Perficient

MAY 27, 2022

However, in this blog, we will discuss the regulatory landscape surrounding cryptocurrency from an asset manager or fund manager perspective. Regulatory cryptocurrency regulations are most fluid at the state level. We’ll start therefore with a review of the latest state regulatory changes regarding cryptocurrencies.

cryptocurrency 332

cryptocurrency Regulation Management Bitcoin 332

PYMNTS

DECEMBER 29, 2020

With it, financial institutions need to strengthen their compliance to mitigate the risk of running afoul of the law. It’s great to see the prioritization on innovation with this bill,” Wingert said, calling the AML regulatory changes important. Accurate and reliable data is a critical piece of modernizing the AML regimen,” he said.

Fraud 270

Fraud Compliance cryptocurrency Security 270

Abrigo

NOVEMBER 2, 2021

Culture of compliance is crucial to BSA/AML programs Culture of compliance within the BSA/AML framework is not new and was first introduced by FinCEN in 2014. Takeaway 2 Poor culture of compliance will result in shortcomings in a financial institution's BSA/AML program. A strong culture of compliance is crucial.

Compliance 195

Compliance Regulation Resources Policies 195

PYMNTS

NOVEMBER 10, 2020

The use of artificial intelligence (AI) and machine learning (ML) isn’t some futuristic idea. It’s here now and being used to make good banks better — whether to eliminate discrimination in lending decisions, add stability to existing screening systems or drive loan growth and profits. It’s not an idea, it’s not a postulate.

Lending 345

Lending Software Compliance System 345

Abrigo

DECEMBER 8, 2021

Remember, it is a regulatory requirement that each member is trained annually, so be sure to document and retain your attendee list. Set board expectations The board plays an integral role in creating a culture of compliance. Use OFAC FAQs Use Treasury OFAC FAQs to gather basic information, then discuss how your bank complies.

Training 195

Training Resources Video Compliance 195

Abrigo

FEBRUARY 25, 2022

What to watch for in 2022 Expect these eight BSA /AML regulatory topics to see changes in 2022 and start preparing now to help your institution s tay up to date. You might also like this webinar on BSA/AML regulatory hot topics. Takeaway 1 Now is the time to create a project plan for future BSA/AML regulatory guidance .

Regulation 195

Regulation Policies Compliance Washington 195

Abrigo

DECEMBER 17, 2021

Takeaway 1 Strengthen your financial institution's culture of compliance through a staffing assessment. Adequate staffing is crucial for areas with high regulatory scrutiny , such as the Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) and fraud functions. Would you like other articles like this in your inbox? Be Prepared.

Compliance 195

Compliance Training Fraud Resources 195

South State Correspondent

OCTOBER 26, 2023

The discussions were healthier, more compliance-focused, and with little expectations that banks were going to offer crypto to their customers any time soon. The topics were perfect, and there were some great case studies, but the substance was standard, bordering on underwhelming.

Conference 221

Conference Las Vegas Fraud Case Study 221

Abrigo

JANUARY 3, 2022

Ensure Compliance. Sound quality control can ensure compliance and prevent money laundering and fraud as banks and credit unions continue to blur the lines between the two areas. That seems to be the case with CommunityBank of Texas. Is your AML quality control doing its job?

Texas 195

Texas Compliance Fraud Training 195

Abrigo

FEBRUARY 6, 2024

It enables the credit union’s directors to make sure its loans to businesses meet strategic goals while also meeting financial goals , such as using limited liquidity to generate maximum return or balancing cash flows and risks. Audit review and control: Use internal and external audits to verify adequate internal controls.

Lending 221

Lending How To Risk Management Policies 221

Perficient

SEPTEMBER 6, 2023

The regulators feel that this proposed LTD rule would: Improve the resolvability of these banking organizations in case of failure, Potentially reduce costs to the Deposit Insurance Fund, and Mitigate financial stability and contagion risks by reducing the risk of loss to uninsured depositors. Click on “Comment Now” to submit public comments.

Regulation 221

Regulation DC Capital Washington 221

PYMNTS

APRIL 24, 2020

Potential use cases and reality, however, are two different things. The actual use of AI in the banking sector has been quite limited, while older legacy systems have remained prevalent, such as business rules management system (BRMS). Among banks that use AI, 92.9 The study is based on a survey of 150 U.S. percent today.

Payments 251

Payments Fraud Study System 251

PYMNTS

OCTOBER 29, 2020

Customers expect payments to be as fast and friction-free as any other part of their digital lives, and providers are faced with the challenge of meeting this expectation while also ensuring that payments are secure and compliant with regulatory requirements. FIs must also ensure that the transaction is compliant with regulatory requirements.

Payments 213

Payments Fraud Meeting Security 213

Perficient

SEPTEMBER 29, 2020

Have you ever wondered why Argus Safety functionalities that you have been using for months or years suddenly started behaving as though someone secretly changed your configuration? For example, Harold wants to clean up the old site configuration and ensure all case processors have access to view all cases.

Guidelines 294

Guidelines System Data Report 294

Abrigo

DECEMBER 30, 2019

Key Takeaways Using exam findings from 2019 can help strengthen your BSA program in 2020. Institutions must create a strong culture of compliance. Regulatory hot topics and exam findings from 2019 give us a good road map for 2020 exam preparation. Creating a Culture of Compliance.

Training 195

Training Compliance Leadership Fraud 195

Perficient

JUNE 15, 2020

I want to share a real-life example of why one of our clients, a large pharmaceutical company, decided to decommission a CTMS—a very good one I might add—that it had been using successfully for some years. In some cases, the CTMS was similar to the one it already had in place. In others, it was different. And, its CTMS is modern.

System 332

System Operations Data Compliance 332

PYMNTS

NOVEMBER 25, 2020

At a high level, according to the findings, authorities must consider how “best to apply regulation” so that “similar economic and financial risks emerging from varying technologies and participants are treated similarly, avoiding regulatory arbitrage.”. Embedded supervision can center on data collection and supervision. The Value Of CBDC .

Regulation 231

Regulation Bitcoin Cleveland Study 231

PYMNTS

JANUARY 30, 2019

GDC, for instance, started out with a solution set for know your customer (KYC) in an eCommerce use case where the company was conducting high-velocity ID verification. In that case, the company checks two different sources in a given country with two different rule sets.

Fintech 185

Fintech Regulation Compliance Policies 185

Perficient

MARCH 3, 2022

The Office of the Comptroller of the Currency (OCC) recently released the economic and financial market scenarios that will be used in the upcoming stress tests for covered institutions. Covered institutions are required to use specific scenarios to conduct the stress tests. dollar against those countries’ currencies.

Capital 294

Capital Regulation Exercises United States 294

Insights on Business

FEBRUARY 14, 2019

Many financial services organizations are struggling to manage their risk and compliance exposure in the face of ever-increasing challenges. Next-generation GRC solutions offer the potential to ensure compliance with evolving regulations through transformative business capabilities. You cannot outsource IT Risk.”

Compliance 125

Compliance Risk Management Case Study Meeting 125

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 1 NBFIs are not immune to regulatory penalties, especially with examiners' increased BSA focus and the Ukraine crisis putting OFAC in the spotlight.

Regulation 195

Regulation cryptocurrency Policies Management 195

Abrigo

JUNE 10, 2020

Key Takeaways The recent case where a former top risk officer was fined reminds financial institution executives and BSA professionals of the personal liability tied to implementing and maintaining effective AML programs. Bank case illustrates several important ways to minimize personal liability within a BSA program.

Resources 195

Resources Regulation Compliance Policies 195

PYMNTS

AUGUST 23, 2019

Security and compliance are also vital components in ensuring that payments are delivered safely and without delay. In her view, financial institutions are indeed coming together to share common compliance concerns, and in doing so, are working openly to create innovative solutions and put the pieces together.

Compliance 192

Compliance Security Payments Community 192

Abrigo

MARCH 24, 2023

Although there is no written regulatory requirement for a credit union to conduct a risk assessment, the expectations of having one are clear. A credit union can use more sophisticated software to automate the risk assessment detail. A credit union must understand its risk profile to create a risk-based AML/CFT program.

Fraud 195

Fraud Compliance Examples Analysis 195

PYMNTS

SEPTEMBER 20, 2020

But he added such action would only be used in extreme cases. In Brussels, regulatory officials are considering a monitoring system that would allow the public to rate companies’ tax compliance and how quickly they remove illegal content, FT reported. Violators would be assessed penalties for non-compliance.

Compliance 175

Compliance Regulation Taxes System 175

Abrigo

JUNE 23, 2023

A unified data platform helps banks organize without the headaches Abrigo Connect offers an alternative to data warehousing that lets financial institutions more easily put their data to use. And unfortunately, in some cases, data that is not 100% right is 0% useful.”

Data 195

Data Lending System Management 195

PYMNTS

OCTOBER 24, 2019

The initiative depends on coming up with fundamentals to direct how data is used. Mastercard is proposing six data principles intended as a complement to regulatory compliance. So far, most data issues with tech companies have been handled on a case-by-case analysis, without specific regulatory guidelines.

Data 135

Data Guidelines Survey Analysis 135

Abrigo

MARCH 7, 2022

Experts weigh in on regulatory hot topics for 2022 Review these 10 insights into what regulators are looking for in 2022 to help your financial institution pass exams with flying colors. 2022 Regulatory Focus. What does this mean for the current regulatory focus for financial institutions?

cryptocurrency 195

cryptocurrency Regulation Fraud Policies 195

Cisco

NOVEMBER 16, 2020

Aligning employee video conferencing and collaboration use with your security, risk, and compliance requirements. Leveraging AI to detect compliance, data exposure, and acceptable use risks in collaboration sessions. Safe collaboration across your distributed locations and dispersed workforce.

Security 138

Security Compliance Video ATM 138

Perficient

JUNE 5, 2020

Multiple regulatory controls are required for the custodianship of patient and customer data, creation of secure software systems, governance of development environments, and ensuring proper management of audit information. Data Stewardship. This means that a central controlled repository (e.g.

Compliance 332

Compliance Security Software System 332

PYMNTS

JUNE 29, 2020

The pandemic has spurred businesses — by necessity — to use digital means to interact with their employees and to keep operations humming. While firms and workers are pivoting to embrace the great digital shift — and satisfy employees’ demand for contactless, digital payments — the regulatory landscape has not kept pace.

Cards 236

Cards Compliance Regulation Payments 236

Abrigo

DECEMBER 7, 2021

Although there is no written regulatory requirement for a financial institution to conduct a risk assessment, the expectations of having one are clear. In the example above, processing outgoing international wires is a "high" inherent risk, scoring 3 points, using a 1–3-point scale. A "high" inherent risk would be scored 3.

How To 195

How To Fraud Analysis Compliance 195

Abrigo

DECEMBER 20, 2021

Takeaway 3 There is not a statute of limitations on BSA violations, AML deficiencies are never behind us. The financial services industry has been contemplating the lack of recent enforcement actions from regulatory agencies, many wondering if the inactivity was due to the pandemic and lack of on-site examinations.

Resources 195

Resources Texas Analysis System 195

Insights on Business

FEBRUARY 25, 2019

The clients in these regulated industries are always seeking an efficient and secure way of protecting and storing their growing amount of compliance data; i.e. data they are required to store immutably, preventing it from being deleted or modified for a specified time period (often years). Ability to set permanent retention per object.

Meeting 87

Meeting Industry Compliance Policies 87

PYMNTS

APRIL 18, 2019

The regulatory and cybersecurity community’s general consensus on ransomware attacks is to advise victims not to pay their attacker. Coveware Co-Founder and Chief Executive Officer Bill Siegel told PYMNTS it is imperative that businesses understand ransomware payouts should only be used as a last resort.

Bitcoin 143

Bitcoin cryptocurrency Compliance Community 143

Abrigo

DECEMBER 2, 2021

Takeaway 2 Excess budget funds can also be used to help mitigate risk in areas such as the BSA department or loan review. Takeaway 3 Signing up for 2022 conferences is another smart use of surplus budget funds, because some events are offering early-bird discounts. Options for Excess Funds. Learn more about your depositors.

Conference 195

Conference San Antonio Lending Fraud 195

PYMNTS

OCTOBER 13, 2020

And, while terrorist use of cryptocurrency is still evolving, certain terrorist groups have solicited cryptocurrency donations running into the millions of dollars via online social media campaigns.”. The report also provided a summary of actions and investigations into various cases involving crypto.

cryptocurrency 206

cryptocurrency United States social media Regulation 206