Compliance will kill the bank

Chris Skinner

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

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.

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.”.

Judo Capital Taps VERMEG For Reporting Compliance

PYMNTS

B2B Payments Australia B2B banking license challenger bank compliance FinTech Judo Capital News RegTech regulations Reporting software VERMEG What's Hot In B2B

Compliance Monitoring

Mobile Payments Today

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

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.

Morgan Stanley Fined By FINRA For Compliance Lapses

PYMNTS

Wall Street firm, was fined $10 million by the Financial Industry Regulatory Authority (FINRA) for compliance failures. Regulation compliance Finra Morgan Stanley News Regulators What's HotMorgan Stanley, the U.S.

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

MoneyGram Shares Slammed On Revenue Slide Amid Compliance Efforts

PYMNTS

MoneyGram shares sank as much as 25 percent during intraday trading on Friday (November 9), as the company reported results that reflected the impact of new compliance rules to stop fraudulent transactions, which has hurt top line momentum — and which will continue.

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.

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.

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].

RegTech: From Compliance Checkbox To Competitive Cornerstone

PYMNTS

According to John Epperson, principal at Crowe LLP , that goes to show that the current approaches to regulatory and compliance technology ( RegTech ) aren’t working. On top of that, there’s the sales challenge: “We can implement the best tech in the world and solve complex challenges,” said Epperson, “but we also have to sell it to regulators and prove it’s working – that it’s mitigating a compliance or regulatory function.”.

Supply Chains Stumble Through GDPR Compliance

PYMNTS

The data security requirements have wide-reaching implications for businesses across sectors, but as companies expand globally and business partners connect on digital channels, supply chains’ GDPR compliance is an increasing focus of security and compliance initiatives in the enterprise. GDPR compliance must be a component of the supplier relationship management strategy, analysts said.

Google Shopping Rivals Question EU Rule Compliance

PYMNTS

Shopping comparison website operators sent a letter to the European Union’s Competition Commissioner Margrethe Vestager late last week contending that Google isn’t complying with a ruling by the EU in regards to how it should display shopping services.

Google 160

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.

Digital Compliance Sends Money Transfers Speeding

PYMNTS

and group compliance director, explained to PYMNTS how online tools can make remote identity verification even more robust than in-person processes — and also help kick cross-border payments into higher gear. Having those compliance checks in place is crucial for a cross-border operation.

GDPR Compliance Yet To Gain Traction

PYMNTS

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. Data from Dimensional Research shows that many companies – in fact, a majority of them –are not yet in compliance with the mandates. are in compliance.

Payroll Shortcuts Put Corporates In Compliance Jeopardy

PYMNTS

Globalization, while supporting business growth, places new pressures and challenges on the payroll department — particularly when it comes to compliance and the need to manage regulations that continue to evolve both within and across borders. According to a recent report from EY , payroll is becoming an increasingly important part of business expansion strategy and planning, viewed as a function that can support overall compliance efforts.

The Data Differentiator In Compliance

PYMNTS

Banks and financial institutions spend billions of dollars to ensure they are meeting compliance requirements and properly managing risks. Despite a compliance market packed with providers and the investment from companies to ensure they stay on the right side of regulations, instances of money laundering and fraud are still prevalent and not going anywhere any time soon. Filling The Compliance Gap.

The ePayments Way To Compliance

PYMNTS

Any organization, small or large, private or public, must handle the pressures of compliance. Nonprofits, however, have to not only ensure they fall in line with corporate-facing regulations around processes like payroll and cross-border payments, but, explains Dan Murphy at nonprofit software firm Abila , the compliance stakes are higher, more numerous and more complex than they are at the typical for-profit firm.

Compliance As Core Competency

PYMNTS

Compliance is not just about dealing with a specific corporate action or use case. When payments are involved, compliance is a way of life, as constant as the transactions themselves, and it is complex enough an activity for some firms as to demand outsourcing to experts. And for WePay, which facilitates the transactions between merchants and payers via a platform model, compliance has been and is continuing to develop as a core competency.

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.

IdentityMind On The Need For FinTech Compliance Marketplaces

PYMNTS

Compliance and risk? Automating that compliance is now a “need to have.”. Compliance and risk officers have the unenviable task of finding out, sometimes after the fact, that not all the boxes are checked — if they even knew the boxes were there for checking in the first place. IdentityMind Global has debuted the RegTech Webstore , billed as a RegTech online marketplace that enables firms to integrate regulatory compliance functions directly into their own offerings.

Compliance — Not ROI — Pushes Tech On Unprepared Fleets

PYMNTS

According to Sid Nair, senior director of transport and compliance at Teletrac Navman, fleet managers appear to be adopting technologies like ELDs merely to maintain compliance. “We’re seeing more companies invest in telematics, but, unfortunately, many are only doing so to check the compliance box, not making the most of the technology to better their businesses,” Nair said in a statement. Fleet management has vast opportunities in digitization.

Decoding The Alphabet Soup Of Compliance

PYMNTS

Regulation and compliance can be a tough space for many to wrap their heads around. Sunil Madhu , founder and CEO of Socure , joined Karen Webster to give context to some of the compliance concepts trending in the industry and also share his thoughts on what’s coming next down the regulatory pipeline. Compliance Decoded. “The funny thing is that the use of online social data in the world of compliance has been kind of a dirty little secret,” Madhu said.

Verizon: PCI DSS Compliance Down For First Time In Six Years

PYMNTS

A case of complacency on compliance? 25) from Verizon Communications, full compliance with the PCI DSS (short for Payment Card Industry Data Security Standard) dropped last year, the first decline seen in six years. percent of the organizations surveyed were in full compliance, according to data gleaned from 2,400 reports stretching back to 2012. percent at full compliance in Europe, while the standing was 39.7 As noted in a report that debuted on Tuesday (Sept.

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.

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].

How Automation Can Help With FATCA Compliance

PYMNTS

Israch said he was surprised to find so many organizations were not validating tax info in a compliant manner, considering the current compliance regime. The IRS is hiring and training more than 3,000 agents to enforce its Foreign Account Tax Compliance Act ( FATCA ). Organizations are generally aware of the need to report 1099 income, but it seems that many are not so aware of the even greater compliance required for reporting payments made to foreign entities.

Have banks reached an AML compliance inflection point?

Insights on Business

In case it isn’t clear from this Willa Cather quote, financial institutions don’t have the luxury of waiting for relative calm in terms of their compliance obligations. On average, major banks are spending more than a billion dollars on their financial crime and compliance programs.

The future of regulatory compliance converges at IBM RegTech Europe

Insights on Business

A common assumption in risk and compliance is that financial institutions typically have to spend more to meet their regulatory obligations. They demonstrated their new approach to achieving compliance through technology at IBM RegTech Europe in London.

PayCommerce Taps Dow Jones For Compliance Boost

PYMNTS

Cross-border B2B payments company PayCommerce is strengthening its compliance position through a new partnership with Dow Jones. PayCommerce said Wednesday (May 31) that it is working with Dow Jones Risk & Compliance to add enhanced screening and compliance features to its global corporate payments offering. In addition to compliance, PayCommerce has also focused on heightening the speed with which it handles these payments.

The compliance function’s new balancing act

Accenture

Results of Accenture’s 2016 Compliance Risk Study are in, and the data points to new concerns and challenges for the compliance function. Our study interviewed more than 150 compliance leaders, at banks, capital markets firms and insurance institutions in the.

Crowe Horwath: ‘Risk Sandboxes’ Bolster Innovation While Managing Compliance

PYMNTS

Some companies view risk management and compliance as roadblocks to innovation. But viewed proactively, and in the scope of a complement to daily business processes, might innovation, risk and compliance efforts dovetail together, each strengthening the other? Said Epperson, “I think we’ve seen all these organizations for the better part of the last decade incur year-over-year increase in costs tied to risk and compliance.

Self-service industry lags with EMV compliance

Mobile Payments Today

The future state of self-service is turning the kiosk into a stand-alone store, and secure payment is one of the services that needs to be offered for it to be effective, says Ingenico's John Menzel, who recently shared his insights on EMV compliance in self-service

How can compliance grow—despite fewer resources?

Accenture

As we’ve seen in my previous two posts, compliance leaders are in a balancing act. The results of Accenture’s 2016 Compliance Risk Study show increasing demands on compliance, but also a leveling of growth when it comes to the function’s.

Redefining risk and compliance: IBM OpenPages with Watson

Insights on Business

For financial services institutions, the ever-growing volume of regulations and annual changes since the financial crisis continue to challenge banks’ capabilities, as well as their confidence, in managing compliance and risk exposure. IBM RegTech Innovations.

NEW REPORT: Making EMV Compliance Less Painful

PYMNTS

Payments As A Service EMV EMV compliance Main Feature PaaS Payments as a Service Payments as a Service Tracker shopkeep small business storefront Tracker Series

Bots Enter The Uncharted Territory Of Accounting Compliance

PYMNTS

The more bots make their way into the accounting department, the more concerns arise about jobs, compliance, trust and other industry-unknowns. It’s unclear exactly what the level of trust will be for a technology like this, but Ty said the accounting industry should be mindful of regulations and work with policymakers to support bots’ compliance, and work with accountants and corporates themselves to ease the industry into such drastic change.

Turkey Is Most Difficult Market for Regulatory Compliance

PYMNTS

Tax and accounting compliance can be an overwhelmingly monumental task as companies expand their geographic footprint. Analysts agree that a company should work with partners, advisors and technologies that can help them manage their compliance demand across borders. Not only do regulations vary from jurisdiction to jurisdiction, but the consequences of non-compliance vary greatly, too.

Innovation with compliance is difficult

Chris Skinner

You may find it gratifying that most of … The post Innovation with compliance is difficult appeared first on Chris Skinner's blog. I’ve been at a few conferences this week, and was amused by an audience poll at one event. The moderator first of all asked: Do you believe that the regulators are in the incumbent’s pockets and protect the industry from new competition?

RegTech’s Effort To Ease The Cost Of Compliance

PYMNTS

More than half of companies surveyed by SWIFT and Dow Jones Risk & Compliance last year said they plan to invest in RegTech in the coming years, and most agree that technology has enabled a greater ability to remain compliant with key regulations surrounding anti-money laundering , Know Your Customer and more. Change is itself a driver of RegTech adoption,” said chief executive of compliance startup Arachnys David Buxton in an interview with the publication.