Bank Compliance System

Increasing Bank Resilience During Turbulent Times with Technology

It would not be an exaggeration to say that the recent shutdowns caused by the pandemic were a shock, not just to the financial industry but to the whole economy. Banks are uniquely intertwined into every sector of the economy and were thus affected much more than most other industries. The economy is a […]

Are Robots Taking over Banking Industry?

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 […]

Difficult Times: Goldman Sachs Sued for $510 million along with Regulatory Penalties?

Regulatory misconduct?
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 […]

Federal Regulator Warns Banks about Complying with BSA/AML Laws

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 […]

Why Banks are Apprehensive to Fully Embrace Fintech

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 […]

Why Automation Means Fewer Control Violations Involving Audits

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 […]