A recent Business Insider survey of chief technology officers, entrepreneurs, chief innovation officers and startup founders found out that financial industry was bracing for “automation” in the next decade. Many of us have the inherent fear that technology is all about replacing humans. But Fintech is all set to embrace automation with a clear […]
Although the Malaysian High Court dismissed a similar suit, the private equity firm is pursuing the case against Wall Street giant for $510 million. The plaintiff claims Goldman Sachs alleged wrongdoing has cost them $170 million.
Primus Pacific Partners has claimed that Goldman Sachs and a former MD Tim Liessner had mislead private equity […]
Bloomberg BNA recently reported that a Federal regulator is not too optimistic about technological advancements in the banking sector, especially the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance laws that could leave financial institutions vulnerable to risks.
These concerns were reflected in the Office of the Comptroller of the Currency’s (OCC) semi-annual risk […]
Last year, Fintech investment grew 44% to $14.8 billion, aiding the development of digital tools in areas such as mobile payments, money transfer, lending and alternative currencies. So why are incumbent financial institutions apprehensive about jumping in?
The regulatory framework dictating how banks can use emerging technologies is not very well-defined, leaving banks to guess how a […]
In today’s complex and regulated environment for financial institutions, there has never been more pressure on finance leaders to ensure integrity in internal auditing and controls. Boards of directors want assurance that official financial statements are squeaky clean, with every piece of data in tables and in footnotes double-checked. There’s zero tolerance for funny business, such as […]
Everyone knows staying compliant saves money. It prevents hundreds of thousands of dollars in regulatory fines. Beyond that, it seems that compliance only costs money. Time, effort and dollars go into keeping your organization compliant. If this is how you feel about your compliance program, there’s probably room for improvement. A compliance program should be saving your organization money.