CFO News

MARCH 20, 2023

The RBI noticed "deficiencies in regulatory compliance" after it examined complaints received against the Mumbai-based lender's recovery agents during the financial years 2018-19 to 2021-22, the central bank said in a statement.

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PYMNTS

SEPTEMBER 23, 2020

Banks in the EU have been racing to comply with the General Data Protection Regulation ( GDPR ) and the revised Payment Services Directive ( PSD2 ) since both measures were enacted in 2018. He explained that the cloud can help FIs swiftly respond to compliance and security challenges during the pandemic.

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Compliance Banking Securities Technology 90

PYMNTS

JULY 1, 2020

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). Grappling with such increased demand with fewer resources might make it challenging for banks to satisfy at least some regulatory requirements, such as data privacy.

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Compliance Banking Currencies Financial Systems 66

CFO News

FEBRUARY 8, 2024

Rbi Paytm News: The central bank will come out with a FAQ to address queries from various quarters, says RBI governor Shaktikanta Das.

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Compliance Banking 52

CFO Dive

MAY 6, 2022

In the cannabis business, federal illegality has kept many banks and payments companies on the sidelines. That's opened the door for young companies that are using the ACH network to facilitate cannabis payments in states where it’s been legalized.

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Compliance Banking 130

PYMNTS

FEBRUARY 12, 2020

Fenergo , a Dublin-based FinTech startup that helps other banking organizations deal with regulatory compliance, onboarding and “lifecycle management,” has raised $80 million and has a valuation of $800 million, according to a report. Fenergo’s goal is to help banks deal with challenges in the digital world, including cybercrime.

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Compliance Banking Valuation Investments 60

CFO News

FEBRUARY 5, 2024

RBI has granted approval to HDFC Bank for acquiring up to 9.5% stake in Yes Bank. The approval is subject to compliance with relevant regulations. Separately, HDFC Bank reportedly clarified that the approval for acquiring stake in IndusInd Bank applies to the HDFC Bank Group, not HDFC Bank itself.

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Banking Compliance 52

CFO News

FEBRUARY 19, 2023

Companies across the banking, financial services and insurance, and fintech sectors are ramping up their risk and compliance functions with senior-level hiring to guide them through a dynamic regulatory environment.

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Compliance Banking 97

PYMNTS

SEPTEMBER 24, 2020

Reducing fees for remittances might push price points low enough that more consumers could resume sending money home, though, and some researchers believe that money transfer service providers could make such price adjustments if they are able to reduce their own expenses through more robust and cost-effective regulatory compliance measures. .

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Compliance Banking Economics Securities 89

CFO News

DECEMBER 11, 2022

Companies across the banking, financial services and insurance, and fintech sectors are ramping up their risk and compliance functions with senior-level hiring to guide them through a dynamic regulatory environment.

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Compliance Banking 98

CFO News

MARCH 27, 2024

Indian lenders and Russia's Gazprombank are in early-stage discussions to establish correspondent banking services for cross-border payments and trade support. Gazprombank aims to expand its operations in India and has engaged with Indian bankers to explore strengthening banking ties.

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Banking Compliance Currencies Accounting 52

PYMNTS

JULY 2, 2020

Solving for data compliance while reinventing with new digital tools is just one of the key themes found in the June 2020 Merchants Guide To Navigating Global Payments Regulations. Contactless, Meet Compliance. “Complying with a fragmented regulatory landscape has led to frustration among SMBs in the EU, the U.K. and the U.S.,

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Compliance eCommerce Securities Banking 89

FISPAN

MAY 24, 2022

Joe Maxwell, Managing Director at FINTOP Capital sat down with Clayton Weir to discuss the currents of change in financial services, ERP movement to the cloud and how banks can enable digital transformation. Fitting with the If I Ran The Bank podcast theme, Joe is the first guest who actually does run a bank!

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Compliance CFO Banking Numbers 98

Future CFO

JUNE 16, 2022

The total cost of financial crime compliance is projected to hit close to the US$ 50.1 billion mark in 2022 in Asia Pacific, said LexisNexis recently when releasing its latest study on the cost of compliance. . Financial institutions represented more than 80% of the total cost of compliance in the region at US$ 40.8

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Compliance Entertainment Budgeting eCommerce 52

PYMNTS

NOVEMBER 26, 2019

But financial regulatory compliance can be a headache for any market. For traditional banks, compliance experts agree that it’s all about data — and the ability to share information with regulators. SatchelPay announced last week that the central bank has given the company the green light to resume operations.)

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Compliance Concentration Restructuring Banking 73

PYMNTS

DECEMBER 16, 2019

one of the largest FinTech hubs of the world today, initiatives like Open Banking demonstrate the opportunity for regulatory mandates to encourage innovation and competition — even in markets where such regulatory mandates don’t exist. Open banking today isn’t isolated to Europe and the U.K., Mixing Innovation With Compliance.

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Compliance B2B B2C Prioritization 81

PYMNTS

MARCH 5, 2019

The Reserve Bank of India (RBI), the country’s central banking institution, has fined almost 20 lenders, including the State Bank of India and ICICI Bank, for not complying with rules on the use of worldwide payments network SWIFT, according to reports. The specific reasons for the non-compliance was not released.

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Compliance Banking Auditing Financial Systems 56

PYMNTS

MARCH 27, 2019

While regulators had transparency and financial security in mind when introducing more stringent requirements for banks following the global financial crisis, financial institutions faced a sudden surge in the burden compliance. The Key To Compliance Is Data.

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Compliance Banking Analyzing Data Prioritization 46

PYMNTS

JULY 8, 2019

and compliance teams would manually check onboarding customers to make sure their records were clear. The system has always had its flaws, noted Alain Meier, CEO of Cognito – but in a pre-digital banking world where onboarding was a multi-day process, it wasn’t completely out of step with modern practices.

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Compliance Financial Systems Leverage Banking 80

CFO News

FEBRUARY 21, 2024

This move follows regulatory action against Paytm Payments Bank for non-compliance. The plan, discussed at a meeting of the Financial Stability and Development Council, seeks to ensure uniformity in Know Your Customer (KYC) norms.

Banking 52

Banking Compliance Planning 52

CFO News

SEPTEMBER 25, 2023

crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances - Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', RBI said in a statement. A penalty of Rs 1.3

Banking 52

Banking Compliance 52

Future CFO

AUGUST 26, 2021

Two-thirds of banks, corporations and non-banking financial institutions (NBFIs) still use search engines to comply with trade and export compliance regulations, said Accuity recently when releasing results of a survey. Compliance as an advantage: Competitive advantage is seen as the main benefit of trade compliance.

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Compliance Banking Planning Finance 52

CFO News

FEBRUARY 6, 2024

Industry insiders and startup founders pointed out that the KYC (know your customer) issues around Paytm Payments Bank might not be unique to one company; many startups end up taking shortcuts to onboard customers quickly. And once a company grows in size, managing risk and compliance becomes a big challenge.

Banking 52

Banking Compliance Startups 52

PYMNTS

NOVEMBER 27, 2020

Compliance with financial regulations market-to-market around the globe is increasingly automated yet relies on the same human emotion that undergirds all forms of exchange: trust. In other words, banks and financial institutions (FIs) have an obligation to make sure you are who you claim to be. Open Banking Lessons For The U.S.

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Compliance Banking Securities Marketing 79

PYMNTS

NOVEMBER 7, 2019

The Bank of England has told HSBC to improve compliance controls for non-fiscal factors like fraud and staff conduct, according to a report by Reuters. Samir Assaf, HSBC head of global banking and markets, shared the news with other seniors bankers on Tuesday (Nov. HSBC CFO Ewen Stevenson announced plans to restructure the U.K.

Compliance 40

Compliance Profit and Loss Restructuring Banking 40

PYMNTS

OCTOBER 6, 2020

Keeping customers' digital payment data safe and secure is a critical part of doing business in the digital economy, and following Payment Card Industry (PCI) compliance guidelines is an effective way for firms to accomplish this. Getting Up to Speed on Compliance. Sharing the Compliance Burden.

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Compliance Auditing Securities Education 71

PYMNTS

JANUARY 19, 2021

This week’s look at the latest in bank-FinTech collaboration includes new partnerships in Australia, South Africa, India, Pakistan and across Europe, with many FIs bolstering the foundations of their SMB-serving infrastructures. National Australia Bank Chooses Eedenbull. TBI Bank Partners With NETOPIA Payments.

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Banking Reconciliations Compliance Finance 136

PYMNTS

FEBRUARY 22, 2019

MUFG Bank, a Japan-based institution, announced on Friday (Feb. Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The OCC identified the deficiencies in the bank’s branches in New York, Los Angeles and Chicago.

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Compliance Banking Currencies Securities 43

CFO News

FEBRUARY 12, 2024

Reserve Bank of India (RBI) Governor Shaktikanta Das stated that there is "hardly any room for review" regarding the action taken against Paytm Payments Bank, emphasizing that the RBI acts after a comprehensive assessment. Paytm Payments Bank faced restrictions due to persistent non-compliance.

Banking 52

Banking Compliance 52

The Charity CFO

OCTOBER 16, 2023

It may not seem like a significant aspect of your organization’s financial situation, but picking the right nonprofit banking partner is one of the most vital decisions leaders can make. Read on as we break down why this decision is so important and explore how to size up potential bank choices.

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Nonprofit Banking Compliance CFO 59

PYMNTS

APRIL 1, 2020

Consumer data privacy laws were making compliance difficult before a pandemic brought the world to a halt. businesses haven’t been trying, expending an estimated $82 million on compliance solutions in just the past 12 months. Are we living in those conditions now? No one is totally sure. Sixty-three percent of U.S. It’s not like U.S.

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Compliance Marketing Banking Technology 61

CFO News Room

JANUARY 11, 2023

A career in a major bank can be both rewarding and well-paying, with top positions garnering income of hundreds of thousands or even millions of dollars annually. For example, investment bankers are near the top of the list, often working for large investment banks like Goldman Sachs or Morgan Stanley. About the Banking Industry.

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Banking Financial Analyst Budgeting Investments 130

PYMNTS

MAY 23, 2016

Will artificial intelligence help banks navigate the complexities of compliance more effectively? Against a backdrop where regulations have grown by leaps and bounds in the wake of the financial crisis, The Wall Street Journal reported that banks have taken on tens of thousands of new staffers tied exclusively to compliance.

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Compliance Banking Numbers Technology 41

PYMNTS

AUGUST 23, 2019

Security and compliance are also vital components in ensuring that payments are delivered safely and without delay. Lee explained, “For example, when banks try to solve these issues individually, they only see one small piece of the puzzle.” To solve the problem, organizations need to take more of a community-based approach.”.

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Compliance Securities Technology Banking 77

Future CFO

OCTOBER 29, 2023

The banking industry has been facing tremendous challenges especially following the COVID-19 pandemic situation as extreme volatility remains in the market. It is undeniable now that the finance function and FP&A in banking have naturally become a centerpiece of the business, as opposed to just a peripheral role in the organisation.

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Financial Planning and Analysis (FP&A) Risk Management Banking Accounting Standards 52

CFO News

JUNE 21, 2023

The Urban Co-operative Bank Ltd, Rourkela, Andhra Pradesh Mahesh Co-operative Urban Bank Ltd, and the Dombivli Nagari Sahakari Bank Ltd were penalised for non compliance of customer and cybersecurity directions.

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Banking Compliance 52

PYMNTS

APRIL 29, 2020

The volatility of cryptocurrencies and their existence in what’s often a grey area of regulatory compliance make businesses operating in this sector an unattractive target for traditional financial institutions. ius offered insight into exactly why crypto businesses are so difficult to bank. Conflicting Needs. As Karalevi?ius

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Banking Compliance Currencies B2B 113