Abrigo

MAY 22, 2019

Department of the Treasury recently published A Framework for OFAC Compliance Commitments to provide financial institutions and other organizations with OFAC’s perspective on the essential components of a sanctions program. This newly published document mirrors what we know about the requirements of a sound BSA/AML program.

Compliance 150

Compliance Regulation Regional United States 150

Perficient

JANUARY 23, 2024

The COVID-19 pandemic prompted several unprecedented shifts in society, notably impacting the workplace and necessitating the adoption of innovative technologies that facilitate collaboration and efficiency in a work-from-home (WFH) environment. This post has been updated to reflect FINRA Regulatory Notice 24-02, issued January 23, 2024.

Compliance 221

Compliance Regulation Industry Maine 221

Perficient

JANUARY 3, 2024

The COVID-19 pandemic prompted several unprecedented shifts in society, notably impacting the workplace and necessitating the adoption of innovative technologies that facilitate collaboration and efficiency in a work-from-home (WFH) environment.

Compliance 221

Compliance Risk Management Regulation Industry 221

PYMNTS

APRIL 8, 2019

Australian financial regulators are feeling pressure to ensure financial institutions treat customers properly and have turned to artificial intelligence (AI) in an attempt to improve compliance, according to a report by the Financial Times. They also lied to regulators and adversely cost customers millions by giving bad advice.

Compliance 108

Compliance Regulation Industry National 108

Abrigo

MARCH 2, 2023

Banking technology decisions now affect future growth With the possibility of a recession, community financial institutions may consider a delay or cut in technology spending. Takeaway 2 According to Forrester data, firms pursuing technology-driven innovation grow three to four times faster than industry averages.

Technology 195

Technology Lending Community Software 195

Perficient

APRIL 2, 2021

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies. Personalization of Customer Services.

Regulation 309

Regulation Industry Risk Management Analysis 309

Insights on Business

NOVEMBER 12, 2018

Today, governance, risk and compliance (GRC) is being transformed by not only rapidly-evolving regulatory standards and growing costs of non-compliance, but also by the clear and present need for greater GRC adoption/engagement – by the first line of defense – while delivering added value by empowering business users.

Compliance 107

Compliance Technology User Experience Analytics 107

Perficient

FEBRUARY 29, 2024

Driven by technological advancements, regulatory changes, and shifting consumer preferences, the banking industry must evolve and respond accordingly. Facilitation of embedded lending while ensuring compliance: Embedded finance initiatives must adhere to regulatory requirements.

Trends 221

Trends Industry Analytics Compliance 221

Abrigo

MAY 9, 2022

Best Practices for Third-Party BSA/AML Assistance Collaborating with a third-party BSA/AML vendor can save time and money when it comes to sanctions compliance. Financial crime detection and prevention are increasing in complexity for BSA/AML professionals as new technologies and challenges arise each year. Additional Staff.

Compliance 195

Compliance Fraud Regulation Resources 195

Abrigo

JUNE 10, 2020

Adequately staffed and risk-focused AML resources with good documentation are critical. LaFontaine failed to take sufficient action when presented with significant AML program deficiencies in the Bank’s SAR-monitoring system and the number of staff to fulfill the AML compliance role by his AMLO [AML Officer],” the document said.

Resources 195

Resources Regulation Compliance Policies 195

Gonzobanker

APRIL 20, 2020

Compliance plays an important role in a financial institution’s relationship with its customers. As banks evolve to a digital-centric operating model, one of the laments Cornerstone often hears from our clients is, “Compliance won’t let us do that.” Give Compliance a Seat at the Table – Early.

Compliance 78

Compliance Customer Experience Guidelines Technology 78

PYMNTS

JULY 2, 2018

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. There have been substantial investments in technology by financial services organizations – in particular, a spike in RegTech investments from traditional banks.

Compliance 109

Compliance Regulation Meeting Strategy 109

PYMNTS

JUNE 7, 2018

As financial institutions grapple with compliance costs, a finance industry organization in Asia wants regulators to allow new technologies that could help them fight money laundering. It was the second major case new CEO Matt Comyn settled with regulators in a month, following an admission of rate manipulation.

Regulation 162

Regulation Fintech Examples Industry 162

Abrigo

DECEMBER 28, 2022

Cybercrime, sanctions compliance, and cryptocurrency troubles are bound to be trends for anti-money laundering/countering the financing of terrorism (AML/CFT) and fraud professionals to track in the coming months. Others explain common and emerging fraud trends that compliance staff are working to prevent.

Fraud 195

Fraud Training Compliance Regulation 195

PYMNTS

APRIL 10, 2020

There are several complexities associated with reviewing and settling claims, given the nature of the insurance industry, which requires stringent customer authentication and documentation. The challenge is thus not figuring out if mobile disbursements are possible, but how they can be made, given insurers’ legal and compliance issues.

Mobile 198

Mobile Technology social media Customer Experience 198

Accenture

MARCH 23, 2017

I wanted to follow on from my previous blog around the emergence of RegTech (technologies that address the challenge and cost of regulatory compliance.) I wanted to explore how investment trends in this area are impacting the industry and how the ecosystem can work with the regulator. Now—what does RegTech mean?

Regulation 150

Regulation Industry Trends Compliance 150

Accenture

MARCH 23, 2017

I wanted to follow on from my previous blog around the emergence of RegTech (technologies that address the challenge and cost of regulatory compliance.) I wanted to explore how investment trends in this area are impacting the industry and how the ecosystem can work with the regulator. Now—what does RegTech mean?

Regulation 150

Regulation Industry Trends Compliance 150

PYMNTS

MARCH 8, 2018

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. Staying Compliant in Different Countries.

Compliance 101

Compliance Regulation Online Payments 101

PYMNTS

FEBRUARY 17, 2020

increased regulation over content delivered online through platforms may be on the horizon. This past week, Britain’s federal government said its media regulator, known as Ofcom, would be given new oversight to monitor and regulate material posted on the web by companies such as Facebook, Google and Twitter. In the U.K.,

Regulation 140

Regulation Google Operations Company 140

PYMNTS

SEPTEMBER 22, 2016

Know Your Customer regulations can mean corporations have to wait as long as three months — yes, months — to get onboarded to a new bank. According to Khosla, normally, banks in each jurisdiction would have to aggregate documents and information about their clients manually. On Tuesday (Sept. And speed is critical.

Regulation 100

Regulation Compliance Technology Payments 100

PYMNTS

MAY 12, 2020

Traydstream , a FinTech that looks at trade documents with artificial intelligence (AI), has partnered with Infosys Finacle to implement blockchain technology and further automate trade finance, according to a press release.

blockchain 213

blockchain Compliance Regulation Fintech 213

Insights on Business

JANUARY 23, 2017

Today, banks are dealing with an overwhelming morass of regulations – more than 20,000 new ones in 2015 alone. By the year 2020, there may be 300 million pages of banking regulations. Wouldn’t it be nice if the specific regulations that applied to your business were highlighted? We call it cognitive compliance.

Compliance 70

Compliance Regulation Training Study 70

CFPB Monitor

APRIL 25, 2022

As we will discuss, the timing of the Consent Order indicates that even when regulators permit crypto activities by financial institutions, they remain cautious, particularly as to BSA/AML compliance. The preliminary approval had requirements, including that Anchorage enter into an Operating Agreement with the OCC. The Consent Order.

Compliance 78

Compliance Digital Banking Training South Dakota 78

Abrigo

AUGUST 7, 2023

Assessing and preparing for staffing needs AML and fraud compliance is an essential obligation for financial institutions. Safeguarding the integrity and effectiveness of a financial institution’s anti-money laundering (AML) program is paramount to ensuring regulatory compliance and detecting illicit activity. We have your back.

Training 195

Training Fraud Leadership Resources 195

Perficient

FEBRUARY 4, 2021

By having an inaccessible site, you are turning away 26% of your overall potential market and expose the organization to compliance violations. Identifying and documenting accessibility requirements prior to development hand-off will significantly reduce the number of accessibility errors on a live page. Heading Structure.

UX 531

UX Guidelines Compliance Study 531

PYMNTS

DECEMBER 28, 2020

Here’s the latest news from companies in the technology industry, which are coming under increasing scrutiny from officials and criticism from competitors. It takes time to rebuild products in a way that work seamlessly for people and also comply with new regulation.”. Amazon Postpones Merchant Fulfillment Fee Increases.

Compliance 148

Compliance Google Texas Apple 148

Abrigo

DECEMBER 30, 2019

Institutions must create a strong culture of compliance. Creating a Culture of Compliance. One of the more important takeaways from 2019 is that all institutions, regardless of size or risk profile, must have a strong culture of compliance, as directed by FinCEN’s advisory in 2014. Looking back to strengthen your BSA program.

Training 195

Training Compliance Leadership Fraud 195

Abrigo

DECEMBER 17, 2021

Takeaway 1 Strengthen your financial institution's culture of compliance through a staffing assessment. What better w ay to strengthen your financial institutions ' culture of compliance and build your use case for your senior management than through a comprehensive staffing assessment? Now is the time to be prepared. .

Compliance 195

Compliance Training Fraud Resources 195

Abrigo

FEBRUARY 16, 2024

Customize documentation : Avoid a one-size-fits-all approach to documentation when it comes to the underwriting process. This will save time by ensuring that staff aren’t adding unnecessary length and detail to low-risk, low-maintenance documents. Discover options for loan policy review assistance.

Training 195

Training Risk Management Analysis Policies 195

Abrigo

OCTOBER 14, 2022

Takeaway 3 Utilize regulatory guidance to understand regulators' expectations, which are likely to include consistent stress testing. The document provides a baseline and severely adverse scenario that banks can use as a defensible starting point for stress testing worst-case scenarios. Have a playbook. Adapt and adjust.

Risk Management 195

Risk Management Management Policies Lending 195

BankUnderground

MAY 15, 2024

These models form the bedrock of revolutionary technologies like large language models (LLMs), opening up new ways for regulators, such as the Bank of England, to analyse text data for prudential supervision and regulation. Analysing text data forms a core part of regulators’ day-to-day work.

Training 68

Training Regulation Policies Data 68

Abrigo

DECEMBER 22, 2023

Takeaway 2 The top lending and credit blog posts focused on the benefits of banking technology, interest rate management, and developing risk ratings. If your financial institution is considering new banking technology, read this blog for decision-making tips. But the benefits of automation are a key part of the customer experience.

Lending 222

Lending Risk Management Community Management 222

PYMNTS

JANUARY 8, 2020

Call it, perhaps, a New Year’s Resolution list — for regulators. In documents released Tuesday (Jan. 8), the Securities and Exchange Commission ’s (SEC’s) Office of Compliance and Examinations (OCIE) offered up a list of its priorities for the year that has just dawned. The decision had originally been scheduled for Dec.

blockchain 138

blockchain Phoenix Compliance cryptocurrency 138

Abrigo

MARCH 11, 2022

Expert insights on 10 regulatory topics that NBFIs should consider this year Review this list of what regulators are looking for in 2022 to help your NBFI pass exams with flying colors. Takeaway 3 NBFIs should review common deficiencies in AML programs that regulators are citing and fix issues before their next audit or exam.

Regulation 195

Regulation cryptocurrency Policies Management 195

Abrigo

MAY 6, 2015

Technology can standardize and speed up certain aspects of the audit process to leave the accountant more time to focus on aspects requiring thoughtful judgment and to make the entire engagement more efficient. A standardized process that is well documented also makes this aspect of the audit more transparent.

Analytics 150

Analytics Compliance Analysis Data 150

Abrigo

AUGUST 18, 2020

Embrace technology to help your department and institution successfully shift to remote work. If you’re a small institution that only did PPP lending to your existing customers and decided not to do a lookback based on a risk-based approach, document that in your policies and procedures , ” said Luttrell. Learn more. Learn more.

Fraud 195

Fraud Lending Trends Compliance 195

PYMNTS

APRIL 26, 2019

Mile High Labs is using Chain.io’s platform, a blockchain solution called Vault, to provide proof of authorization and auditing documents. The company is able to upload documents to the platform to provide visibility into its supply chain , making it the first CBD user of Chain.io’s technology.

blockchain 158

blockchain Analysis Industry Compliance 158