PYMNTS

DECEMBER 18, 2020

The case in question goes back to 2008 when a Bulgarian wrestler was investigated for reportedly turning to drug trafficking. The fact that the bank let it continue until 2008, or even beyond, impeded or frustrated the detection of the money laundering activities,” the indictment read, according to Bloomberg.

Compliance 203

Compliance Report Regulation Innovation 203

PYMNTS

JULY 2, 2018

According to John Epperson, principal at Crowe LLP , that goes to show that the current approaches to regulatory and compliance technology ( RegTech ) aren’t working. Banks spent $100 billion on RegTech solutions last year, and $6 billion has been invested by venture capitalists since 2008. Why RegTech? A Cultural Shift Is Needed.

Compliance 109

Compliance Regulation Meeting Strategy 109

Insights on Business

NOVEMBER 12, 2018

Today, governance, risk and compliance (GRC) is being transformed by not only rapidly-evolving regulatory standards and growing costs of non-compliance, but also by the clear and present need for greater GRC adoption/engagement – by the first line of defense – while delivering added value by empowering business users.

Compliance 107

Compliance Technology User Experience Analytics 107

Bank Innovation

DECEMBER 9, 2019

First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the “real game changer.” Jesper Berg, the head of the Financial Supervisory Authority in Denmark, says the next big threat for banks is the rapid spread of big tech into financial services. The […].

Data 221

Data Regulation Security Compliance 221

Let's Talk Payments

AUGUST 9, 2017

In the aftermath of the 2008 economic crisis, financial services regulators introduced a number of new measures to safeguard both the integrity and security of the financial system.

Compliance 106

Compliance Industry Report Fintech 106

Bobsguide

APRIL 2, 2019

The decade since the financial crisis of 2008 has been a challenging time for the financial services sector. Not only has the industry had to face the increased compliance and governance requirements that emerged as a result of new and tighter regulation intended to prevent a similar crisis in.

Compliance 129

Compliance Regulation Industry 129

PYMNTS

SEPTEMBER 12, 2019

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. A report found that the U.S. imposed a full $23.52 billion and the Middle East levied $9.5 million. .

Fraud 189

Fraud Fintech Compliance Regulation 189

Accenture: Banking

FEBRUARY 22, 2017

Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. RegTech has two aims: increasing the effectiveness and the efficiency of compliance. Both are critical.

Compliance 153

Compliance Regulation Innovation Fintech 153

Accenture: Banking

FEBRUARY 22, 2017

Following on from my previous blog introducing the new year in the Fintech Innovation programme, I wanted to turn the focus onto the emergence of RegTech—technologies that address the challenge and cost of regulatory compliance. RegTech has two aims: increasing the effectiveness and the efficiency of compliance. Both are critical.

Compliance 153

Compliance Regulation Innovation Fintech 153

PYMNTS

FEBRUARY 11, 2020

The Uber Money team will be geared toward putting into place new payment methods, harnessing smart routing technologies for payment gateways, using Uber artificial intelligence (AI) models for intelligent risk decisions and enabling as well as developing financial compliance tools. billion earlier in January and started in 2008.

San Francisco 186

San Francisco Fintech Analytics New York 186

PYMNTS

APRIL 14, 2020

As is the case today, albeit on a far smaller scale, the market crash of 2008 left millions unemployed and scrambling. New laws like California’s Assembly Bill 5 (AB5) and many others have also created new compliance hurdles for companies employing gig workers that must be managed.

Millennials 224

Millennials Compliance Payments National 224

PYMNTS

JANUARY 30, 2019

In addition, how can they remain confident that they are in compliance with existing AML laws? The inaugural edition examines how the 2008 financial crisis led to the current state of compliance and regulations, and why many FIs still struggle with standardization. Deep Dive: The Trouble With Existing AML/KYC Rules.

How To 170

How To blockchain Compliance Fraud 170

CFPB Monitor

DECEMBER 17, 2014

The CFPB has made SCRA compliance a priority issue. Congress extended the protection period from three to nine months back in 2008 and then to one year in 2012. Had Congress failed to act before the end of this year, the protection period would have reverted back to its pre-2008 level of three months.

Leadership 133

Leadership Policies Compliance National 133

PYMNTS

OCTOBER 17, 2017

WePay was founded in 2008 to make it easier for software platforms to integrate payments into their offerings. Developers are seeking to instantly embed payments inside their organizations, and without the risk and compliance issues often associated with the standard model of payments acceptance.

Payments 217

Payments Software Fintech Compliance 217

PYMNTS

FEBRUARY 4, 2019

A series of regulations was established to encourage a safer, more transparent financial services environment following the 2008 financial crisis. Money laundering remains a significant problem in the financial services sector, though, despite the urgency brought about by 2008.

How To 161

How To Regulation Compliance Meeting 161

Insights on Business

MAY 3, 2018

Today, IBM proudly accepted two distinguished RegTech Awards 2018 for our innovations within IBM Watson Regulatory Compliance: “Best AI Solution for Regulatory Compliance”. With these awards, what is most exciting is the recognition of the value we bring to clients in need of solutions for regulatory compliance and risk.

Compliance 70

Compliance Innovation Regulation System 70

American Banker

MAY 2, 2023

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FDIC 100

FDIC Policies Compliance Regulation 100

PYMNTS

OCTOBER 15, 2020

We had already identified that we wanted to grow out of being a point solution and become more of an end-to-end compliance and identity proofing platform,” Pointner said. “We The world saw this during the 2008-09 financial crisis, he pointed out, when fraud attempts doubled and, in some cases, tripled.

Company 243

Company Fraud Compliance Course 243

PYMNTS

NOVEMBER 11, 2020

Essentially, the new rules update the old antimonopoly laws which were passed in 2008. Alibaba’s shares had already dropped sharply last week after that event. For example, the definition of “relative market” means that companies in a “dominant position” if they control more than 50 percent of the market would come under the new regulations.

Regulation 239

Regulation Branding Apple Retail 239

Abrigo

JULY 10, 2019

FinCEN has issued several specific advisories since 2008 concerning political corruption, the latest in 2018 advising that corrupt senior foreign political figures and human rights abuses are directly linked in many cases. The U.S.

Community 265

Community United States Policies Guidelines 265

Bank Innovation

OCTOBER 17, 2016

Recently a federal appeals court decided that the Consumer Finance Protection Bureau—a federal organization designed to safeguard against some of the pitfalls that led to the 2008 crisis—had been operating unconstitutionally, something which is certainly a blow to the agency itself and will no doubt have ramifications for how it Read More.

Fintech 150

Fintech Operations Compliance Online 150

Bank Innovation

FEBRUARY 1, 2019

The 25% plunge -- the worst since July 2008 -- capped a tumultuous three days that shaved about €7.2 Wirecard AG fell the most in more than a decade on Friday after a report that a law firm found evidence of alleged forgery, the latest fraud allegations to beset the digital payments company. billion ($8.3 […].

Fraud 150

Fraud Report Payments Company 150

PYMNTS

MARCH 9, 2020

He said his organization is talking to regulators about how companies could meet compliance rules if trading staff aren’t working from a place where they’re required to, where there’s plenty of oversight. They’ve done this in the past around the 2008 financial crisis and 9/11.

New York 154

New York Regulation Meeting Industry 154

PYMNTS

JULY 17, 2019

Historically, banks are taking a reactive approach to risk: reactionary measures were largely behind financial institutions’ pullback from the small business lending market following the 2008 global financial crisis, for example. On top of that balancing act is the rising pressure of regulatory compliance, too.

Data 130

Data Management Analytics Compliance 130

PYMNTS

SEPTEMBER 12, 2019

The Cost of Compliance. The projected 2020 cost of AML compliance across all U.S. Between 2008 and 2018, approximately $26 billion worth of fines were levied against banks for AML, KYC and sanctions noncompliance. financial institutions (77 percent) for AML compliance. financial services firms is $26.4

cryptocurrency 116

cryptocurrency Regulation Compliance blockchain 116

PYMNTS

OCTOBER 29, 2018

risk and compliance firm Exiger. Last week the SFO suffered a setback when the High Court ruled that it could not reinstate charges against Barclays over a loan it made to Qatar during the financial crisis in 2008, which means the bank won’t face regulatory sanctions over its fundraising. According to City A.M.

Fraud 139

Fraud Compliance Lending Capital 139

FICO

AUGUST 21, 2020

When it comes to fraud and COVID-19, the Great Recession of 2008 provides some important lessons that can help banks and consumers protect themselves against the increased risk. Here’s what different about fraud during COVID than 2008. There’s one fraud pattern that’s highly predictable: when the economy goes down, fraud goes up.

Fraud 52

Fraud Customer Experience Tools Analysis 52

SWBC's LenderHub

JUNE 21, 2021

Regulatory technology, or RegTech, was developed in the wake of the FinTech revolution and has been continuously expanding since the financial crisis of 2008. Experts predict it will rapidly advance the regulatory landscape by offering technological compliance solutions for the highly regulated financial services industry.

Industry 78

Industry Compliance Regulation Technology 78

Insights on Business

JUNE 14, 2017

The worldwide banking industry experienced profound challenges during the Great Recession of 2008-2009. Pressures stem from a myriad of sources: competition from fintechs; unrelenting regulatory environment; associated costs of compliance (or non-compliance!);

Marketing 156

Marketing social media Millennials Customer Experience 156

PYMNTS

OCTOBER 14, 2016

A recent report by Strategic Treasurer highlighted the roles Big Data and analytics have played in the progression of treasury management, both to mitigate risk, heighten forecasting capabilities and handle events like the 2008 financial crisis.

Analytics 100

Analytics Big Data Compliance Data 100

PYMNTS

JUNE 20, 2017

But Big Data lands new capabilities in the hands of corporate treasurers and other executives that yields active, real-time assessments of risks from multiple angles, from counterparties to compliance. A weak data management strategy could heighten the risk of non-compliance.

Big Data 119

Big Data Data Risk Management Compliance 119

PYMNTS

APRIL 24, 2017

The Dodd-Frank Wall Street and Consumer Protection Act was supposed to prevent another 2008 banking meltdown — and solve the problem of “too big to fail.” And those banks are going out of business — or merging with bigger players — largely due to the complexity and cost of compliance. billion annually in compliance costs.

St. Louis 105

St. Louis Regulation Compliance Community Bank 105

PYMNTS

JANUARY 16, 2017

13) by Chief Regulatory Officer Sylvie Matherat and Chief Operating Officer Kim Hammonds, the Wall Street bank said the move is designed to improve the compliance practices at the company. billion in fines and legal settlements since 2008. According to a Bloomberg report, which cited a staff memo issued Friday (Jan.

Company 100

Company Compliance Google Policies 100

American Banker

AUGUST 25, 2023

The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.

Compliance 69

Compliance Industry Company Management 69

Abrigo

FEBRUARY 12, 2015

Drawbacks: Time, errors, compliance. Ray Panko , a professor of IT management at the University of Hawaii and an authority on bad spreadsheet practices, noted in a 2008 analysis of multiple studies that 88 percent of spreadsheet documents audited in these studies contained errors. This approach has numerous drawbacks.

Report 150

Report Hawaii Analysis Study 150

Abrigo

FEBRUARY 2, 2015

The banking industry has seen a steady stream of media attention since 2008, much of it in the form of stories about data breaches linked to major retailers or mega banks’ profits. The cost of compliance in these areas are also high for community bankers.

Community Bank 150

Community Bank Community Regulation Survey 150

PYMNTS

JUNE 26, 2018

In a press release issued on Monday (June 25), the SBA announced a strategic alliance with the American Institute of Certified Public Accountants (AICPA) to help small businesses (SMBs) facing regulatory compliance and enforcement issues. The SBA and AICPA have been working together since 2008, the entities noted.

Groups 101

Groups National Compliance Lending 101