Abrigo

FEBRUARY 6, 2024

Board involvement is not only a regulatory requirement but also a means to ensure safety, soundness, and adaptability to changes in lending regulations or institution-specific strategies. By navigating these challenges with a well-thought-out approach, credit unions can successfully contribute to individual and national economic growth.

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Chris Skinner

NOVEMBER 5, 2017

This week’s main blog headlines are … Regulating the unregulated I was thinking about this question of how to regulate global technology platforms that don’t recognise national boundaries, mainly in the context of crypto and digital currencies.

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Abrigo

FEBRUARY 28, 2023

Preventing SMS phishing, or "smishing: A financial institution's guide to smishing scams, why they work, and how to avoid them. According to the Credit Union National Association , the most common example is when someone impersonates an employee's boss, asking the employee to buy gift cards and forward the numbers and codes via text.

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Abrigo

FEBRUARY 20, 2025

Regulators expect financial institutions to demonstrate human oversight in fraud detection and suspicious activity monitoring. Train teams on software that leverages AI Ensure staff understands how their solution works and how to validate its findings.

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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. One rule of thumb is that any derivative leverage ratio over 20 requires an expert understanding of derivatives and risk management (typically found at the national banks).

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PYMNTS

OCTOBER 7, 2019

Merchants in the European Union (EU) are still wondering exactly what changes the regulation will bring when it comes to their relationships with customers. It is still a matter of debate on what exemptions, innovations and changes can be left up to national authorities — and what cannot. Around the PSD2 and GDPR world.

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PYMNTS

MAY 29, 2017

but experts are beginning to question how it will impact regulation. Reports in Reuters on Friday (May 26) explored how industry players are examining the future of financial regulation as FinTech continues its disruption. FinTech has no doubt changed the face of the financial services industry in the U.S.,

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PYMNTS

FEBRUARY 4, 2019

A series of regulations was established to encourage a safer, more transparent financial services environment following the 2008 financial crisis. Failure to meet AML/KYC requirement challenges can be costly for FIs, too, with regulators issuing heavy fines for lax security practices or failure to devote sufficient resources to oversight.

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Abrigo

JUNE 2, 2021

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. Leadership and staff understand the purpose of its BSA/AML efforts and how its reporting is used. BSA Rules and Regulation.

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Chris Skinner

MAY 1, 2017

Which country is still struggling to work out how to make a faster payment? Back in December, I picked up on this new Office of the Comptroller of the Currency (OCC) Ruling to issue national FinTech bank charters. Which country took a decade longer to get Chip & PIN than most? Land of the free, and home of the brave.

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Abrigo

APRIL 2, 2025

Regulators expect financial institutions to employ adequate technology and human resources to manage evolving fraud scams and risks. Clear escalation procedures and cross-department communication are vital for a well-rounded fraud prevention program.

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Abrigo

MAY 8, 2015

There are more than 6,000 banks and thrifts under $10 billion in assets and they are often less equipped to deal with complexities brought by additional regulations. He commented that regulations are likely to generate at least somewhat of a burden, but many provide public benefits that offset any burden imposed on community banks.

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PYMNTS

OCTOBER 18, 2018

In July, reports in the Financial Times said Switzerland is working to open the nation’s traditional corporate banking market to cryptocurrency companies finding it difficult to get banked, thanks to fears over anti-money laundering (AML) violations and other compliance issues. “Time is pressing,” he said.

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PYMNTS

NOVEMBER 15, 2020

The shift could drastically change how customers feel about having physical money stored in banks, according to the report. The BoE is among the global regulators looking at how to deal with digital currencies, which have become more of a clear prospect for the near future as the pandemic keeps people away from physical spaces.

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PYMNTS

APRIL 14, 2020

Gig workers’ rights and benefits — including healthcare and access to unemployment — have become key topics debated by regulators in th e United States as they work to figure out how to provide support. and other countries is the way consumers and regulators th ink about it. How The Pandemic Is Impacting Business Regulations.

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PYMNTS

MARCH 3, 2020

In today’s top news, Apple manufacturer and supplier Foxconn has returned to production, the Department of Justice charged two Chinese nationals with laundering over $100 million in cryptocurrency, and TurboTax’s deal to buy Credit Karma has sparked antitrust concerns. Two Chinese Nationals Charged With Laundering $100M In Crypto.

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PYMNTS

APRIL 9, 2020

A Travelex spokesman told the WSJ that the firm got advice from security experts on how to proceed, and have kept its investors and regulators up to date on the recovery. They claimed to have birthdates, credit card information and national insurance numbers and demanded the $6 million payment.

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Abrigo

OCTOBER 2, 2015

banks and credit unions, according to Graham Dyer, senior manager in Grant Thornton’s National Professional Standards Group. Dyer, who also serves on a task force related to implementing similar accounting rules internationally , said regulators in the U.S. This question is a major one for U.S.

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PYMNTS

JULY 24, 2018

New York’s years-long payroll card regulation saga took an unexpected turn recently when the New York State Supreme Court annulled a previous appellate court ruling, reviving efforts to introduce stricter payroll card rules. ” Depending on the outcome of the appeal, reports said, the payroll card regulations may come into effect.

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PYMNTS

JANUARY 15, 2019

Malaysia’s initial coin offering (ICO) regulations are said to take effect on Tuesday (January 15) per a notice from the Securities Commission (SC) in the country, Coindesk reported. At the same time, it was said that those who engage in digital asset dealing will have to follow rules for anti-money laundering (AML), among other regulations.

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PYMNTS

AUGUST 25, 2016

But Clearinghouse CDFI can also offer interesting insight into the state of regulation of small business lending and how greater oversight may impact the SMEs that prop up their local communities. the threat of regulation is headed the way of the alternative finance player. A Regional Reach. A Regulatory Touch.

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PYMNTS

DECEMBER 9, 2020

Lukies said that prior to the 2008 financial crisis, regulators and the like normally left banks to their own devices, as long as they didn’t mess it up so that people couldn’t pay their bills or go shopping. Lukies said the balance of regulatory trust has altered, ushering in a wave of regulations like open banking , PSD2 and GDPR.

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PYMNTS

JULY 16, 2020

The top court of the 28-nation bloc ruled the transfer of personal data to platforms in the U.S. In the Digital Identity Tracker this week, PYMNTS reported that keeping patients’ medical information safe remains a priority for governments and regulators around the world — and that the pandemic is making the task even more complicated.

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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.

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Abrigo

JUNE 12, 2023

A regulatory baseline Benefits to adopting the model money transmitter act framework Money transmitters are regulated at the state level, and the absence of a standardized licensing and regulatory framework across states can lead to consistency and challenges for money transmitters. alone, handling $6 trillion in payments.

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PYMNTS

JUNE 19, 2019

The G7 wants to create a working group that will investigate how to make sure that there are proper controls against the threat of money laundering with cryptocurrencies as well.

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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. How to prepare. financial system and national security. financial system.

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Abrigo

JUNE 5, 2015

In a recent Forbes article, Frank Sorrentino, Chairman and CEO of ConnectOne Bank, offered his take on how financial institutions should flip their mindset on regulators and examinations. Stress testing is one such area where many smaller banks are feeling the weight of regulation.

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Abrigo

DECEMBER 17, 2021

With the passing of the Anti-Money Laundering Act of 2020 (AMLA) as part of the National Defense Authorization Act, FinCEN will be issuing AMLA regulations and guidance throughout 2022 around AMLA requirements and will affect the AML work effort for financial institutions. How to perform a staffing assessment. Learn More.

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Abrigo

MARCH 24, 2021

Anti-Money Laundering Act of 2020 BSA professionals should prepare for changes as new regulations and guidance from FinCEN unfold. Takeaway 2 While the AMLA is now law, regulations, guidance, and other information still needs to be written. These include conducting studies, writing regulations, and publishing guidance.

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PYMNTS

FEBRUARY 6, 2019

” Regulators have not accused the company of wrongdoing, and FLEETCOR said all of its fees are lawful and comply with regulations. Analysis in 2015 from the National Consumer Law Center (NCLC) found that employees in Missouri and Kansas were hit hardest by payroll card fees imposed by issuers.

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PYMNTS

JANUARY 4, 2019

A New York State politician announced the creation of what he called the nation’s first cryptocurrency task force, to “study how to properly regulate, define and use” the currency, according to a Facebook post and reports.

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PYMNTS

FEBRUARY 19, 2019

The new regulations state that these futures exchanges and clearing houses need to have paid-up capital of at least 1.5 Germany has launched a consultation process aimed at learning how to fully utilize blockchain technology, according to Reuters. trillion Indonesian rupiahs.

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Abrigo

OCTOBER 19, 2023

Launched to provide resources Cybersecurity Awareness Month was launched in 2004 by the National Cybersecurity Alliance (NCA) and the U.S. The idea was to create a national campaign to educate people about cybersecurity basics, such as using strong passwords, updating software, and avoiding phishing emails. million in 2020.

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PYMNTS

SEPTEMBER 30, 2019

Scrutiny of tech firms is spreading across the globe, hinting at broader regulations over privacy and, possibly, bigger tax bills. Reuters said Thailand is also examining how to extract “economic contributions” from tech firms, perhaps through taxes. Libra, Too. On Privacy.

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PYMNTS

JANUARY 23, 2020

The committee said citizens should always be adequately informed about both kinds of technology, including how to reach a human with decision-making powers and about how the tech’s decisions can be questioned or corrected. Parliament’s Internal Market and Consumer Protection Committee issued a resolution Thursday (Jan.

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Abrigo

DECEMBER 10, 2021

This update clarifies that banking regulators and FinCEN understand that no specific customer type automatically falls into a higher risk category. Remember, regulators use this instruction manual when they conduct an examination. BSA Rules and Regulation. How to Conduct an Exam-Proof BSA/AML Risk Assessment. Learn More.

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