PYMNTS

FEBRUARY 17, 2020

increased regulation over content delivered online through platforms may be on the horizon. This past week, Britain’s federal government said its media regulator, known as Ofcom, would be given new oversight to monitor and regulate material posted on the web by companies such as Facebook, Google and Twitter. In the U.K.,

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Regulation Google Operations Company 140

PYMNTS

DECEMBER 18, 2020

The new regulations, if adopted after a comment period, would require banks and some other institutions to obtain and report the identities of parties engaging in certain digital transactions, including payments involving what are called "unhosted wallets" – effectively secret bank accounts that hold cryptocurrency.

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Bitcoin US Regulation cryptocurrency 354

PYMNTS

APRIL 8, 2019

Australian financial regulators are feeling pressure to ensure financial institutions treat customers properly and have turned to artificial intelligence (AI) in an attempt to improve compliance, according to a report by the Financial Times. The trend is starting to appear nationally.

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Compliance Regulation Industry National 108

South State Correspondent

JANUARY 16, 2024

BSBY was not well received by US regulators from its inception, but the market eventually embraced SOFR over BSBY. 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.

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South State Correspondent

AUGUST 21, 2022

Meet Competitive Pressures: National and larger regional banks are specifically targeting better borrowers for seven, ten, or 20-year fixed-rate loans. The first decision a community bank must make in choosing a hedging program is if they will subject their commercial customers to ISDA documents.

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Abrigo

MARCH 31, 2023

You might also like this webinar: "CECL implementation FAQs: Progress as 2023 approaches" listen Takeaway 1 The National Credit Union Administration emphasized interest rate, liquidity, and credit risk as main concerns. Takeaway 2 Credit unions may still have questions about regulatory expectations for CECL after adopting the new standard.

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Abrigo

JANUARY 17, 2024

The United Nations estimates there are currently 40 million people enslaved around the world, and that one-quarter of them are children. According to the  National Human Trafficking Hotline , working in the financial industry provides you the opportunity to report suspicious behavior involving 92% of the various  types of human trafficking.

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Abrigo

FEBRUARY 10, 2022

The AMLA set the stage for establishing a national reporting system for beneficial ownership and for potentially changing current CDD/BO requirements in an effort to improve financial transparency and prevent criminals and terrorists from misusing companies to disguise illicit activity. Need to Know. Is your AML department properly staffed?

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Training Regulation Report Compliance 195

Abrigo

SEPTEMBER 6, 2024

According to the Treasury , the rule will provide highly useful information to law enforcement authorities and national security agencies. This includes monitoring their activities, understanding their client base, and ensuring they adhere to the same standards as other regulated entities. Stay up to date on AML/CFT and fraud trends.

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Compliance Training Fraud Regulation 195

Abrigo

JANUARY 11, 2023

Institute Against Human Trafficking reported that the 2020 Super Bowl in Miami saw a 163% increase in human trafficking reports to the national hotline over the course of the event. BSA Rules and Regulation. BSA Rules and Regulation. BSA Rules and Regulation. It dropped down to 140 incidents in March 2019. Learn More.

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PYMNTS

JUNE 8, 2020

United Nations global blockchain expert Massimo Buonomo has foreseen a future where digital currencies could replace low-interest bank accounts, Coindesk reports. He said the regulators would need to have total control over a cryptocurrency-fueled system that replaced traditional banking.

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blockchain cryptocurrency Maine National 338

PYMNTS

JULY 24, 2020

Traditional financial institutions mandate that borrowers put up property to back their loans and follow a procedure that involves significant documentation. In October, news surfaced that the Kenyan National Assembly was mulling legislation that would make mobile lenders in the nation face central bank supervision.

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Lending National Mobile Online 157

Abrigo

JANUARY 3, 2024

Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued a new regulation on the requirements, including how AML staff will access the information through a new federal beneficial ownership information (BOI) registry. This is in line with the current CDD regulations. Effective Jan. More is expected on this later.

Fraud 221

Fraud Regulation Report Compliance 221

Abrigo

JUNE 2, 2021

This document was also written for examiners and recognizes the exam burden for financial institutions. The guidance emphasizes a risk-focused approach to examinations and refocuses the regulators to scope each exam according to the unique financial institution, not to use a one-size-fits-all approach. 6 Critical Areas. Calibration.

How To 195

How To Training Compliance Policies 195

PYMNTS

MAY 16, 2020

But the company wrote in the document that under the system, users could “hold digital currency with the same denomination as the local physical currency (e.g., $100 A central entity may be a central bank which regulates a monetary supply,” the company wrote. “A Visa did not immediately respond to a request for comment on the filing.

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System blockchain Regional Security 320

PYMNTS

JULY 9, 2020

A new rule from the United Nations will require connected cars sold in Japan, South Korea and the European Union, among other places, to be protected against cyberattacks, The Wall Street Journal (WSJ) reported. Japan said it would begin implementing the rules next year, and South Korea plans to introduce some regulations this year.

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Security United States Guidelines Texas 146

PYMNTS

JULY 23, 2019

China’s banking regulator is introducing stricter requirements on banks and insurance institutions that provide supply chain financial solutions in an effort to curb fraud, according to China Daily reports last week. Noah, however, claims that it had verified all documentation with JD.com. Regulators Step In.

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Fraud Regulation Report Management 128

Abrigo

JULY 16, 2021

Takeaway 2 Regulations haven't been written, but there are steps community financial institutions can take now to prepare. While these are general today, the AMLA requires that regulations be written around each Priority, as appropriate. Until regulations have been released and go into effect, regulatory expectations remain unclear.

Community 195

Community Regulation Training Policies 195

PYMNTS

DECEMBER 29, 2020

“Though the industry moved to enable interoperability of mobile wallets in 2018, this is limited to only P2P payments, and is yet to be expanded to both merchant and agent interoperability and even to work seamlessly at P2P,” according to the draft of the Kenya National Payments System 2021-2025 report.

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National Mobile Policies Payments 160

Abrigo

JUNE 8, 2021

On September 9, 2020 Deutsche Bank Trust Company Americas (DBTCA) agreed to pay two civil monetary penalties – one for $157,500 and the other for $425,600 – to the Department of the Treasury OFAC for violations of the Ukraine-Related Sanctions Regulations. Framework Document. What can AML professionals learn from the DBTCA case? .

Compliance 195

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Abrigo

DECEMBER 20, 2021

The CBOT investigation determined that this was not an adequate number of analysts and that they were not thoroughly reviewing the documentation of each unusual activity alert. While templates are not inappropriate and can improve efficiencies, they should not be used without verification and supporting documentation.

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Abrigo

AUGUST 31, 2023

Both resident and non-resident international clients may drop or rearrange names to fit into Western systems, but their documents, including checks and deposits, may still use their original nomenclature. Miss” and thus alienating nonbinary customers.

Compliance 195

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PYMNTS

NOVEMBER 20, 2020

News came this week that a (virtual) meeting between regulators and Big Tech – which would center on draft proposals that might impact their very operations on the Continent –has been postponed briefly from Nov. For Big Tech, there’s just a hint of a bit of a reprieve in Europe. 24 to Dec 2. As noted by Yahoo!

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Policies Google Apple Regulation 260

Abrigo

MARCH 24, 2023

READ Takeaway 1 Documentation is one of the most critical aspects of performing a risk assessment. Step one Document the BSA/AML risk assessment Documentation is one of the more critical aspects of performing a risk assessment. The credit union’s risk analysis can only be adequately supported with supporting documents.

Fraud 195

Fraud Compliance Examples Analysis 195

Jeff For Banks

NOVEMBER 24, 2019

September 1st, 1999, regulators from the Federal Deposit Insurance Corp, at the behest of the Office of the Comptroller of the Currency, descended on a small coal mining town in Keystone, West Virginia. Clearly, blue-suit regulators stood out. The bank, First National Bank of Keystone, was $1.1

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National West Virginia Virginia Pennsylvania 78

PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free. Think of the message you're sending to repeat offenders.”.

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Report North Carolina United States New York 279

PYMNTS

FEBRUARY 14, 2020

In perhaps the most sweeping example, the member states of the United Nations have embraced, as part of “sustainable development goals,” a target to “provide legal identity for all, including birth registration,” by 2030. An ambitious goal, to be sure, and one that the U.N.

How To 205

How To National Data Fraud 205

Abrigo

SEPTEMBER 13, 2022

grand jury subpoena and National Security Letters) Information Sharing 314(b) requests Manual review of internal reports for unusual transaction activity In addition to the manual identification processes, surveillance monitoring by automated AML systems is becoming the expected norm for medium to large institutions. Learn more.

Software 195

Software Resources Training Compliance 195

PopularBank

MAY 25, 2021

Popular Bank Senior Vice President and Director of National Healthcare Financing Andrew Boland joined fellow industry leaders for the Environmental Banker Association (EBA) panel discussion How COVID Changed Senior Living & Care Underwriting. Are you following current regulations? We asked questions about their safety.

National 52

National Industry Lending Strategy 52

South State Correspondent

MAY 30, 2024

We work with well-known national CPA firms that specialize in working with banks specifically to claim their ERC tax rebate. Inability to hold in-person meetings—with customers, partners, regulators, industry representatives, and more. The 10% impact could be a combination of factors.

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Georgia Alabama New Jersey Taxes 195

PYMNTS

APRIL 30, 2019

The resulting document shows the extent of bank supervisors’ failures to catch the money laundering or stop it from happening. The document illustrates how little action was taken to respond to the warnings, a move that the EBA says is a breach of EU rules.

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Virgin Islands Taxes National Regulation 129

PYMNTS

SEPTEMBER 12, 2018

regulators turn down its plan to pay back customers who purchased auto insurance they didn’t need. In June, Wells Fargo submitted the plan to regulators as part of a $1 billion settlement it reached with the CFPB and the OCC. Reuters noted that there is no deadline for when the regulators need to sign off on the plan.

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Regulation Operations Fraud National 100

PYMNTS

JULY 7, 2020

Now there’s the Retail Industry Leaders Association (RILA) asking for help with mandating mask guidance regulations to protect store personnel. Social media has been full of news of anti-maskers wrecking displays – and weeks ago, even attacking a store clerk because of regulations requiring them to mask up inside stores.

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Retail Groups social media Policies 151

Abrigo

MAY 30, 2024

The National Adult Protective Services Association defines EFE as the misuse or theft of assets belonging to a vulnerable adult for another person's benefit, often occurring without the senior's explicit knowledge or consent. The National Council on Aging estimates the annual cost of elder fraud to be closer to $36.5

Fraud 221

Fraud Training Trends National 221

CFPB Monitor

SEPTEMBER 24, 2020

Given this structure, one concern might be whether covered companies may find themselves subject to significant differences in interpretation of state and federal laws and regulations, depending on which state is leading an exam.

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Regulation Payments cryptocurrency Conference 60

PYMNTS

JUNE 16, 2020

They spoke before the Subcommittee on National Security, International Development, and Monetary Policy Tuesday. ” A memo included with the subcommittee’s documents also pointed to the U.S. While the sector is, for the most part, more secure than other verticals, it encounters the “world’s elite hackers,” Kellerman said.

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US Cyber Security Security National 227

South State Correspondent

JUNE 7, 2023

ERC Assist works with a nationally recognized, top-tier accounting firm specializing in financial institutions and has helped more than 25 banks collate the data and documentation needed to file an ERC claim. Unable to hold in-person meetings—with customers, partners, regulators, industry representatives, and more.

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