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. The trend is starting to appear nationally.

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Abrigo

JANUARY 17, 2024

The United Nations estimates there are currently 40 million people enslaved around the world, and that one-quarter of them are children. According to the  National Human Trafficking Hotline , working in the financial industry provides you the opportunity to report suspicious behavior involving 92% of the various  types of human trafficking.

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South State Correspondent

AUGUST 21, 2022

Meet Competitive Pressures: National and larger regional banks are specifically targeting better borrowers for seven, ten, or 20-year fixed-rate loans. The first decision a community bank must make in choosing a hedging program is if they will subject their commercial customers to ISDA documents.

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Abrigo

FEBRUARY 10, 2022

The AMLA set the stage for establishing a national reporting system for beneficial ownership and for potentially changing current CDD/BO requirements in an effort to improve financial transparency and prevent criminals and terrorists from misusing companies to disguise illicit activity. Need to Know. Is your AML department properly staffed?

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PYMNTS

MARCH 27, 2020

And verification can come only on the heels of having the right documentation, attributes and offerings in place that can be verified with speed and security through the use of advanced technologies. Digital passports can eventually be part of digital “identity wallets.”.

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Abrigo

JANUARY 3, 2024

Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a new regulation on the requirements, including how AML staff will access the information through a new federal beneficial ownership information (BOI) registry. This is in line with the current CDD regulations. Effective Jan. More is expected on this later.

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Abrigo

JANUARY 11, 2023

Institute Against Human Trafficking reported that the 2020 Super Bowl in Miami saw a 163% increase in human trafficking reports to the national hotline over the course of the event. BSA Rules and Regulation. BSA Rules and Regulation. BSA Rules and Regulation. It dropped down to 140 incidents in March 2019. Learn More.

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PYMNTS

JUNE 8, 2020

United Nations global blockchain expert Massimo Buonomo has foreseen a future where digital currencies could replace low-interest bank accounts, Coindesk reports. He said the regulators would need to have total control over a cryptocurrency-fueled system that replaced traditional banking.

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Abrigo

AUGUST 31, 2023

Both resident and non-resident international clients may drop or rearrange names to fit into Western systems, but their documents, including checks and deposits, may still use their original nomenclature. Miss” and thus alienating nonbinary customers.

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PYMNTS

JULY 24, 2020

Traditional financial institutions mandate that borrowers put up property to back their loans and follow a procedure that involves significant documentation. In October, news surfaced that the Kenyan National Assembly was mulling legislation that would make mobile lenders in the nation face central bank supervision.

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Abrigo

JUNE 2, 2021

This document was also written for examiners and recognizes the exam burden for financial institutions. The guidance emphasizes a risk-focused approach to examinations and refocuses the regulators to scope each exam according to the unique financial institution, not to use a one-size-fits-all approach. 6 Critical Areas. Calibration.

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PYMNTS

MAY 16, 2020

But the company wrote in the document that under the system, users could “hold digital currency with the same denomination as the local physical currency (e.g., $100 A central entity may be a central bank which regulates a monetary supply,” the company wrote. “A Visa did not immediately respond to a request for comment on the filing.

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PYMNTS

JULY 9, 2020

A new rule from the United Nations will require connected cars sold in Japan, South Korea and the European Union, among other places, to be protected against cyberattacks, The Wall Street Journal (WSJ) reported. Japan said it would begin implementing the rules next year, and South Korea plans to introduce some regulations this year.

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Abrigo

MARCH 24, 2023

READ Takeaway 1 Documentation is one of the most critical aspects of performing a risk assessment. Step one Document the BSA/AML risk assessment Documentation is one of the more critical aspects of performing a risk assessment. The credit union’s risk analysis can only be adequately supported with supporting documents.

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Abrigo

DECEMBER 20, 2021

The CBOT investigation determined that this was not an adequate number of analysts and that they were not thoroughly reviewing the documentation of each unusual activity alert. While templates are not inappropriate and can improve efficiencies, they should not be used without verification and supporting documentation.

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Abrigo

JULY 16, 2021

Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. While these are general today, the AMLA requires that regulations be written around each Priority, as appropriate. Until regulations have been released and go into effect, regulatory expectations remain unclear.

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PYMNTS

JULY 23, 2019

China’s banking regulator is introducing stricter requirements on banks and insurance institutions that provide supply chain financial solutions in an effort to curb fraud, according to China Daily reports last week. Noah, however, claims that it had verified all documentation with JD.com. Regulators Step In.

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Abrigo

JUNE 8, 2021

On September 9, 2020 Deutsche Bank Trust Company Americas (DBTCA) agreed to pay two civil monetary penalties – one for $157,500 and the other for $425,600 – to the Department of the Treasury OFAC for violations of the Ukraine-Related Sanctions Regulations. Framework Document. What can AML professionals learn from the DBTCA case? .

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PYMNTS

DECEMBER 29, 2020

“Though the industry moved to enable interoperability of mobile wallets in 2018, this is limited to only P2P payments, and is yet to be expanded to both merchant and agent interoperability and even to work seamlessly at P2P,” according to the draft of the Kenya National Payments System 2021-2025 report.

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PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free. Think of the message you're sending to repeat offenders.”.

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Jeff For Banks

NOVEMBER 24, 2019

September 1st, 1999, regulators from the Federal Deposit Insurance Corp, at the behest of the Office of the Comptroller of the Currency, descended on a small coal mining town in Keystone, West Virginia. Clearly, blue-suit regulators stood out. The bank, First National Bank of Keystone, was $1.1

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PYMNTS

FEBRUARY 14, 2020

In perhaps the most sweeping example, the member states of the United Nations have embraced, as part of “sustainable development goals,” a target to “provide legal identity for all, including birth registration,” by 2030. An ambitious goal, to be sure, and one that the U.N.

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PopularBank

MAY 25, 2021

Popular Bank Senior Vice President and Director of National Healthcare Financing Andrew Boland joined fellow industry leaders for the Environmental Banker Association (EBA) panel discussion How COVID Changed Senior Living & Care Underwriting. Are you following current regulations? We asked questions about their safety.

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PYMNTS

APRIL 30, 2019

The resulting document shows the extent of bank supervisors’ failures to catch the money laundering or stop it from happening. The document illustrates how little action was taken to respond to the warnings, a move that the EBA says is a breach of EU rules.

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PYMNTS

SEPTEMBER 12, 2018

regulators turn down its plan to pay back customers who purchased auto insurance they didn’t need. In June, Wells Fargo submitted the plan to regulators as part of a $1 billion settlement it reached with the CFPB and the OCC. Reuters noted that there is no deadline for when the regulators need to sign off on the plan.

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PYMNTS

JULY 7, 2020

Now there’s the Retail Industry Leaders Association (RILA) asking for help with mandating mask guidance regulations to protect store personnel. Social media has been full of news of anti-maskers wrecking displays – and weeks ago, even attacking a store clerk because of regulations requiring them to mask up inside stores.

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South State Correspondent

JUNE 7, 2023

ERC Assist works with a nationally recognized, top-tier accounting firm specializing in financial institutions and has helped more than 25 banks collate the data and documentation needed to file an ERC claim. Unable to hold in-person meetings—with customers, partners, regulators, industry representatives, and more.

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PYMNTS

JUNE 16, 2020

They spoke before the Subcommittee on National Security, International Development, and Monetary Policy Tuesday. ” A memo included with the subcommittee’s documents also pointed to the U.S. While the sector is, for the most part, more secure than other verticals, it encounters the “world’s elite hackers,” Kellerman said.

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Abrigo

APRIL 26, 2022

The Financial Crimes Enforcement Network ( FinCEN ) has profiled this global issue by naming corruption one of the eight national security priorities. The $25 million assessment was the largest imposed by regulators at that time. As a national priority, corruption must be added to each institution’s risk assessment. Whitepaper.

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PYMNTS

NOVEMBER 22, 2019

The document was signed by California’s Barbara Lee, Illinois’ Robin Kelly, and New Jersey’s Bonnie Watson Coleman along with as other lawmakers. The startup is also getting ready for a public listing next year and is aiming to take care of regulatory issues with different cities across the nation.

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Abrigo

JULY 29, 2015

The rise of online lenders paired with low interest rates nationally has left some financial institutions hungry to bring in new loan customers. Documentation and organization came up repeatedly in respondents’ open-ended comments about exams and advice for their peers. Concentration and CRE risk is still important to the regulators.

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Independent Banker

SEPTEMBER 25, 2014

The better prepared, the less likely they are to run afoul of the continually shifting regulations. Regulators and industry consultants agree that community banks are generally doing a great job handling their regulatory oversight and requirements. Be aware of existing or emerging risk concerns. in Kent, Ohio.

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Abrigo

DECEMBER 10, 2021

This update clarifies that banking regulators and FinCEN understand that no specific customer type automatically falls into a higher risk category. Remember, regulators use this instruction manual when they conduct an examination. Knowingly is the key term to include in risk assessment documentation. BSA Rules and Regulation.

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PYMNTS

SEPTEMBER 18, 2019

According to a government document, Berlin is working closely with allies in Europe and abroad to prevent stablecoins from being introduced. The federal government will work at [the] European and international level to ensure that stablecoins will not become an alternative to official currencies,” the document said. On Monday (Sept.

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PYMNTS

JUNE 10, 2020

Notarization has historically required in-person meetings and the collection and submission of a number of physical documents. Sending and receiving this documentation is not only frustrating for consumers, but also time consuming and vulnerable to errors. The state of Florida requires that RON sessions be recorded.

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PYMNTS

DECEMBER 10, 2020

and Europe the ability to send secure funds to 12 nations in Africa for a reduced charge. The ministry wrote in a document titled “ VAT and the Sharing Economy: Call for Evidence” that many sharing economy platforms appear to take on a number of the roles of a traditional principal without taking on the associated VAT liability.

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Payments Google Technology Taxes 178

TheGuardian

OCTOBER 20, 2020

Transactions that could violate Beijing-imposed law should be treated the same as if financing terrorism, says guidance Hong Kong-based banks have been told to report any transactions that they believe may violate the national security law, in new advice from the financial regulator.

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