Perficient

FEBRUARY 15, 2024

The announcement of significant amendments to the DFS500 regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector. Embracing these changes enables entities to fortify their operations, safeguard stakeholders, and instill trust within the broader financial community.

Compliance 221

Compliance New York Regulation Analysis 221

Perficient

OCTOBER 24, 2024

As noted at the time by the OCC, advances in computing capacity, increased data availability, and improvements in analytical techniques have significantly expanded opportunities for banks to leverage AI for risk management and operational purposes. Co-pilots: Software supported and enabled traders to operate more efficiently and swiftly.

Regulation 221

Regulation Risk Management Compliance Fraud 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

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 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

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. With FRAML, institutions can reduce duplicated technology and staffing needs, creating operational efficiencies that lower costs.

Fraud 195

Fraud Training Risk Management Compliance 195

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

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.

Compliance 221

Compliance Training System Management 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

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

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

South State Correspondent

JANUARY 16, 2024

Bloomberg recently announced that it will shut down its BSBY index on November 15, 2024. Unfortunately, some banks adopted BSBY as one of their preferred indexes and in doing so created risk in derivatives and operations. No additional reporting or regulatory compliance for the lender or the borrower. No ISDA documents.

Community Bank 195

Community Bank Community Compliance CA 195

Abrigo

FEBRUARY 14, 2024

You might also like this on-demand webinar, "AML/CFT hot topics for 2024: What to expect for financial crime." WATCH NOW Takeaway 1 Reduce stress and mitigate financial and compliance impacts Takeaway 2 AML employee succession plans should be “living” documents. What tasks are required per regulations?

Training 195

Training Fraud Compliance Regulation 195

Abrigo

OCTOBER 15, 2024

Material differences to balance sheet mark Challenges with income recognition Banks and credit unions most often use their core operating systems or manual spreadsheet processes to perform these calculations. Other accurate, more efficient options for calculating accelerated and base accretion exist. History tells us differently.

System 221

System Operations Risk Management Marketing 221

Abrigo

SEPTEMBER 30, 2024

You might also like this 6-step guide for compliance with new AML/CFT program rules. This approach is not just a best practice; it’s quickly becoming a necessity for effective compliance. It’s not just about compliance anymore; it’s about building a more efficient and effective program to keep up with evolving threats.

Management 195

Management Fraud Software Compliance 195

Abrigo

NOVEMBER 13, 2024

Companies are borrowing more to cover operational costs but continue to pay suppliers on time, with payables remaining under 30 days. Early 2024 figures show a dip in DSCR to 4.62x. Those trends have driven an increase in Days Needed Financing from 77 to 93 days. However, leverage continues to improve.

Lending 195

Lending Meeting Data Risk Management 195

Abrigo

AUGUST 5, 2024

You might also like this webinar, "Tackling operational risks: Strategies for check fraud and ransomware prevention" register Takeaway 1 Financial fraud is becoming more sophisticated in today's world, and counterfeit checks and duplicate check deposits are significant threats. this year, making up 60% of all attempted fraud.

How To 195

How To Fraud Training Software 195

Fintech Labs Insights

AUGUST 23, 2024

The 39 Largest Corporate Client/User Events in Financial Services Technology Top 25 Online Digital Accounting Services for Small Business (SMB): Aug 2024 Related Stories How Have the Finovate Best of Show Winners Fared? Top 10 Digital Challenger Banks for Youth/Teens (July 2024) SMB Cards & Spend Management Profile: Divvy (Bill.com)

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Conference Las Vegas San Diego San Antonio 15

Perficient

JUNE 25, 2024

Hsu, addressed the 2024 Conference on Artificial Intelligence (AI) and Financial Stability, providing critical regulatory insights on AI. On June 6, Acting Comptroller of the Currency, Michael J. Hsu discussed the systemic risk implications of AI in banking and finance using a “tool or weapon” approach.

Case Study 221

Case Study Risk Management Analysis Innovation 221

Abrigo

JANUARY 22, 2024

These tips can help ensure compliance while improving your offerings. billion in losses globally last year, according to Nasdaq’s  2024 Global Financial Crime Report. For Historically, the operational functions of fraud and AML/CFT have remained wholly or partially siloed. download NOW Takeaway 1 Fraud losses totaled $485.6

Fraud 221

Fraud Risk Management Training Software 221

Abrigo

SEPTEMBER 25, 2024

As interest rates fall, the loans will offer more affordable monthly payments, allowing small businesses to reinvest savings into their operations. Banks have issued 59,833 approved 7(a) loans so far in fiscal 2024, up 53% from 2020. Credit unions only make 2.4%.

Lending 221

Lending St. Louis Fraud Software 221

Abrigo

JUNE 30, 2017

By 2024, sector growth of 11 percent is expected - this forecast should provide confidence for you and especially your clients. The recent Accounting Firm Operations and Technology Survey (AFOT), available as a PDF eBook at CPA Trendlines , produced by Randolph P. With this designation comes good news.

eBook 220

eBook Compliance Taxes United States 220

Abrigo

FEBRUARY 16, 2024

It's about ensuring that every aspect of your lending operation is optimized for efficiency and effectiveness. Whether it's at the start of a year or some other time, focusing on these key areas will help you fine-tune your operations and set your financial institution up for success in the year ahead. Prepare for your next exam.

Training 195

Training Risk Management Analysis Policies 195

PYMNTS

SEPTEMBER 25, 2017

Within the past few months , several companies have introduced solutions aimed at helping merchants either improve their existing cash flow operations or get back on track following a major disruptive event, like a hurricane. Here are the numbers: 125 billion | Anticipated value of the point-of-sale terminal market by 2024.

Data 109

Data Payments California Mobile 109

Perficient

FEBRUARY 2, 2023

All of Instagram’s shopping features allow users to add items from multiple vendors into an Instagram-operated cart. million in 2024. Shoppable posts are photo posts of merchandise that have hyperlinks to their respective product pages. In 2023, we anticipate that more and more vendors will hop on the Instagram Shopping train.

Industry 471

Industry Trends social media Payments 471

PYMNTS

APRIL 27, 2020

billion by 2024, and a separate study suggested that many customers were willing to use FinTechs as well as their primary banks to receive the level of technological support they desired. The number of online banking customers is growing worldwide, and FIs’ consumers are coming to expect seamless digital experiences as a result.

Digital Banking 248

Digital Banking Tools social media Mobile 248

Jeff For Banks

APRIL 4, 2024

Shadow Banking refers to banking-like operations that take place outside of the mainstream banking industry. Technology Advancement and Generative Artificial Intelligence In the third quarter of 2023, the total operating expense to operate a branch was 47% direct cost: branch salaries and benefits, lease expense, etc.

Banking Trends 110

Banking Trends Trends Millennials Oregon 110

PYMNTS

NOVEMBER 12, 2019

Innovation in the accounts payable (AP) space continues to expand, with FinTechs looking to capture their piece of a growing market driven by businesses’ desire to digitize their operations. billion valuation. But corporate payers are not the only entities in charge of driving adoption of AP automation technologies.

Innovation 124

Innovation Digital Strategies Payments Tools 124

South State Correspondent

OCTOBER 25, 2023

This cost includes receiving checks, scanning, providing checks, check security, data verification, check data management, compliance, fraud management, customer service for transactions, handling complaints, dispute resolution, and exception handling. This is the Rubicon in check processing.

Fraud 195

Fraud ATM Payments Management 195

South State Correspondent

JUNE 27, 2023

This leads to enhanced transparency and improved accuracy and facilitates compliance with regulatory reporting requirements. Operational Efficiency : By using a common standard, banks can streamline their operations, reduce complexity, and simplify their infrastructure.

System 195

System Data Examples Payments 195

Gonzobanker

DECEMBER 14, 2023

Expect more deals to be announced in 2024. The It’s Still No Fun to Work Here Award – goes to the “stagecoach” Wells Fargo , which now is dealing with unionization efforts from employees at certain branches and has set aside $1 billion+ for additional employee severance costs in 2024. and Summit Financial Group, Inc.

Fintech 190

Fintech Community Regional Technology 190

Abrigo

OCTOBER 14, 2022

They are having to outsource a lot and increase their operating expenses without any offsetting revenue and while dealing with supply chain issues.” Financial institutions should have an LOS system in place or other means to cover this new reporting task before the compliance date arrives.

Risk Management 195

Risk Management Management Policies Lending 195

PopularBank

JULY 23, 2024

In May 2024, the European Union (EU) passed the world’s first comprehensive legal framework for AI. The technology can deliver personalized programs to help upskill and develop the staff to ensure compliance and optimal quality of care at your facility. Recently, we have also seen some global regulatory movement around AI.

Training 52

Training Data Exercises Industry 52

FICO

MARCH 7, 2023

Systems used in banking and financial services are firmly in scope and could be enforced as early as the second half of 2024. The EU AI act warns of financial consequences of non-compliance could be as high as €30 million (US$33m), or 6% of global revenue – far more severe than those incurred by non-compliance of GDPR.

Regulation 52

Regulation America Compliance Fraud 52

Accenture

AUGUST 26, 2019

Following the announcements made in 2018 by a number of system operators, the proposed migration of all HVPS over next few years marks the biggest move to date towards this objective. Banks can now even leverage ISO 20022 and APIs as the standard for data exchange in payments within the applicable regulatory and compliance requirements.

Industry 203

Industry Payments System Guidelines 203

PYMNTS

JUNE 27, 2018

Some of the largest FIs in the space have even begun to experiment , and experts predict that more than 90 percent of global FIs will have adopted the technology in some capacity by 2024. Another challenge is the possible impact that AI development errors can have on a bank’s operations, Ward added.

Digital Banking 148

Digital Banking Technology Management Risk Management 148

Perficient

NOVEMBER 12, 2024

EU Regulations European Union lawmakers signed the Artificial Intelligence (“AI”) Act in June 2024. The AI Act was published in the EU’s Official Journal on July 12, 2024, and became effective August 31, 2024. floating-point operations per second). biometrics).

Regulation 221

Regulation System Compliance Training 221