Abrigo

SEPTEMBER 6, 2024

FinCEN's 2024 real estate and investment advisory rules FinCEN is tightening the reins on residential real estate money laundering and investor advisers. It’s essential to ensure that your compliance programs are updated to address covered real estate professionals and investment advisers and robust enough to withstand regulatory review.

Compliance 195

Compliance Training Fraud Regulation 195

Perficient

NOVEMBER 19, 2024

On April 19, 2024, the Japanese government published new “AI Guidelines for Business Version 1.0” (the “Guidelines”). On May 22, 2024, the Council submitted draft discussion points concerning the advisability and potential scope of any future regulation.

Regulation 221

Regulation Guidelines System Compliance 221

Perficient

NOVEMBER 21, 2024

The first compliance deadline of April 1, 2026, impacts the largest organizations. The compliance deadline, however, depends on the firm’s total receipts from calendar years 2023 and 2024. The compliance deadline, however, depends on the firm’s total receipts from calendar years 2023 and 2024.

Compliance 221

Compliance Data Cards Meeting 221

Perficient

FEBRUARY 15, 2024

The NYSDFS Part 500 amendments signal a crucial shift in the financial services regulatory landscape and underscore the importance of robust governance, risk management, and compliance frameworks. Impacted institutions are subject to significant fines relative to the level of non-compliance identified by the regulators.

New York 221

New York Compliance Regulation Analysis 221

Perficient

FEBRUARY 15, 2024

These DFS500 amendments signal a crucial shift in the regulatory landscape, emphasizing the imperative for robust governance, risk management, and compliance frameworks across the financial industry. Impacted institutions are subject to significant fines relative to the level of non-compliance identified by the regulators.

Compliance 221

Compliance New York Regulation Analysis 221

Perficient

NOVEMBER 4, 2024

CFTC The Commodity Futures Trading Commission’s (“CFTC”) which regulates derivatives market activity, not particular technologies, issued in January 2024 a Request For Comment on current and potential uses and risks of AI in CFTC-regulated derivatives markets. However, in 2024 the FDIC reduced its public-facing role.

FDIC 221

FDIC Regulation Risk Management Compliance 221

Perficient

NOVEMBER 1, 2024

In March 2024, the Department of the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection issued a report in response to requirements from the 2023 executive order on AI, entitled “Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector.”

Regulation 221

Regulation US Community National 221

Perficient

JANUARY 23, 2024

This post has been updated to reflect FINRA Regulatory Notice 24-02, issued January 23, 2024. Additionally, these branches underwent annual on-site inspections to ensure compliance with regulations. What’s New? The shift to remote work prompted significant lifestyle and work habit changes, fostering workplace flexibility.

Compliance 221

Compliance Regulation Industry Maine 221

Gonzobanker

JANUARY 18, 2024

Having complained in a recent post on LinkedIn that a lot of the predictions I see are nonsense, you may think I’m crazy for posting my own set of predictions for 2024. That said, here are my banking and fintech predictions for 2024: 1. Tech companies that enable banks and credit unions to provide BNPL will have a good year in 2024.

Fintech 88

Fintech Customer Experience Tools Payments 88

Perficient

OCTOBER 24, 2024

This mitigates the risk of customer service representatives providing incorrect information and ensures compliance with regulatory disclosures, ultimately enhancing the overall customer experience while reducing costs. On June 6, 2024, the Office of the Comptroller of the Currency (“OCC”) Acting Chairman, Michael J.

Regulation 221

Regulation Risk Management Compliance Fraud 221

The Financial Brand

DECEMBER 18, 2023

This article Trends 2024: How Fintechs are Balancing Growth with Compliance Risk appeared first on The Financial Brand. Almost two-thirds of fintechs paid more than $250,000 in compliance penalties in 2023. This article Trends 2024: How Fintechs are Balancing Growth with Compliance Risk appeared first on The Financial Brand.

Compliance 34

Compliance Trends Fintech Branding 34

American Banker

DECEMBER 26, 2023

The crypto landscape is poised for significant developments in 2024, including a focus on tokenization, legislative uncertainties, a regulatory tug-of-war between the SEC and CFTC, and a potentially bullish year for Bitcoin.

Bitcoin 88

Bitcoin Policies cryptocurrency Compliance 88

Abrigo

NOVEMBER 22, 2024

Institutions using FRAML often find themselves better positioned to identify suspicious activities linking fraud and money laundering, potentially reducing compliance costs while improving outcomes. However, institutions must be cautious to ensure compliance requirements for fraud and AML aren’t compromised.

Fraud 195

Fraud Training Risk Management Compliance 195

Perficient

NOVEMBER 21, 2024

In the summer of 2024, the Hong Kong Monetary Authority (“HKMA”) issued multiple guidance documents to financial services firms covering their use of artificial intelligence in both customer-facing applications as well as anti-money laundering and detecting and countering terrorist financing (“AML/CTF”).

Regulation 221

Regulation Guidelines Study System 221

American Banker

JUNE 21, 2024

The chief compliance officer and general counsel at Bluevine is one of American Banker's 2024 Most Influential Women in Fintech.

Compliance 36

Compliance Fintech Technology 36

Perficient

OCTOBER 28, 2024

The Comment stresses that the use of fraud screening tools, such as those offered by third-party vendors that generate fraud risk services, must be offered in compliance with ECOA and the CFPA. Fraud screening.

Regulation 221

Regulation Fraud Tools Compliance 221

Perficient

DECEMBER 27, 2023

YOU MAY ENJOY: Regulatory Reporting in Financial Services Modernizing CRA Regulations Managing compliance risk frameworks in alignment with existing risk profiles is crucial as customer needs evolve. The effective date of the new rule is April 1, 2024, with key provisions taking effect on January 1, 2026, and January 1, 2027. Banks

Compliance 221

Compliance FDIC Regulation Fraud 221

Perficient

DECEMBER 21, 2023

Regulators to Bank Boards: “Debt is Good” Crucial Update: Extension of the Comment Period Since Perficient’s Risk and Regulatory Compliance Center of Excellence (CoE) analyzed this decision in September, a significant development has occurred. Learn More: U.S.

DC 221

DC FDIC Washington Compliance 221

American Banker

DECEMBER 27, 2023

The Consumer Financial Protection Bureau will take a bite out of bank profits in 2024 by issuing final rules on overdraft and credit card late fees, among other major rulemakings.

Cards 73

Cards Policies Compliance Regulation 73

Perficient

OCTOBER 15, 2024

In the banking sector, data governance is more than just a compliance checkbox. Thankfully, in 2024, we’re spoiled with a variety of platforms designed specifically to handle this madness. Financial services companies like AXA and ABN AMRO rely on these tools to handle everything from compliance workflows to data lineage mapping.

Tools 221

Tools Data Compliance Regulation 221

Abrigo

JANUARY 3, 2024

1, 2024, many companies must begin reporting information about who ultimately owns or controls them to a federal beneficial ownership registry. 1, 2024, many companies are required to begin reporting to the U.S. 1, 2024, have one year (i.e., 1, 2024) of the BOI Reporting Rule. Effective Jan. Department of Treasury 2.

Fraud 221

Fraud Regulation Report Compliance 221

Abrigo

OCTOBER 30, 2024

Increasing efficiency of compliant AML investigations To boost AML program productivity and keep pace with evolving compliance demands, financial institutions should focus on strategic operational improvements paired with the smart use of technology. See tailored AML/CFT solutions that can improve your compliance. Learn more 1.

Compliance 221

Compliance Training System Management 221

Abrigo

MAY 30, 2023

But compliance deadlines are tiered. 1, 2024, and report for the first time by June 1, 2025. 1, 2024, and report for the first time by June 1, 2025. 1, 2024, is the earliest compliance deadline. Below are details on important dates for 1071 compliance and what the changes involve.

Compliance 195

Compliance Lending Data Regulation 195

PYMNTS

DECEMBER 10, 2020

billion by 2024 at a compound annual growth rate (CAGR) of 6.18 Enforcing AML/KYC Compliance At Cryptocurrency Exchanges. Cryptocurrency exchanges are therefore taking their AML/KYC compliance more seriously, and are even partnering with third parties to help root out potential money launderers.

cryptocurrency 222

cryptocurrency Compliance Bitcoin Regulation 222

Gonzobanker

FEBRUARY 1, 2024

Our just-released What’s Going On In Banking 2024 research authored by Ron Shevlin reveals that cost of funds is the top concern for 70% of banks and credit unions this year, and deposit gathering was in the top four for half of both groups.

Conference 88

Conference FDIC Arizona Industry 88

BankInovation

SEPTEMBER 25, 2024

Financial institution leaders have prioritized innovation and efficiency efforts in 2024 while navigating continually evolving technologies. And they have done so while maintaining compliance as they await impending regulations.

Compliance 72

Compliance Fraud Regulation Innovation 72

Independent Banker

DECEMBER 31, 2022

The FDIC issued guidance about the consumer compliance risks associated with assessing NSF arising from the re-presentment of the same unpaid transaction. An NPR is due in 2024 or before. Quick Stat. The FDIC’s long-term goal for the reserve ratio of insured deposits. Source: FDIC. Multiple re-presentment fees. Data privacy.

Compliance 100

Compliance FDIC Community Bank Community 100

CFPB Monitor

FEBRUARY 12, 2024

The final rule became effective in 2020, and the Memorandum requires licensees to comply by March 31, 2024. Continue Reading

South Dakota 78

South Dakota Compliance Regulation 78

ATM Marketplace

AUGUST 22, 2023

New ATM standards for Payment Card Industry (PCI) compliance will also take effect beginning Dec. Here's how to ensure you're prepared.

ATM 104

ATM Compliance Cards Industry 104

American Banker

DECEMBER 28, 2023

While much of the attention in next year's election is on the top of the ticket, there are several other important races in 2024 that banks need to keep on their radar.

Policies 41

Policies Compliance Regulation 41

CFPB Monitor

FEBRUARY 22, 2024

Michael Guerrero, a partner in Ballard Spahr’s Consumer Financial Services Group and co-leader of the firm’s Fintech and Payment Solutions Team, has authored an article on buy now pay later (BNPL) that will be published in the March—April 2024 issue of ABA Risk and Compliance. Continue Reading

Compliance 78

Compliance Groups Fintech Payments 78

South State Correspondent

JANUARY 16, 2024

Bloomberg recently announced that it will shut down its BSBY index on November 15, 2024. The documentation was lengthy and complex, the regulatory compliance and reporting was cumbersome, the accounting was tricky, and the overhead cost of launching a hedging program was challenging. No ISDA documents.

Community Bank 195

Community Bank Community Compliance CA 195

American Banker

FEBRUARY 15, 2024

The Federal Reserve Board's 2024 stress test scenario posits severe market volatility, widening corporate bond spreads and significant declines in asset prices. The scenario comes alongside new exploratory analyses probing additional risks for the first time.

Marketing 36

Marketing Compliance Regulation 36

American Banker

MARCH 20, 2024

How the FDIC, the Federal Reserve and other regulators are working to keep banks in compliance through 2024.

FDIC 83

FDIC Compliance Regulation Risk Management 83

BankInovation

JANUARY 18, 2024

Discover Financial Services invested in its integrated digital banking model, risk management, analytics and compliance initiatives in 2023 and expects to continue those efforts this year.

Digital Banking 72

Digital Banking Analytics Risk Management Compliance 72

CFPB Monitor

FEBRUARY 28, 2024

The CFPB has revised its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding. The revisions became effective immediately upon publication in the Federal Register on February 22, 2024.

Compliance 78

Compliance Lending 78

Abrigo

JULY 9, 2024

Takeaway 2 Financial institutions will need to incorporate FinCEN's national AML/CFT priorities into their risk assessments and compliance programs. On June 28, 2024, FinCEN issued the long-awaited Proposed Rule to Strengthen and Modernize Financial Institution AML/CFT Programs. These include establishing: Governance mechanisms.

Compliance 221

Compliance Fraud Regulation National 221