Compliance will kill the bank

Chris Skinner

I was talking with a banker at a recent conference, and was surprised by his attitude.

The Future Of Compliance: Using Data Better

PYMNTS

and compliance teams would manually check onboarding customers to make sure their records were clear. Wiping out the manual process and handling compliance in an automated fashion can propel companies forward,” Meier said.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Biometrics’ Role In SCA Compliance

PYMNTS

Despite announcements last month that the deadline for Strong Customer Authentication (SCA) compliance will be extended , the original proposed deadline approaches next week. The potential cost for non-compliance is huge.

Turning Compliance Burden Into FinTech-Regulator Collaboration

PYMNTS

But financial regulatory compliance can be a headache for any market. For traditional banks, compliance experts agree that it’s all about data — and the ability to share information with regulators. Lithuania wants to become a global FinTech powerhouse.

Compliance Monitoring

Mobile Payments Today

Included in our range of premium services is a Compliance Monitoring solution provided in partnership with MCP Insight

Supply Chain Compliance In The Amazon Era

PYMNTS

In the world of supply chain compliance, complex regulatory requirements like Know Your Customer (KYC) and anti-money laundering (AML) probably come to mind. There are also the challenges of supplier management, tax legislation, cross-border compliance, worker protection and more.

Taking a risk-based approach to compliance management

Insights on Business

While deregulation has been a trend over the past few years, compliance monitoring and regulatory change management remains a top focus for financial institutions of all sizes. The strategies and practices to implement compliance obligations management enterprise-wide.

How FinTechs Help Merchants With GDPR Compliance

PYMNTS

FinTech firms are keeping a pulse on the latest regulations and helping their clients comply with them. The European Union’s General Data Protection Regulation (GDPR), for instance, went into effect last May, and penalties are just starting to be enforced.

Quantifind, Oracle Team To Offer AI Automation For AML Compliance

PYMNTS

Financial crimes risk management software company Quantifind and Oracle Financial Services have teamed up to improve anti-money laundering (AML) compliance and to add intelligence and automation properties directly into the compliance workflows, according to a release.

Businesses To Spend $55B On CA Privacy Law Compliance

PYMNTS

Bart Willemsen, an analyst at Gartner who advises clients on compliance, said there are at least 200 companies right now that want to help companies be able to deal with the law, but also, none of them have a completely comprehensive solution.

CA 161

For Blockchain Adoption, FIs Have to Solve Compliance First

Bank Innovation

The next big thing in financial services won’t make it very far off the ground if FIs don’t innovate with an eye towards compliance.

Paying The Non-Compliance Price As SCA Dawns

PYMNTS

Many firms are likely to fall afoul of compliance , especially if they want to field international transactions. Today In Data Commerce compliance News payments PSD2 regulations SCA Today in DataAs detailed in the latest PSD2 Tracker , tomorrow (Sept.

CBD And Cannabis Industries Attract Payments And Compliance Players

PYMNTS

When it comes to the new and emerging legal cannabis industry – along with the closely related trade in CBD products – payments and compliance issues, as one can imagine, have tremendous importance, and companies are striving to get into the game via those angles.

Compliance Concerns Remain an Obstacle to Tech Upgrades, Study Finds

Bank Innovation

Compliance Corporate Daily Post 1 Daily Post 2 Exclusive Premium Security & Risk Celent compliance Fenergo fintech Regtech regulationsDespite the importance bank executives place on innovation, a significant number believe their banks lack the technology to invest in disruptors.

Compliance Execs Forge Closer Ties With Corporate Buyers

PYMNTS

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.

How B2B Payments Balances Compliance With A Better User Experience

PYMNTS

Courtneidge discussed those challenges in a recent interview with PYMNTS, noting that as FinTech innovation continues to solve the biggest B2B payments friction points, service providers are tasked with simultaneously prioritizing compliance — two goals that don’t always go hand in hand.

IBM and Thomson Reuters join forces to simplify how financial institutions tackle regulatory compliance challenges

Insights on Business

A recently published Thomson Reuters study titled “ Fintech, Regtech and the Role of Compliance in 2019 ” found that a new regulatory alert is issued every seven minutes. In the financial services industry in the United States, one thing remains constant – change.

Marketplace Lenders Navigate The Choppy Waters Of Compliance

PYMNTS

The current regulatory climate remains in its relative infancy for this industry, so marketplace lenders are not only tasked with maintaining compliance but diligently tracking the regulatory landscape to forecast new and changing rules.

Flowhub Lands $23M To Automate Cannabis Compliance

PYMNTS

Flowhub , a cannabis retail management software vendor, has raised $23 million in its bid to automate cannabis compliance. As Flowhub’s chief executive officer Kyle Sherman explained, the company’s suite of dispensary management services provides information about compliance concerns, while the software integrates with companies like Dutchie for online ordering, and LeafBuyer and Leafly to keep potential retailers informed.

SWIFT: Real-Time Payments Demands Real-Time Security And Compliance

PYMNTS

Security and compliance are also vital components in ensuring that payments are delivered safely and without delay. There are different levels of understanding about what real-time ‘payments’ means in terms of compliance,” Lee told Webster.

How next-generation technologies are transforming governance, risk and compliance

Insights on Business

Reading the paper, you will see how new artificial intelligence (AI) capabilities, enhanced user experience (UXD), and data-driven analytics informed by regulatory expertise are enabling businesses around the world to redefine governance, risk and compliance across the organization.

EU Investigates Apple’s GDPR Compliance

PYMNTS

Ireland’s Data Protection Commissioner (DPC) announced that it has launched a third privacy investigation into Apple.

Take a risk-based approach to compliance management

Insights on Business

Senior executives at financial services institutions have expressed the need for a stronger link between compliance and risk as stories of improper conduct and regulatory require­ments for AML, sanctions, customer fairness, data protection and privacy continue to dominate the business headlines.

Innovative compliance technology is empowering end-to-end GRC

Insights on Business

Whether the change is additional regulations or a rollback of existing regulations (which we are seeing in the US), the impact on financial institutions and their legal and compliance professionals is significant. Visit our governance, risk, and compliance page: [link].

GDPR Compliance Stalls EMEA Acquisition Activity

PYMNTS

A new survey shows that an increasing number of mergers and acquisitions (M&As) are not going through because of concerns over General Data Protection Regulation (GDPR) compliance.

Security Firms Counting on Compliance to Bolster AI’s Value in Banking

Bank Innovation

Compliance startups and security firms are banking on artificial intelligence playing a key role in know-your-customer/anti-money laundering processes, rather than being just a trend in regtech.

Accutive Eyes GDPR Compliance With Encryption Alternative

PYMNTS

Data Discovery enables businesses to identify sensitive data that will require specific regulatory compliance measures. GDPR compliance has emerged as a particularly difficult regulation for some corporate compliance teams.

Security and Compliance in Microsoft Teams

Perficient Financial Servies

Many companies will often be required to adhere to certain security regulations and compliance standards but rest assured Microsoft has your back. In today’s article we’ll do a high level overview of what Teams has to offer its customers in terms of security and compliance.

Bank Of England Tells HSBC To Tighten Fraud, Staff Compliance

PYMNTS

The Bank of England has told HSBC to improve compliance controls for non-fiscal factors like fraud and staff conduct, according to a report by Reuters. Regulation Bank of England compliance fraud HSBC News regulations What's Hot

Compliance As Competitive Advantage

PYMNTS

Compliance is also becoming an enterprise-wide endeavor, and compliance officers must adopt a global mindset. When asked as to what the three things that are most urgently in need of attention when it comes to compliance and fraud, Gurz said that “one is balancing efficiencies versus risk. Security & Fraud ACH CGI cheryl gurz compliance Financial Crime fraud Main Feature Security

Trending: How EU Regulators Are Complicating SCA Compliance

PYMNTS

Regulation 2FA authentication Banks compliance data ecommerce Ekata EPSM European Association of Payment Service Providers for Merchants European Union Featured News GDPR mobile News Open Banking PSD2 PSD2 TRACKER PSP regulations SCA Security Smartphones SMB Tracker Series

Demystifying AI for risk and compliance

Insights on Business

A recent explosion of AI applications is taking place in financial institutions, particularly in the area of risk and compliance. So how is AI helping risk and compliance processes? Risk and compliance departments suffer from massive data loads and exhausting regulatory requirements.

Cognitive Compliance Highlights an Opportunity for Banks

Insights on Business

They’re spending about $100 billion a year on compliance efforts. The problem is that traditional technology is not well designed to understand and manage regulatory compliance. We call it cognitive compliance. To learn more about Cognitive Compliance, go to: [link].

ADEC, Libryo Tie-Up To Aid Supply Chain Compliance

PYMNTS

ADEC Innovations, a global sustainable practice and compliance firm, is partnering with London-based Libryo , a legal tech software as a service (SaaS) company, to help brands understand compliance requirements, ADEC said in a press release on Tuesday (Aug.

Global GDPR Compliance Rates Remain Low

PYMNTS

Compliance of General Data Protection Regulation (GDPR) rules remain low across the globe, according to the latest research from Dimensional Research. When researchers isolated the findings to businesses in the European Union (EU), they found only marginal improvement, with 27 EU companies reporting GDPR compliance. However, the cost of GDPR compliance is significant. companies said they have spent at least $1 million on compliance initiatives.

Australia Pushes eInvoicing To Boost SMB Compliance

PYMNTS

The Australian Taxation Office (ATO) says killing off the paper invoice is critical to promoting corporate compliance and business growth as the nation readies to end its use of physical invoices.

Watson at Work at IBM Think: Meeting compliance through cognitive computing

Insights on Business

Maintaining regulatory compliance is a daunting task. Banks and financial institutions are looking for any advantage they can get to streamline operations and reduce compliance costs. Enter, IBM Watson Compliance. Confusion can become expensive in the compliance industry.

Re-think risk and compliance at IBM RegTech Europe

Insights on Business

As we enter a new year, uncertainty in the risk and compliance landscape is as evident as ever. To proactively respond to this uncertainty, financial institutions assume that the only way for their organization’s to reduce risk and improve compliance is to spend more.

The Compliance Beast Of Food Retail Supply Chains

PYMNTS

Tightening regulations have introduced loftier compliance burdens to global supply chains, made even more complex and challenging as companies do business with thousands of vendors across borders. The burden of regulatory compliance came to a head in the U.S.

Deep Dive: Balancing SCA Compliance And Customer Satisfaction

PYMNTS

The rule officially took effect in September, and EU countries have begun helping merchants and consumers work toward compliance. Regulation 2FA authentication biometrics compliance customer satisfaction deep dive Ekata europe fraud News online payments PSD2 TRACKER PSP regulation SCA

Can Comic Books Boost Compliance And AML Efforts?

PYMNTS

Now comes a comic book contribution to one of the most vexing and vital issues of modern payments and commerce — fraud prevention and ID compliance. 18) that is has released a free comic and coloring book entitled “ The Adventures of ID Man and Compliance Kid.”.

Finexio Targets B2B Payments Compliance With Cass

PYMNTS

Our partnership with Cass, an information processing and financial holding company with considerable experience in routing and handling B2B payments, provides Finexio and our customers access to a Federal Reserve member bank with a comprehensive suite of compliance and fraud detection tools.

Achieving Compliance in Record Time - AADHAAR TOKEN GATEWAY

Mobile Payments Today

India’s leading bank leverages FSS Aadhaar Token Gateway to tokenize 5M Aadhaar records and protect customer data against breaches. Learn more