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.

CBD And Cannabis Industries Attract Payments And Compliance Players

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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.

EU Investigates Apple’s GDPR Compliance

PYMNTS

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

Apple 253

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

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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.

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 Execs Forge Closer Ties With Corporate Buyers

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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.

Tech Stumbles As Banks’ Compliance Pressure Rises

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” Acuris Risk Intelligence positions itself as a service provider for FIs, allowing them to access the information they need to manage compliance. However, the challenges of compliance data go far deeper, noted Parfitt. FIs of various sizes will almost certainly face different compliance challenges, too. However, Parfitt warned that flashy, high-tech buzzwords won’t guarantee compliance or a more effective fight against financial crime.

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.

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.

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.

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.

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?

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.

Decernis, Viaware Team Up For Food Supply Chain Compliance

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Product compliance and risk management technology firm Decernis is collaborating with Viaware , an IT company in the food contact materials space, to promote compliance in the supply chain. Compliance in the food and food packaging space can be complex , the companies noted.

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].

Oracle Targets Compliance In Retail Supply Chain Solution

PYMNTS

Oracle has announced new enhancements for its Retail Brand Compliance Management Cloud Service , which will enable retailers to monitor the integrity of their materials and end products.

Hacking Compliance Culture

Breaking Banks

Innovators blame compliance. Compliance blames regulators. The post Hacking Compliance Culture appeared first on Breaking Banks. Making change is hard and slow. But what happens when regulators themselves decide to become the innovators?

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.

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

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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.

Reserve Bank Of India Fines Lenders For SWIFT Non-Compliance

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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

Compliance As Competitive Advantage

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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

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.

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

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

GIACT Systems Launches New Enhancement To Compliance Solution

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Identity verification solutions provider GIACT Systems has announced the launch of gOFAC Monitoring, a new Office of Foreign Assets Control (OFAC) compliance solution to eliminate false positives and boost compliance processing. gOFAC Monitoring proactively scans lists as they are updated and automatically compares them with your customer lists, streamlining OFAC compliance practices and eliminating the need for manual processing of existing customers.”.

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].

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.

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.

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.

Tax Compliance; Enhancements with Analytics

FICO

Tax agencies have a limited amount of resources to pursue tax compliance activities (collections and audit). Tax Compliance - Why Use Analytical Models at Tax Agencies? Tax Compliance - Predictive Analytical Models. Tax Compliance - Tax Analytics Opportunities for Audit.

Coupa Eyes Fraud, Compliance In Spend Management Updates

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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

What customer complaints can tell you about your experience (and your compliance)

Insights on Business

Until recently, the words “customer experience” and “compliance” didn’t really come up in the same conversation – let alone exist in the same universe.

MUFG Bank Enters Consent Order With OCC Over AML Compliance

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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 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.

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

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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.

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

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.