regulation 87

Payments Source

JANUARY 7, 2020

Treasury’s Direct Express prepaid card program, beating out other banks for the third time since the program launched in 2008, despite a high-profile glitch in 2018 that drew lawmakers’ scrutiny. Comerica will continue to handle the U.S.

Cards 97

Cards Security Compliance Data 97

PYMNTS

JANUARY 16, 2017

13) by Chief Regulatory Officer Sylvie Matherat and Chief Operating Officer Kim Hammonds, the Wall Street bank said the move is designed to improve the compliance practices at the company. billion in fines and legal settlements since 2008. According to a Bloomberg report, which cited a staff memo issued Friday (Jan.

Company 100

Company Compliance Google Policies 100