Perficient

NOVEMBER 4, 2024

Artificial intelligence (AI) is poised to affect every aspect of the world economy and play a significant role in the global financial system, leading financial regulators around the world to take various steps to address the impact of AI on their areas of responsibility.

FDIC 170

FDIC Regulation Risk Management Compliance 170

PYMNTS

AUGUST 3, 2020

The paper cited documents and “Italian legal sources” in its story about the organized crime syndicate ’Ndrangheta and CenturionBet, an online gaming company based in Malta. It is unclear whether the bank knew its services were being used to skirt anti-money laundering regulations, the paper reported.

Regional 362

Regional Online Fintech Report 362

PYMNTS

AUGUST 20, 2020

The Consumer Finance Protection Bureau (CFPB) has settled with TD Bank in a case involving illegal overdraft practices, according to a court document. This went on between 2014 and 2018, the court document stated. The CFPB has sought to regulate overdraft violations more often in recent years. The bank charged around 1.42

Policies 262

Policies Regulation Cards Operations 262

CFPB Monitor

AUGUST 12, 2022

On July 29, 2022, the New York Department of Financial Services (“NYDFS”) released Draft Amendments to its Cyber Security Regulations. If passed, this third component would represent a significant new obligation for covered entities, potentially changing the manner in which companies document ransomware responses.

Regulation 147

Regulation Cyber Security New York Trends 147

Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence The announcement of significant amendments to the New York State Department of Financial Services (NYSDFS) regulations on December 1, 2023, represents a pivotal moment for entities operating within New York’s financial sector.

New York 221

New York Compliance Regulation Analysis 221

PYMNTS

JUNE 30, 2020

However, the internal document hints that the firm’s client base was significantly less sizable and the revenue from it much more uneven, per the report viewed by FT. The Commercial Affairs Department (CAD) of Singapore has been looking into the company’s Singapore operations for 16 months.

Regulation 222

Regulation Report Operations Payments 222

Perficient

FEBRUARY 15, 2024

This blog was co-authored by Perficient Risk and Regulatory CoE Member: Alicia Lawrence Perficient’s Risk and Regulatory Center of Excellence (CoE) remains at the forefront of evolving financial rules and regulations, ensuring readiness to tackle emerging challenges and safeguard financial institutions and its customers.

Compliance 221

Compliance New York Regulation Analysis 221

PYMNTS

NOVEMBER 2, 2020

Regulation. The Digital Services Act will be one of the regulations, which Vestager said will revise the eCommerce Directive and will make digital services take additional responsibility for contending with “illegal content and dangerous products.”. The Digital Markets Act is a second set of regulations. each month.

Taxes 212

Taxes National Regulation Google 212

Abrigo

FEBRUARY 14, 2024

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? We can help you navigate changing AML/CFT and fraud regulations. Who performs those tasks? How often are they performed?

Training 195

Training Fraud Compliance Regulation 195

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!

Policies 260

Policies Google Apple Regulation 260

PYMNTS

JANUARY 26, 2021

In other news, European FinTech SIA is partnering with WizKey to create a platform to allow credit negotiations on blockchain for banks, financial operators and funds, according to a press release. Diokno, Philippines’ Central Bank (BSP) governor in the release.

blockchain 244

blockchain Guidelines cryptocurrency Marketing 244

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.,

Regulation 140

Regulation Google Operations Company 140

PYMNTS

MAY 12, 2020

Traydstream , a FinTech that looks at trade documents with artificial intelligence (AI), has partnered with Infosys Finacle to implement blockchain technology and further automate trade finance, according to a press release. Consequently, our clients have experienced processing time reduction by nearly 75 percent.”.

blockchain 213

blockchain Compliance Regulation Fintech 213

Abrigo

JUNE 10, 2020

The former Chief Operational Risk Officer was fined for insufficient action on AML program deficiencies and staffing issues. Adequately staffed and risk-focused AML resources with good documentation are critical. The regulators don’t care what your budget is,” Luttrell says. Ensure good documentation.

Resources 195

Resources Regulation Compliance Policies 195

Abrigo

AUGUST 19, 2022

Takeaway 1 Regulators recently reminded financial institutions to have risk-based customer due diligence ( CDD ). Takeaway 3 BSA Officers should carefully document each customer risk review. You might also like this webinar, "Balancing compliance risk & reward with high-risk businesses." Regulatory reminder.

ATM 195

ATM Regulation Fraud Policies 195

PYMNTS

DECEMBER 11, 2019

The United Kingdom’s regulator on competition and antitrust concerns has signaled that eCommerce giant Amazon’s stake in food delivery service Deliveroo may need additional examination. Deliveroo, for its part, stated that it has been working with regulators on these issues. Reports came from CNBC Wednesday (Dec. last year.

Regulation 131

Regulation Innovation Operations Report 131

Perficient

SEPTEMBER 2, 2022

To me, the companies that did best were those who invested and used the underlying technology to enhance the customer experience and streamline operations. R.TY: Well, several years prior I was responsible for getting new legal documents required to meet a then-new federal regulation. Very inefficient.

blockchain 55

blockchain Customer Experience Examples Leadership 55

CFPB Monitor

MAY 23, 2019

The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal enforcement initiative involving the FDIC, OCC and other federal agencies. In July 2017, the D.C.

FDIC 112

FDIC Operations Policies Regional 112

Abrigo

APRIL 12, 2021

An LOS is defined as a system that automates and manages the end-to-end steps in the loan process – from the application, through underwriting, approval, documentation, pricing, funding, and administration. Some third-party vendors are regulated by the Federal Financial Institutions Examinations Council (FFIEC).

System 338

System Lending Software Analysis 338

Abrigo

NOVEMBER 3, 2023

Takeaway 3 Some important ongoing actions for CECL staff include ongoing data validation and documenting qualitative factors, or Q factors Processes and approaches for the ACL What are CECL best practices? In addition, a major aspect of managing the ACL is explaining the calculation and the resulting data to boards, auditors, and regulators.

Management 195

Management Policies Training Compliance 195

Perficient

JUNE 1, 2023

We also enable clients to use Writer’s snippets to follow strict compliance regulations and efficiently include disclosures in their Sales and Marketing. Boost operational efficiency and rapid scalability by effortlessly generating new documents using existing data and content with the help of AI-powered document creation.

Compliance 251

Compliance Industry Regulation Data 251

PYMNTS

JULY 1, 2020

In today’s top news, the Senate extended the PPP application deadline by five weeks, and an internal document reveals a small client base brought in over 50 percent of Wirecard’s sales. Plus, Brazil’s antitrust regulator said it will reverse its decision to suspend the WhatsApp-Cielo partnership.

Payments 130

Payments Compliance System Regulation 130

PYMNTS

SEPTEMBER 21, 2020

The Financial Crimes Enforcement Network ( FinCEN ) uncovered government documents on how giant financial institutions (FIs) move trillions of dollars in suspicious transactions, padding their bottom lines, while terrorists, drug dealers and corrupt politicians are allowed to run free. . On Monday (Sept.

social media 297

social media Report Operations Company 297

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.

Report 279

Report North Carolina United States New York 279

Cisco

OCTOBER 4, 2022

It is an update to the 2004 Operations book, and links the different processes of Architecture, Infrastructure, and Operations (AIO) into a cohesive framework for auditors to assess. In this booklet the FFIEC discusses the principles and practices for IT and operations, as well as processes for addressing risk respective to IT systems.

Operations 118

Operations Software Risk Management Management 118

PYMNTS

DECEMBER 8, 2020

. Traditional bank account opening methods have long involved visits to branches and face-to-face meetings with officials in which physical identification documents are presented. Jumio said the offering can reduce operational costs by as much as 90 percent, eliminate in-person visits and paper costs, and simplify archival processes.

Video 211

Video Report Meeting United States 211

Perficient

OCTOBER 15, 2024

Lets talk about data governance in banking and financial services, one area I have loved working in and in various areas of it … where data isn’t just data, numbers aren’t just numbers … They’re sacred artifacts that need to be protected, documented, and, of course, regulated within an inch of their lives.

Tools 221

Tools Data Compliance Regulation 221

Abrigo

DECEMBER 13, 2023

Well-documented adjustments will please regulators. Testing process Calibrate your program with above-the-line/below-the-line testing One of the best ways to address dynamic and emerging risks is conducting above-the-line/below-the-line (ATL/BTL) testing to ensure your software operates at its peak efficiency.

Training 221

Training Fraud Software Regulation 221

Perficient

JUNE 5, 2020

Secure software practices are at the heart of all system development; doubly so for highly regulated industries such as health-care providers. This includes static application structure, dynamic application behavior, third-party component patch/version levels, and overall deployment environment compliance with hardened operating systems.

Compliance 332

Compliance Security Software System 332

Abrigo

NOVEMBER 9, 2020

Prudential regulators have made it clear that while they will adjust supervisory strategies as appropriate to emerging risks of the pandemic, examiner scrutiny will continue assessing basic principles that ensure the safety and soundness of financial institutions. Can people access data and documents wherever the staff are located?

System 195

System Lending Software Risk Management 195

Abrigo

JULY 9, 2024

Proposed NPRM FinCEN's anticipated AML/CFT program rule The Financial Crimes Enforcement Network (FinCEN) recently unveiled its Notice of Proposed Rulemaking (NPRM) for AML/CFT programs, federal regulators’ latest move to enhance the integrity and effectiveness of anti-money laundering and countering the financing of terrorism (AML/CFT) efforts.

Compliance 221

Compliance Fraud Regulation National 221

PYMNTS

FEBRUARY 7, 2019

Tightening regulations have introduced loftier compliance burdens to global supply chains, made even more complex and challenging as companies do business with thousands of vendors across borders. regulations, even if a vendor is not in the U.S. “We use technology as the basis for gathering, and for maintenance of, the documents.

Compliance 164

Compliance Retail blockchain Regulation 164

PYMNTS

DECEMBER 23, 2020

The road to mainstream acceptance of cryptocurrencies will still have its bumps, its potential roadblocks set in place from regulators. At the heart of it all might lie a jousting existential in nature — namely, between the companies that create and issue cryptos and the agencies that regulate them.

cryptocurrency 234

cryptocurrency Security Bitcoin Regulation 234

PYMNTS

JULY 6, 2020

The Big Four accounting firms will have to put their United Kingdom auditing and consulting practices in separate business units by 2024, but may keep them within the same parent companies, under regulations announced today by the Financial Reporting Council. The measures by the U.K.’s

Regulation 165

Regulation Report Operations Meeting 165

PYMNTS

NOVEMBER 3, 2020

3), stock exchanges in Shanghai and Hong Kong have suspended the looming IPO (initial public offering) in Ant Group, citing regulatory changes in the financial services landscape — and summoning executives including controller Jack Ma to meet with Chinese regulators at the China Securities Regulatory Commission.

Lending 199

Lending Meeting Groups Regulation 199

PYMNTS

SEPTEMBER 24, 2020

This is far from the only significant change to how AP departments operate, and many companies are also exploring digital tools for onboarding new vendors more smoothly. The digital methods suit remote purchasing environments and offer security features that can make it difficult for fraudsters to use stolen card details.

Report 269

Report Payments Tools Video 269

Abrigo

AUGUST 26, 2024

Takeaway 2 Starting CECL model risk assessments at a high level ensures the focus is on data inputs, assumptions, documentation, and estimates. Starting at a high level helps avoid getting lost in the complexity of CECL and ensures the focus remains on data inputs , assumptions, documentation, and estimates.

Compliance 195

Compliance Management Regulation Data 195