Insights on Business

MAY 19, 2017

In the area of regulatory compliance, however, simply keeping up with the volume and variety of new and changing regulations is high on the priority list of virtually all organizations. The OPS 2017 event was presented by the Securities Industry and Financial Markets Association (SIFMA) and this year IBM was a Platinum sponsor.

Compliance 160

Compliance Analytics Regulation Training 160

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.

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Regulation Fintech Examples Industry 162

PYMNTS

AUGUST 27, 2018

The initial verdicts of General Data Protection Regulation (GDPR) are in, at least in terms of compliance – or lack thereof. In news this past week, studies have shown that compliance rates are indeed low, three months in. are in compliance. How low are the rates? A bit of optimism: Progress is, well, progressing.

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Compliance social media Study Data 102

PYMNTS

MAY 29, 2019

Reports in Reuters on Tuesday (May 28) said UBS expects its regulatory costs to remain high in the years ahead after a decade of more stringent regulations leading to heavier, more costly burdens on banks. ” In 2017, an estimated 40 percent of financing requests from micro, small and medium-sized businesses (SMBs) were denied.

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Regulation Compliance Capital Resources 108

PYMNTS

MARCH 18, 2019

As such, the regulators and FIs seeking to crack down on these activities have their work cut out for them. . Rethinking Security Strategies . Worldwide, banks paid out approximately $321 billion between 2009 and 2016, for example, because they failed to comply with money laundering, terrorist financing and other regulations. .

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Compliance Regulation Chicago Tools 181

PYMNTS

DECEMBER 9, 2018

With retailers struggling to get compliant with the Payment Card Industry Data Security Standard , qualified security assessors are going to be in more demand and can offer tokenization as one way of achieving compliance.

Retail 194

Retail Report Compliance Security 194

PYMNTS

APRIL 18, 2017

Banks and financial institutions spend billions of dollars to ensure they are meeting compliance requirements and properly managing risks. For this reason, ComplyAdvantage is out to disrupt the market by delivering on solutions that does more than just check the compliance box. Filling The Compliance Gap.

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Compliance Data Austin Management 111

PYMNTS

DECEMBER 29, 2016

So, what can corporates expect from their banks in 2017? In 2017, analysts say, corporate banking institutions need to keep cybersecurity top-of-mind when adopting new technologies to help them stay competitive. Cyberattacks will continue to threaten financial institutions in 2017,” Gazit wrote. FinTech Continues Its Disruption.

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Security Fintech Boston Fraud 181

PYMNTS

JULY 15, 2019

The rapid growth of cryptocurrency has come with closer scrutiny and a call for tighter anti-money-laundering (AML), know-your-customer (KYC) regulations. This push for regulations hasn’t come without controversy. Some think they go too far. False positives can bounce legit customers in the 0.8

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cryptocurrency Regulation Guidelines User Experience 129

CFPB Monitor

DECEMBER 9, 2021

The CFPB has issued a final rule amending Regulation Z to address the discontinuation of the London Inter-Bank Offered Rate (LIBOR) that is currently used by many creditors as the index for calculating the interest rate on credit cards and other variable-rate consumer credit products. Change in index. Dollar LIBOR indices. (The

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Regulation Cards Compliance Groups 78

Perficient

AUGUST 16, 2023

In 2017, the bank was converted from its National Charter to a Kansas state-chartered bank and renamed Heartland Tri-State Bank. Bank Closed By Regulators Almost all bank closures happen on a Friday so that regulators can work all weekend to reopen the bank on Monday.

United States 221

United States Kansas FDIC Risk Management 221

PYMNTS

FEBRUARY 13, 2019

The move targets one of the largest pain points of Know Your Customer (KYC) compliance for businesses and their financial institutions (FIs): the complexity linked to corporations that use multiple banks across multiple jurisdictions. law enforcement led to 13 arrests in New York in 2017. ”

Compliance 160

Compliance Regulation Charlotte Data 160

PYMNTS

OCTOBER 19, 2016

According to Brad Fauss, president and CEO of the Network Branded Prepaid Card Association, the recently released regulations on prepaid cards from the Consumer Finance Protection Board could be another instance of good intentions gone wrong. The updated regulations are slated to take effect Oct. Around the Digital Banking world.

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Regulation Cards Digital Banking social media 100

FICO

DECEMBER 21, 2016

That means 2017 should be a risky year from a compliance standpoint. To help in those efforts, regulators are requiring firms to improve their KYC programs with more detailed data and advanced analytics. Today, it’s really only Tier 1 banks that use analytics in AML, KYC and tax compliance areas.

Compliance 40

Compliance Analytics Taxes Groups 40

PYMNTS

JULY 30, 2019

Differing regulations between sending and receiving countries are challenging to navigate, and cross-border transactions can take up to several days to complete as they are routed through intermediary banks. The startup recently secured $16.5 Could Regulatory Compliance For Cross-Border Payments Be Simpler?

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blockchain Payments Compliance Regulation 200

PYMNTS

JANUARY 22, 2019

Last year brought the General Data Protection Regulation (GDPR) deadline, Europe’s attempt to boost online privacy and security for consumers — a law that just resulted in a $57 million fine against Google , which was accused of not doing enough to gain the consent of users when collecting data meant for targeted advertising.

Payments 195

Payments Regulation Security Data 195

PYMNTS

JULY 27, 2020

Experts in 2017 predicted that the majority of the U.S. Gig workers, in turn, want to be certain that platforms will keep their payments information secure, and governments in countries where the marketplaces operate will need to guarantee that the platforms do not wittingly or unwittingly enable criminal activity to flourish.

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Regulation Compliance Security Payments 130

PYMNTS

JANUARY 31, 2019

NACHA recently released new figures on ACH network volume, revealing earlier this week that Same-Day ACH volume grew 46 percent between Q4 2017 and Q4 2018, surpassing 50 million transactions for the first time. Accelerated payments are taking off in several markets around the world, and NACHA’s latest figures demonstrate U.S.

Fraud 182

Fraud Payments Compliance Regulation 182

Gonzobanker

DECEMBER 19, 2017

Heavy-handed regulators. Seriously, sit back with a pocket flask of Pappy Van Winkle, smoke a cigar (or your combustible of choice if you live in Colorado, California, Washington, Oregon, Nevada, Main or Massachusetts) and enjoy the 2017 GonzoBanker Awards. Malls, retail stores and even some bank branch closings proliferated in 2017.

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Conference Industry Community Bank Community 101

Bank Innovation

DECEMBER 13, 2016

This was a big year for fintech, with new regulations, new startups, and new technologies displayed across events like Sibos and Money20/20, making it clear that the progress of fintech can’t really be stopped. It’s almost time to wave goodbye to 2016. But how will it continue? That’s the real Read More.

Fintech 150

Fintech Regulation Technology Regional 150

PYMNTS

MARCH 18, 2019

Authenticating.com is working to combat identity fraud by combining different solutions to securely automate and outsource identity verification and fraud prevention as a service. According to a 2017 report from the FBI’s Internet Crime Complaint Center (IC3), there have been $1.4

Fraud 108

Fraud Knowledge Base Regulation Data 108

PYMNTS

JANUARY 29, 2019

Much of that spend (nearly one-third, by Gartner accounts), will go toward investment in consulting and implementation services as companies seek guidance for changing cybersecurity regulations like GDPR in Europe. Less than half of IT professionals in the U.S.

Training 148

Training Survey Compliance Data 148

PYMNTS

AUGUST 15, 2019

PSD2 compliance challenges continue to roll in, with strong customer authentication (SCA) requirements headed merchants’ way next month. With the deadline fast approaching, merchants are largely dependent on their card acquirers to inform them, liaise with them and help them achieve compliance to whatever the requirements are,” he said.

Payments 122

Payments Analysis Cards Compliance 122

PYMNTS

FEBRUARY 14, 2018

As previously reported in February, the Federal Reserve said it will not allow the bank to grow in size or scope beyond the slightly less than $2 trillion on the books, in effect curbing asset growth beyond 2017 — a limit that will remain in place until “sufficient improvements” are made that address “widespread consumer abuses.”

Regulation 100

Regulation Conference Compliance Lending 100

PYMNTS

SEPTEMBER 10, 2018

GDPR compliance has yet to be fully embraced by firms on a global scale, yet headlines from this past week show just what the repercussions might be against a new regulatory landscape. software firm that focuses on GDPR compliance , told the newswire that “at some point, a line needs to be drawn, and this might be the best time to do it.”.

Data 116

Data Compliance Security Regulation 116

PYMNTS

SEPTEMBER 26, 2018

Australian regulators on Tuesday (Sept. Reports in Reuters said the Australian Securities and Investments Commission (ASIC) announced the completion of its review into Australia’s top four banks and how they managed and remediated issues of non-compliance. Those breaches resulted in $361.9

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Regulation National Compliance System 108

PYMNTS

FEBRUARY 13, 2019

Whether it’s ordering via a ride-hailing app, or streaming their favorite TV shows, they want it to be fast and secure. As such, digital services are racing to deliver a fast and secure experience, while appealing to consumers’ varied preferences around the globe. Digital Services and Their Impact.

Mobile 133

Mobile Data Security Compliance 133

CFPB Monitor

OCTOBER 27, 2022

Specifically, SB 1311 voids any security interest in a motor vehicle if it would cause a loan procured by a servicemembers in the course of purchasing the motor vehicle to be exempt from the Military Lending Act (“MLA”) and if the loan also funds the purchase of a credit insurance product or credit-related ancillary product.

California 148

California Security Regulation United States 148

PYMNTS

FEBRUARY 28, 2019

They must also excel at securely handling payments and personal data, while recommending services at the right moment to enhance transactions along the way. Airbnb on Payments, User Friction and Security Challenges in a Global Market. Further east, Airbnb is taking off in South Korea, with a reported 2.9

Payments 183

Payments User Experience Training Case Study 183

Accenture

JULY 19, 2017

The PSD2 regulatory technical standards for strong customer authentication (SCA) and secure communication (SC) are proving difficult to finalize. The security, authentication, fraud monitoring and secure communication methods (covered in the RTS) are the bank/PSP’s choice, between January 2018 and the RTS date (in 2019).

Security 174

Security Online Compliance Fraud 174

PYMNTS

JULY 6, 2018

Australian regulators said they were disappointed in corporates’ lack of preparedness for new accounting rules. The new rules, reports explained, fall under AASB 15 and AASB 9 regulations. 1 of this year. Reports said the ASIC made further inquiries into 17 of the 90 businesses it assessed.

Regulation 103

Regulation Resources Compliance Report 103

PYMNTS

DECEMBER 12, 2018

In a press release announcing the results, the FCA said that despite growing public awareness about cybersecurity and increased regulation placed on companies, the board members of scores of companies have a limited understanding of the risks. Many bank boards still do not understand the cyber threat. ” . ”

Security 124

Security Management Study Compliance 124

PYMNTS

OCTOBER 8, 2018

“All of these institutions are spending billions and billions, and billions, of dollars on compliance and AML, not to mention a ton of time and talent that goes into this,” Adjaoute told Webster. Instead, they are drawing fines from regulators and taking on massive damages. New Technology For Regulators. What’s Next.

Fraud 190

Fraud Regulation Compliance System 190

PYMNTS

JUNE 15, 2018

In the Middle East , RAK Bank has said it will offer Sage accounting software to business banking customers, in an agreement that helps those firms manage value-added tax (VAT) compliance mandates. Reuters said the number of employees working on those compliance efforts now stands at more than 300, on average per financial institutions.

Fintech 115

Fintech Compliance Software Taxes 115

PYMNTS

MARCH 5, 2019

Criminals who seek to use this country as a place to launder money should be in no doubt that they have nowhere to hide,” said Ben Wallace, minister for national security and economic crime. million over 2017 to 2018. million over 2017 to 2018.

Compliance 134

Compliance Training Taxes National 134

PYMNTS

JANUARY 8, 2020

Call it, perhaps, a New Year’s Resolution list — for regulators. 8), the Securities and Exchange Commission ’s (SEC’s) Office of Compliance and Examinations (OCIE) offered up a list of its priorities for the year that has just dawned. In documents released Tuesday (Jan.

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blockchain Phoenix Compliance cryptocurrency 138

CB Insights

JUNE 27, 2018

In June, the SEC’s head of corporate finance William Hinman stated that ether, the cryptocurrency associated with the Ethereum network, is not a security. See how venture firms, corporates, regulators, and builders are shaping the future of blockchain technology. The SEC wants to regulate most tokens like securities.

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Regulation Bitcoin cryptocurrency blockchain 39