Abrigo

JULY 27, 2023

Would you like other articles on fraud and AML/CFT compliance in your inbox? Using regtech in banking With new federal regulatory and compliance challenges like the CFPB rule on the horizon, more and more community financial institutions are exploring regtech for banks to enhance their processes. What is regtech?

Technology 195

Technology Fraud Compliance Regulation 195

Jeff For Banks

AUGUST 14, 2022

In 2012 the Obama administration launched "Operation Choke Point" ("OCP") which was designed to ensure banks considered the risk of banking payday lenders that were engaged in abusive practices. But in January 2021, the new OCC announced it would pause the "Fair Access" rule that was intended to prevent another Operation Choke Point.

Operations 78

Operations Lending FDIC Industry 78

Perficient

DECEMBER 27, 2023

Navigating AML and OFAC Compliance Risks Regarding anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) compliance risks, bank executives must navigate operational and compliance challenges tied to fintech relationships. Other, traditional financial crime risks, especially fraud, continue to demand banks’ vigilance.

Compliance 221

Compliance FDIC Regulation Fraud 221

PYMNTS

JULY 15, 2020

Judges dismissed a civil suit that alleged Wirecard of fraud weeks after the company filed for insolvency in a Munich court. The judge also found that the involvement of the Mauritius’ Emerging Markets Investment Fund (EMIF) was not a reason to suspect fraud. “As Still, this is not the end of troubles for Wirecard.

Fraud 160

Fraud Taxes Groups Compliance 160

Abrigo

FEBRUARY 5, 2021

You might also like this webinar: "Detecting PPP Fraud: Optimizing Your AML Solution". Takeaway 1 To prevent the kind of fraud that plagued the Paycheck Protection Program in 2020, the SBA has put new measures in place that have created challenges. PPP fraud-prevention challenges arise. New Guidance Out. mail, Craig said.

Fraud 195

Fraud Lending Taxes Regulation 195

PYMNTS

JULY 15, 2020

The European Securities and Markets Authority (ESMA), the European Union’s (EU) financial watchdog, plans to examine how German regulators handled oversight of Wirecard AG , the collapsed payments company that is facing a series of criminal allegations.

Regulation 141

Regulation Guidelines Groups Report 141

Independent Banker

DECEMBER 31, 2021

Independent Banker ’s annual Community Bank CEO Outlook survey reveals how community bank leaders plan to leverage today’s deposit-laden banking environment to grow this year. Janet Silveria, Community Bank of Santa Maria. So, what’s at the top of community bank leaders’ to-do lists? What changes will 2022 bring?

Community Bank 144

Community Bank Community Lending Louisiana 144

PYMNTS

JANUARY 31, 2019

The growth of Same-Day ACH seems to also suggest that previous concerns about the risk of more fraud as a result of accelerated transactions has not held the industry back from adopting the functionality. Accelerated payments are taking off in several markets around the world, and NACHA’s latest figures demonstrate U.S. a decade ago.

Fraud 182

Fraud Payments Compliance Regulation 182

PYMNTS

AUGUST 9, 2019

57 percent: Portion of businesses that are confident their operations comply with the General Data Protection Regulation (GDPR). billion: Approximate cost of SCA noncompliance for the European online community. Data: 95 percent: Minimum share of people in the U.S. who possess phone numbers.

Security 116

Security Fraud Data Online 116

Abrigo

MAY 24, 2023

Bipartisan support The SAFE Banking Act's long road to the Senate Many in the AML/CFT community have been watching the unfolding of the Secure and Fair Enforcement (SAFE) Banking Act for some time now with no significant progress. Sherrod Brown, D-Ohio, in the same hearing.

Lending 195

Lending Fraud Operations Ohio 195

PYMNTS

OCTOBER 12, 2016

Q2 Holdings, a provider of secure, cloud-based digital banking solutions for community-focused financial institutions, announced on Tuesday (Oct. Fraud Alerts will not only allow us to minimize the dollars lost for the credit union but will save hours of time for members and staff in completing claims.” ”

Fraud 100

Fraud Tools Cards Management 100

Abrigo

JUNE 23, 2020

Learn from your peers and hear what problems they are dealing with in our Abrigo Community, exclusive to our customers. Community financial institutions are often tasked with doing more with less. We understand the trust you put in us when you use our BSA/AML and fraud software and we make the same investment in your program’s success.

Software 195

Software Community Fraud Resources 195

PYMNTS

MARCH 14, 2019

Both corporates and banks have said Know Your Customer ( KYC ) regulations are their most pressing compliance concerns, with nearly three-quarters of businesses with more than $1 billion in revenues pointing to KYC as their top challenge. ” and an overall rise in complexity of current regulations.

Fraud 115

Fraud Survey Taxes Regulation 115

Abrigo

SEPTEMBER 1, 2021

Barr with the Department of Justice (DOJ) released a report in October of 2020 stating, “The addiction crisis has taken an enormous toll on America’s families and communities, eroding public health, threatening public safety and claiming tens of thousands of lives year after year.” . What can community financial institutions do?

Training 195

Training Regulation Community Austin 195

Abrigo

MARCH 22, 2023

See Part I: Implications for Community Financial Institutions. Banking regulators and criminals understand TBML, so be sure your AML investigative team also does. Transnational criminal organizations will use anything of value, which can be turned quickly into funds. Gain confidence in your BSA program.

Training 195

Training Fraud New Jersey Regulation 195

South State Correspondent

OCTOBER 26, 2023

As can be seen, the conference largely revolved around payments, artificial intelligence, fintech partnerships/management, regulation, and fraud/identity in its various forms. Fraud & Identity: By far, the largest number of vendors and conversations were over fraud and identity.

Conference 221

Conference Las Vegas Fraud Case Study 221

Jeff For Banks

APRIL 4, 2024

Shadow Banking refers to banking-like operations that take place outside of the mainstream banking industry. Shadow bank lending is similar to bank lending but is not subject to the same regulations, and compensating deposit balace requirements. and 53% indirect costs: operations, IT, human resources, etc.

Banking Trends 113

Banking Trends Trends Millennials Oregon 113

PYMNTS

JUNE 18, 2020

The London-based trade group for Europe’s ePayments community is waiting for the European Banking Authority , the European Union (EU) banking regulator, to provide the 27-nation bloc with an update on Strong Customer Authentication (SCA). The implementation delay gives regulators an opportunity to get it right, Rodgers said.

Groups 131

Groups Regulation Fraud Security 131

Independent Banker

SEPTEMBER 25, 2014

Anticipating what’s new for your community bank’s next field examination. 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. By Karen Hoffman.

Compliance 101

Compliance Regulation Community Bank Community 101

Abrigo

MAY 15, 2020

Key Takeaways Like other federal relief programs, the PPP has become subject to fraud. The first federal charges of PPP loan fraud have been made – and they're unlikely to be the last. From 9/11 to Hurricane Sandy, and now, during COVID-19, federal relief funds aimed to help people rebuild after a disaster becomes subject to fraud.

Lending 195

Lending Rhode Island Fraud Los Angeles 195

Abrigo

AUGUST 20, 2021

The FBI explains TOC groups are “self-perpetuating associations of individuals who operate, wholly or in part, by illegal means and irrespective of geography.” Crime proceeds linked primarily to the national sector such as fraud, burglaries, theft, robberies, loan sharking or protection racketeering were not included in these estimates.”.

Training 195

Training Strategy Fraud National 195

Independent Banker

AUGUST 31, 2022

Community banks can get up to speed on current legislation and regulations to both protect their customers from unauthorized or false deposit account transactions and to prevent them from happening in the future. Mistakes, system glitches and fraud happen. Regulation CC. Regulation DD—Truth in Savings Act (TISA).

Community Bank 91

Community Bank Regulation Community Training 91

PYMNTS

NOVEMBER 26, 2019

Ola, a ride-hailing company from India, said it’s going to be operational in London “in the coming weeks,” according to a report by TechCrunch. The head of Ola’s international operations, Simon Smith, said the company is “fully compliant” of all the necessary TfL regulations. Ola has been entering different portions of the U.K.

Company 133

Company Operations System Fraud 133

PYMNTS

JANUARY 13, 2021

12) the launch of the Starbucks Community Resilience Fund, through which it will invest $100 million from now through 2025 to support small businesses located in minority neighborhoods, providing them with access to capital and mentorship. Swap.com Uses Data Analytics To Fight Post-Holiday Fraud Surge.

Analytics 145

Analytics Fraud Payments Capital 145

PYMNTS

JANUARY 23, 2020

Every day is now a delivery day at FedEx,” Raj Subramaniam, president and chief operating officer at FedEx, said in a statement, announcing expanded home delivery to include Sundays. A Wells Fargo regulator is planning a civil suit against 10 former company executives for their roles in its retail banking scandals.

Fraud 131

Fraud Community Bank Analytics Study 131

PYMNTS

JULY 15, 2019

billion is estimated to have been lost to cryptocurrency scams, thefts and fraud in the first quarter of 2019, and cybercriminals and scammers are not the only ones putting digital asset users at risk. Thwarting fraud and making usage as secure as possible are key concerns for Canadian trading platform Bitbuy. Facing Fraud.

cryptocurrency 193

cryptocurrency Fraud Security Bitcoin 193

PYMNTS

DECEMBER 4, 2019

where a regulatory climate, geopolitical uncertainty, and a robust FinTech community all combine for a busy, competitive small to medium-size business (SMB) finserv market. based Just Cash Flow PLC is among that community, an alternative SMB lender providing a range of financing products, including a revolving credit facility and term loans.

Lending 131

Lending Fraud Tools Payments 131

Abrigo

APRIL 7, 2022

Today’s financial marketplace is challenged by increasing regulation, high expectations for fast and mobile financial services, and new fintech companies joining the already competitive arena. When two financial institutions come together, the AML and fraud compliance functions will need to be consolidated. BSA Rules and Regulation.

Compliance 195

Compliance Policies Fraud Analysis 195

PYMNTS

MARCH 16, 2018

The profiles serve as educational materials outlining the lifecycles, security characteristics and relevant laws and regulations for the most common payment types, the Federal Reserve said in a press release. “We They also cover security methods — and identity management controls — along with relevant laws and regulations, among other topics.

Security 100

Security Payments Boston Fraud 100

Independent Banker

OCTOBER 1, 2022

But as the prevalence of security breaches grows, so do the opportunities for community banks to position themselves as guardians of their customers’ personal data through compliance, technology and relationship building. Shielding sensitive customer information from prying eyes remains a chronic industry challenge. By Katie Kuehner-Hebert.

Data 91

Data How To Community Bank California 91

Abrigo

JANUARY 22, 2024

6 Steps t o mitigate fraud risk tied to new products Your AML and fraud teams' input is key when it comes to offering new bank products. You might also like this infographic, "Beyond immediate fraud losses: How the costs and impacts of fraud snowball." download NOW Takeaway 1 Fraud losses totaled $485.6

Fraud 221

Fraud Training Risk Management Software 221

Abrigo

MARCH 25, 2020

Key Takeaways Banking regulators say short-term, COVID-19-related loan modifications shouldn't automatically be categorized as TDRs. Regulators also announced other guidance tied to reporting and risk-based capital rules. Regulators also announced other guidance tied to reporting and risk-based capital rules.

FDIC 150

FDIC Regulation Exercises Community 150

PYMNTS

FEBRUARY 28, 2019

While hosts in rural communities are legally allowed to accept both Korean citizens and foreigners as guests, hosts in urban areas can only accept those from outside the country. Further east, Airbnb is taking off in South Korea, with a reported 2.9 million tourists using the platform in 2018, a 56 percent increase over the prior year.

Payments 183

Payments User Experience Training Case Study 183

PYMNTS

JANUARY 24, 2020

The bank has also been compelled to operate under about 14 consent orders from regulators like the OCC, SEC, and the Consumer Financial Protection Bureau. Also, the bank’s Community Reinvestment Act (CRA) rating was lowered from “Outstanding” to “Needs To Improve” as well, which has implications for its growth.

Regulation 180

Regulation Community Examples Security 180

PYMNTS

MARCH 9, 2020

With that transactional data in hand, PayPal can help the law enforcement community fine tune its efforts to stop the sale of illegally sourced guns and, by extension, reduce criminal misuse of those guns. But if you think about trafficking,” he said of the flow of illegal firearms, “there’s a huge financial backbone to these operations.

Data 177

Data United States Chicago Community 177

PYMNTS

OCTOBER 25, 2019

“We are delighted that LINK has extended our partnership to operate its ATM network until 2031. Although we have seen a rise in contactless payments, access to cash is still a priority to many communities in our society who value its convenience and immediacy,” Dobbie continued. Since 1986 we have worked together to ensure the U.K.’s

ATM 100

ATM Innovation Fraud Community 100

PYMNTS

OCTOBER 25, 2019

“We are delighted that LINK has extended our partnership to operate its ATM network until 2031. Although we have seen a rise in contactless payments, access to cash is still a priority to many communities in our society who value its convenience and immediacy,” Dobbie continued. Since 1986 we have worked together to ensure the U.K.’s

ATM 100

ATM Innovation Fraud Community 100