Financial Compliance

How Financial Institutions Can Overcome Fraud and Money Laundering?

Bank regulators are constantly promoting the fundamentals in implementing an effective Anti-Money Laundering Program. However history has shown that banks are having difficulty in implementing a sound Anti-Money Laundering (AML) Program due to numerous reasons such as lack of resources, small oversights or lapses in controls such as KYC or enhanced due diligence processes, […]

Proactive Enterprise Risk Management Approach

The U.S. Corporations risk management processes are under increasing regulatory and private scrutiny. The complexity, number and velocity of risks are increasing and managing the myriad of changes in risk is becoming extremely difficult. Organizations are constantly firefighting and trying to mitigate risk by taking corrective actions. This reactive approach not only increases response […]

Regulated Use of Blockchain Technology for Financial Services Industry

Blockchain is slowly transforming Financial Services Industry (FSI). A lot of conventional firms are now focusing on “distributed ledger technologies” for the digital currency called the Bitcoin. Emphasis is on increasing the generic blockchain uses for areas like trade settlements, clearing, payment systems, commercial paper and others. All of this is in trial and testing […]

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 […]

Global Risk Management Survey

A CEO’s Perspective

The financial crisis which shook global markets and financial institutions worldwide has forever changed the landscape with an era of sweeping regulatory change. The new regulatory landscape is placing demands on financial institutions in such areas as corporate governance, risk appetite, capital adequacy, stress tests, operational risk, technology data and information systems, […]

Electronic Money with Compliance Hazards

The Electronic Fund Transfer Act (EFTA, 12 CFR 1005) was passed by the U.S. Congress in 1978 and signed by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities.

If your institution is still debating the future of Remittance Transfers (RT), you’re not alone. Despite a fast-approaching deadline, many banks […]