The Future Of Compliance: Using Data Better

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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.

COVID Or No, Data Demands Compliance

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Consumer data privacy laws were making compliance difficult before a pandemic brought the world to a halt. But COVID-19 also triggered emergency loopholes in data legislation that relax the rules under certain conditions. Know Your Customers’ Data.

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Turning Compliance Burden Into FinTech-Regulator Collaboration

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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.

How Banks Can Turn Compliance Burden Into A Data Opportunity

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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.

Biometrics’ Role In SCA Compliance

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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.

How FinTechs Help Merchants With GDPR Compliance

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The European Union’s General Data Protection Regulation (GDPR), for instance, went into effect last May, and penalties are just starting to be enforced. FinTechs like Modo, however, disclose what technology they use to collect data around product usage (and what telemetry they take in.)

Paying The Non-Compliance Price As SCA Dawns

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Many firms are likely to fall afoul of compliance , especially if they want to field international transactions. Data: 30 percent: Share of authorization requests that might be declined under SCA. $57 Today In Data Commerce compliance News payments PSD2 regulations SCA Today in Data

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.

The Data Differentiator In Compliance

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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. The Data Differentiator. Filling The Compliance Gap.

GDPR Compliance Stalls EMEA Acquisition Activity

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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.

Businesses To Spend $55B On CA Privacy Law Compliance

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California has passed the California Consumer Privacy Act (CCPA), a sweeping law that forces companies to tell customers about the data they gather about them, and to allow customers to opt out of those practices.

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Accutive Eyes GDPR Compliance With Encryption Alternative

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Security and technology consulting company Accutive is rolling out a new solution designed to give enterprises an alternative to data encryption to protect sensitive information. 20), Accutive said it is launching its Data Discovery and Data Masking solutions.

Taking a risk-based approach to compliance management

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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.

Quantifind, Oracle Team To Offer AI Automation For AML Compliance

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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.

Can Comic Books Boost Compliance And AML Efforts?

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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.”.

Trending: How EU Regulators Are Complicating SCA Compliance

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In GDPR news, the Greek Parliament has passed the rule into law in its country to enable data protection for the online and personal data of its citizens. Strong Customer Authentication (SCA) is just weeks-old and already mired in controversy.

Global GDPR Compliance Rates Remain Low

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Compliance of General Data Protection Regulation (GDPR) rules remain low across the globe, according to the latest research from Dimensional Research. 21) said Dimensional Research’s latest findings suggest most companies are still not fully GDPR-compliant, with only 20 percent reporting they are fully adhering to the new data security rules. However, the cost of GDPR compliance is significant.

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.

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

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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

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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. Data Solutions For Data Problems.

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

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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.

The Compliance Beast Of Food Retail Supply Chains

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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.

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

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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 B2B Payments Balances Compliance With A Better User Experience

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The capabilities to unlock bank data and integrate new services into emerging FinTech platforms via API integrations is a FinTech trend that hasn’t ignored the B2B payments arena. Mixing Innovation With Compliance. With the U.K.

Take a risk-based approach to compliance management

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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.

Supply Chains Stumble Through GDPR Compliance

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The European Union (EU) General Data Protection Regulation (GDPR) came into effect in May, but most businesses in the region still aren’t compliant with the rules. 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.

Innovative compliance technology is empowering end-to-end GRC

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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].

Compliance As Competitive Advantage

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Compliance is also becoming an enterprise-wide endeavor, and compliance officers must adopt a global mindset. Against a backdrop where there are no global business rules governing financial services crime, Gurz said that reference data can give rise to hierarchies that allow business rules to be set in accordance with regional laws, regulations, bank risk appetites and unique payment workflows.

Achieving Compliance in Record Time - AADHAAR TOKEN GATEWAY

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

Tech Stumbles As Banks’ Compliance Pressure Rises

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According to the FT , Lloyds closed an estimated 8,000 accounts after customers failed to provide adequate identify verification data — despite the bank requesting that information for three years. In response, data — both the aggregation and analysis of it — is increasingly vital to remaining compliant, and fighting financial crime. However, the challenges of compliance data go far deeper, noted Parfitt.

Demystifying AI for risk and compliance

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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.

Re-think risk and compliance at IBM RegTech Europe

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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.

Industry consortium on financial data sharing adds 25 new members

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The Financial Data Exchange, an nonprofit industry consortium dedicated to unifying the financial industry around a common standard for secure and convenient consumer and business access to financial data, this week confirmed that it had added 25 new members in the second half of 2019.

The ePayments Way To Compliance

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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.

The State-By-State Complexities Of Sales Tax Compliance

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Data: 2018: Year of the Wayfair ruling, which limited retailers’ physical presence to tax-exempting states. Today In Data Commerce News payments regulations Retail sales tax taxes Today in Data

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