Compliance will kill the bank

Chris Skinner

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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].

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.

Reserve Bank Of India Fines Lenders For SWIFT Non-Compliance

PYMNTS

The specific reasons for the non-compliance was not released. When RBI checked for compliance, it found gaps in more than 20 places. Regulation banking fines News non compliance RBI regulation scandal SWIFT What's Hot

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.

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.”.

How Banks Can Turn Compliance Burden Into A Data Opportunity

PYMNTS

While regulators had transparency and financial security in mind when introducing more stringent requirements for banks following the global financial crisis, financial institutions faced a sudden surge in the burden compliance. The Key To Compliance Is Data.

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.

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 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

Coupa Eyes Fraud, Compliance In Spend Management Updates

PYMNTS

Corporate expense management solution provider Coupa has updated its platform with new features targeting compliance and fraud prevention. B2B Payments B2B compliance Coupa employee spend expense management fraud News What's Hot In B2B

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.

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].

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.

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?

MUFG Bank Enters Consent Order With OCC Over AML Compliance

PYMNTS

Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The office recently examined the branches for BSA/AML and Office of Foreign Assets Control (OFAC) sanctions compliance.

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.

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.

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.

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.

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.

RegTalk Podcast Episode 1: Accelerating innovation for AML compliance

Insights on Business

regulatory agencies announcing their support and latitude on experimentation in the field of AML innovation , financial institutions are changing their mindset from one of “adequate compliance” to “compliance innovation.”. With five U.S.

e.l.f. Compliance Settlement Highlights Third-Party Supply Chain Risks

PYMNTS

The case highlights the risks and challenges companies face in not only vetting their suppliers, but vetting their suppliers’ suppliers, with third-party vendors a potential source of non-compliance for importers. Last month, e.l.f. Cosmetics reached an agreement with the U.S.

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.

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.

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.

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.”.

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

Compliance leaders have options for optimizing the function

Accenture

If you’ve been following my handful of posts reporting on Accenture’s 2016 Compliance Risk Study, you’ve probably gleaned that compliance leaders face some challenges. Resources and tools can help compliance officers strengthen.

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.