PYMNTS

SEPTEMBER 6, 2018

Compliance and risk? Automating that compliance is now a “need to have.”. The age of technology is, of course, well upon us, with Software-as-a-Service (SaaS) a key conduit to making sure that at least some business operations — once the province of spreadsheets and reams of paper — can be streamlined.

Compliance 133

Compliance Fintech Regulation Knowledge Base 133

CFPB Monitor

JUNE 30, 2022

Of special note, the OCC also believes compliance risk is “heightened” for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance because of world events and compliance staffing concerns. BSA/AML Compliance Risks. Cybersecurity Risks.

Compliance 78

Compliance Fraud Technology Operations 78

PYMNTS

JUNE 4, 2020

Ensuring such payments are secure from bad actors is a priority for the banks that process them. These transactions are not without security risks, they added, meaning banks must be on the lookout for fraudsters seeking to intercept B2B payments. API security. Benefits Of APIs .

Security 151

Security Fraud Payments Compliance 151

Abrigo

JULY 13, 2023

Avoid fraud losses from pig butchering scams FinCrime professionals looking to prevent pig butchering scams in the age of cryptocurrency can follow these steps to tighten security. Massive financial losses can destabilize their operations, impact profitability, and harm their reputation. billion in fraud losses in 2022.

Fraud 195

Fraud cryptocurrency Training social media 195

PYMNTS

APRIL 23, 2019

Sports and fantasy sports gambling operations are a big deal in the U.S., Many betting operations are tempting targets for fraudsters and other bad actors, however – especially online operations that do not require face-to-face customer interaction. with consumers betting more than $990 million in January alone.

Security 108

Security Puerto Rico Data Operations 108

PYMNTS

AUGUST 14, 2019

The second was the rise of cryptocurrency (though during his remarks he tended to refer to it as Convertible Virtual Currency or CVC). It concerns me when I hear about some compliance budgets being cut by casinos looking to trim costs and retain gamblers,” he noted. The Team Oriented Nature Of Compliance .

Compliance 163

Compliance Las Vegas Mobile Data 163

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

PYMNTS

FEBRUARY 18, 2019

which the institution plans to deploy in its corporate payments operation. Indeed, what will drive crypto adoption, Chell told PYMNTS, is in the technology’s ability to reduce payments friction, and integrate compliance and security. BitRail doesn’t yet operate in the B2B payments space.

cryptocurrency 175

cryptocurrency Payments blockchain Compliance 175

CFPB Monitor

MAY 31, 2022

On May 19, 2022, the Associate Director of the Enforcement and Compliance Division of the Financial Crimes Enforcement Network (“FinCEN”), Alessio Evangelista, spoke at the Chainalysis Links Conference in New York City on the topic of “The Intersection of Cryptocurrencies and National Security.”

cryptocurrency 146

cryptocurrency Innovation DC National 146

CFPB Monitor

OCTOBER 21, 2020

The QM often is referred to as the “GSE Patch.” The CFPB addressed this issue in the final rule by providing that the GSE Patch is available for applications received by a creditor before the mandatory compliance date for the final rule implementing the new general QM.

Compliance 97

Compliance Regulation System Analysis 97

PYMNTS

FEBRUARY 15, 2019

Krebs on Security noted that the emails sent to officials at the United States credit unions looked like they were being sent by other BSA officials. In reference to the ongoing Wirecard saga over allegations of fraud, Reuters reported this week that, in Singapore, police have raided the German firm’s operations there.

Compliance 122

Compliance Fraud United States FDIC 122

CB Insights

OCTOBER 2, 2018

Facebook, Amazon, Microsoft, Google, and Apple (FAMGA) are doubling down on data security. Effective data security features are critical to securing this information. However, Facebook and Amazon are not the only Big Tech companies with a need to innovate in data security. The Future of Data Security.

Security 58

Security Data US Google 58

Abrigo

JUNE 5, 2023

In addition, even before the recent banking troubles, regulators have emphasized the financial institution’s responsibility to provide leaders with information on key areas of planning, operations, and risk management. Visualizing the institution’s lending footprint can lead to improved targeting of growth areas.

Report 195

Report Risk Management Capital Data 195

CFPB Monitor

OCTOBER 4, 2022

In its conclusion, the Bureau recommended that servicers, originators, and loan holders review the findings and implement changes in their operations to ensure that the risks identified are thoroughly addressed.

Policies 146

Policies Compliance Payments Training 146

CFPB Monitor

NOVEMBER 29, 2021

The 2022 clarity promised by the “roadmap” presumably will supersede, once issued, Interpretive Letter #1179, which appears to function as a general stop-gap until the 2022 publications hopefully provide more detail regarding exactly how banks can attain compliance. Federal banking regulators have been busy in this space.

Compliance 78

Compliance cryptocurrency Regulation FDIC 78

PYMNTS

JUNE 11, 2018

Change across the regulatory compliance landscape is de rigueur, and global in scope. In one of the latest salvos , know your customer, or KYC, efforts are being championed by the Asia Securities Industry and Financial Markets Association ( ASIFMA ).

Regulation 100

Regulation Community Bank Lending Industry 100

CFPB Monitor

MARCH 9, 2020

For ease of reference, the OCC has helpfully provided FAQ numbers from the rescinded OCC Bulletin 2017-21 that are noted in parentheses throughout the new bulletin to distinguish them from the FAQs containing new topics. Screen-scraping can pose operational and reputation risks. Use of third-party assessment services.

Risk Management 78

Risk Management Data Management Compliance 78

PYMNTS

MARCH 26, 2018

Those that are retiring include Jim Richards, head of financial crimes risk management, Kevin Oden, head of operational risk and compliance, Keb Byers, enterprise risk head and Vic Albrecht, community banking risk group head. All are retiring in April, May or June. The Fed has never before placed limits on how large a company can grow.

Risk Management 100

Risk Management Management Compliance Groups 100

PYMNTS

AUGUST 5, 2019

In a new PYMNTS discussion, Karen Webster and Zac Cohen, general manager at Trulioo , used that lawsuit as a stepping off point to talk about how criminals get past anti-money laundering and other laws designed to keep payments honest, and what above-the-board firms and operations can do to stop it. Onboarding Stage.

Company 163

Company Payments Fraud Meeting 163

CB Insights

NOVEMBER 5, 2020

Corporates like SIX Group, Singapore Stock Exchange, and Deutsche Boerse are all working on DLT-based solutions to enhance their capital markets infrastructure, particularly for facilitating secondary markets for securities. Corporates like Infosys and Sia are operating here.

Capital 98

Capital blockchain Marketing Security 98

PYMNTS

JULY 9, 2018

However, when it comes to security of those transactions, specifically data security, technology comes up short. In payments, specifically in the payment card industry (PCI), data — which can range from names and addresses to Social Security numbers and account details — is presumably kept safe and firms satisfy compliance mandates.

Data 100

Data Security Software Management 100

PYMNTS

FEBRUARY 21, 2018

We’re referring, of course, to the act of opening a bank account from scratch, from the beginning – providing everything from name, address, Social Security number, identity documents and the like…. At least it seemed so for the Russian operatives named in the indictment, who traipsed somehow or other into the realm of U.S.

Compliance 101

Compliance social media System Online 101

Independent Banker

SEPTEMBER 25, 2014

Saving money by conducting inside risk management and compliance reviews. As a group, community banks spend substantial funds hiring outside consultants to help with various management functions, and a substantial share of dollars are spent to help oversee their risk management and compliance activities. By Vanessa Drucker.

Community Bank 70

Community Bank Compliance Risk Management Community 70

Independent Banker

AUGUST 1, 2016

Planning an IT strategy for any organization is challenging, but financial institutions face additional complexities due to regulatory and security requirements. However, when security vulnerabilities and lack of support are factored in, just one incident or breach can far exceed any perceived benefit. Security Considerations.

Strategy 70

Strategy How To Security Resources 70

CFPB Monitor

JUNE 14, 2021

Because the Act became effective immediately and Veritec onboarding typically takes several months, Illinois lenders initially faced the Catch-22 of either violating the amended law or ceasing all lending operations.

Illinois 78

Illinois Regulation Report Lending 78

FICO

JANUARY 24, 2019

To reduce operating expenses and risk, financial institutions should consider KYC and AML solutions that apply advanced analytics to improve customer life-cycle management. Customer references cited excellent customer experience from scoping and implementation to continuous support.”.

Report 40

Report Customer Experience Analytics Compliance 40

Insights on Business

DECEMBER 14, 2016

With revenues challenged, many banks have been focusing on operational efficiencies to drive financial performance. Banks continue to simplify operations, strive for scale, and right-size their branch structure. This type of traditional cost-cutting we refer to as “engineered efficiency.”. What’s a bank to do?

social media 70

social media United States Regulation Operations 70

CFPB Monitor

SEPTEMBER 12, 2019

The Bureau expresses its agreement with commenters on its sandbox proposal “that the present lack of an interpretive letter or advisory opinion program represents a gap in the Bureau’s plans for providing compliance assistance to stakeholders under the Federal consumer financial laws.” Product Sandbox.

Policies 60

Policies Compliance Regulation South Carolina 60

PYMNTS

DECEMBER 4, 2017

How to streamline payments between buyers and suppliers who are unaware that new technology can significantly enhance operational efficiencies? The problem is, card issuers, in their quest to secure new business, often build what Leavitt referred to as “bells and whistles” designed to differentiate their virtual card platforms.

Course 101

Course Payments Cards System 101

Abrigo

NOVEMBER 11, 2021

Cashing Out Through Foreign CVC Exchanges : To launder and cash out their illicit proceeds, cybercriminals often use CVC exchanges that have lax compliance controls or that operate in jurisdictions with little regulatory oversight. This is a classic layering method using innovative technology.

Fraud 195

Fraud cryptocurrency System Trends 195

Abrigo

NOVEMBER 11, 2021

Cashing Out Through Foreign CVC Exchanges : To launder and cash out their illicit proceeds, cybercriminals often use CVC exchanges that have lax compliance controls or that operate in jurisdictions with little regulatory oversight. This is a classic layering method using innovative technology.

Fraud 195

Fraud cryptocurrency System Trends 195

South State Correspondent

MAY 18, 2023

At an internal cost of around $25k to build and a direct cost of approximately $50 per day per 100 employees, a ChatGPT investment could cost a bank with 100 active users around $13k per year to operate. This provides the generative AI model with more references and inferred index on the information. and future regulatory compliance.

US 195

US Training Examples Data 195

CFPB Monitor

FEBRUARY 8, 2021

He indicated that Mr. Uejio’s prior experience at the CFPB has allowed him to become well-versed not only in operational issues such as personnel and budget but also as to policy issues. Cordray shared his thoughts on how each of them is likely to approach his new role at the CFPB.

Leadership 78

Leadership Lending Groups Policies 78

Jack Henry

SEPTEMBER 26, 2014

I started my career in banking IT and operations in the late 80s. One of my first jobs in IT was numbering punch cards as a proctor in my college’s mainframe operations department. Many financial institutions find it challenging to keep pace with the latest technology, regulatory compliance, and customer service demands.

Compliance 88

Compliance Resources System Data 88

NCR

MARCH 1, 2016

This approach, commonly referred to as Enterprise Risk Management (ERM), closely identifies, monitors and mitigates not only the actual risks inside the organization, but also the external perception of these risks within an organization. Operational risks transcend all departments of a bank.

Risk Management 40

Risk Management Management Operations Meeting 40

Banking 2020

MARCH 19, 2015

Launching a business in either arena means ploughing through a plethora of compliance mandates, all designed specifically to protect the customers of each. In both industries, and in most others, technologies are developed, adopted and discarded at lightning speed, and each has a serious impact on routine operations.

Regulation 40

Regulation America Compliance Industry 40

Insights on Business

OCTOBER 20, 2016

Financial markets institutions are investing heavily in blockchain, prioritizing areas where new conventions are imminent and regulatory compliance costs can be reduced, and have delayed growth and innovation opportunities. Set standards for security and privacy. Become an early adopter of blockchain technologies.

blockchain 70

blockchain Las Vegas Study Marketing 70