PYMNTS

JANUARY 15, 2021

The Financial Crimes Enforcement Network (FinCEN) late Friday (Jan. 15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). financial system.”.

Banking 107

Banking Compliance Currencies Financial Systems 107

Global Finance

OCTOBER 31, 2024

For the commercial banking sector, continuous innovation, strong product development and customer service, and effective risk management are just some of the critical elements necessary to sustain and grow a franchise. This year’s honorees prove hard work pays off by substantially rising in the ranks.

Banking 59

Banking Profit and Loss Risk Management Leadership 59

PYMNTS

OCTOBER 5, 2020

Banks Oppose Idea Of Possible Big Tech Banking Charters. House committee started to look at the idea of letting firms like Facebook or Amazon get charters to run as banks. The banking industry, however, is against the idea. “We Last week, a U.S. European Commission To Appeal Apple State Aid Decision.

Banking 91

Banking Compliance Advertising Tax Planning 91

Global Finance

OCTOBER 11, 2024

Global Finance presents its 31st annual list of best banks worldwide. Banks face an uphill battle as supply chains remain disrupted, regional conflicts continue to build, and the fear of bank failure returns. Industry leadership, advancements in digitalization and corporate citizenship also factored in.

Banking 111

Banking Foreign Exchange Profit and Loss Finance 111

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.

Compliance 56

Compliance Banking Auditing Financial Systems 56

PYMNTS

JULY 21, 2020

Open banking is appealing to financial institutions (FIs) and regulators in many markets, even as the pandemic sweeps across the world. Regulators in other regions, including Latin America, are also shaping and announcing plans to enable open banking and better support digital financial systems.

Banking 91

Banking Financial Systems Planning Compliance 91

PYMNTS

NOVEMBER 10, 2020

Many consumers move to new countries to pursue economic opportunities, but adjusting to these locations also requires learning the ins and outs of new financial systems — a transition that can be filled with friction. How Rayo Delivers Immigrant-Focused Financial Services. customers to recipients in Asia and Europe.

Banking 86

Banking Compliance Currencies Financial Systems 86

PYMNTS

JULY 1, 2019

Modern customers are much more likely to grow frustrated by lengthy processes and switch to other banks, after all. As such, FIs must seek more innovative authentication procedures that take less time and draw less ire than weak password and PIN systems. Biometrics and the Future of Fraud.

Banking 75

Banking Securities Compliance Financial Systems 75

The Charity CFO

MAY 6, 2022

Your financial system must be in good working order before you even consider applying for federal funding. In fact, the government places very rigorous financial reporting requirements on organizations that receive federal funding. Sometimes you need to make an aggressive move to push your mission forward.

Nonprofit 111

Nonprofit Auditing Financial Systems CFO 111

The Finance Weekly

MARCH 16, 2023

The quick and unexpected collapse of the second and third largest bank collapses in US history sent shock waves throughout the markets. Silicon Valley Bank (SVB) collapsed last Friday and it sent both private and public companies scrambling to address what exposures they had with SVB and other banks that might be at risk.

Leadership 105

Leadership CFO Startups Compliance 105

PYMNTS

SEPTEMBER 15, 2017

The favored narrative about banks and FinTech startups is generally not a love story. Banks represent the old way of handling financial services – and in fairness, they carry a lot of responsibilities that deposit-taking institutions don’t necessarily have. Usually, it is more of an all-out war story.

Banking 79

Banking Education Startups Risk Management 79

PYMNTS

NOVEMBER 2, 2020

During phase one, VASPs will have to demonstrate their compliance with these standards, according to the release. The financial ministry expects to kick off phase two, regarding licensing requirements, in June 2021, the release stated. RBA expects to finish the project at the end of this year.

Banking 64

Banking Risk Management Compliance Currencies 64

PYMNTS

OCTOBER 25, 2016

25) a partnership to integrate its Trusted Digital Identity online fraud prevention and compliance automation platform with Neoway’s Advanced Data solution. First, it will immediately put us at the forefront of the FinTech and digital banking in LATAM. IdentityMind Global announced Tuesday (Oct.

Compliance 72

Compliance Financial Systems Banking Technology 72

PYMNTS

DECEMBER 4, 2018

3) that urged banks to study and implement “where appropriate” methods that would bring innovate approaches to anti-money laundering efforts and Bank Secrecy Act compliance. According to the statement, the agencies said they would consider bank pilot programs. Senate Hearing on AML.

Compliance 64

Compliance Currencies Financial Systems Banking 64

PYMNTS

JULY 26, 2017

Treasury’s Office of the Comptroller of the Currency (OCC) has again released its report on top risks facing banks, with its Spring 2017 analysis warning FIs that threats are coming from all angles. The federal banking system is, and should be, a source of strength for the nation and its economy. Shifts in Lending Practices.

Banking 46

Banking Compliance Currencies Concentration 46

PYMNTS

MARCH 27, 2019

Financial firms, fertilizer, beverage, and other mainstream companies are calling on Congress to enable pot companies to have access to banks. Later this week a House panel will vote on a law that would enable banks to process marijuana transactions for business in states in which it’s legal. pot companies. “If

Banking 51

Banking Compliance Financial Systems Securities 51

PYMNTS

SEPTEMBER 18, 2019

To that end, the Bank for International Settlements (BIS) said in a paper titled “Embedded supervision: how to build regulation into blockchain finance” that distributed ledger technology (DLT) could be a part of bank infrastructure and could be used to automate supervision. In finance, now comes automated, embedded supervision.

Banking 43

Banking Compliance Finance Financial Systems 43

PYMNTS

APRIL 22, 2020

The traditional process of setting up bank accounts in multiple jurisdictions is a headache and too resource-intensive for many small businesses, like B2B exporters. According to David Rosa, co-founder and CEO of Hong Kong-based Neat , this is true even for SMBs that use a bank with branches throughout the world. ”

Currencies 96

Currencies B2B Advertising Finance 96

VCFO

AUGUST 16, 2023

Money Laundering Prevalence and Practices When bad actors possess large sums of cash that they want to place into the financial system without raising flags, money laundering techniques such as “structuring” are used. Financial institutions that fail to do so, whether knowingly or unknowingly, face hefty penalties.

Compliance 84

Compliance Banking Risk Management Currencies 84

PYMNTS

MAY 15, 2019

Earthport offers cross-border payment services to banks, money transfer service providers and other businesses through the largest independent ACH network. … We can be the network of networks with interconnection between all of the financial systems across the globe,” Sheley said. That’s what we are driving [toward].

Treasury 74

Treasury B2C Financial Systems Banking 74

PYMNTS

SEPTEMBER 2, 2019

Testimony from the Financial Integrity Network (FIN) released before a Sept. 3 hearing advises that system-wide governance should be established to regulate virtual asset service providers (VASPs), CoinTelegraph reported Monday (Sept. financial system.

Banking 49

Banking Compliance Financial Systems Retail 49

PYMNTS

OCTOBER 13, 2020

The report also found that the fact that regulation is piecemeal and inconsistent across peer-to-peer exchanges and kiosks is detrimental to the safety and stability of the international financial system. The terrorist threat, in particular, represents what the report termed “the first raindrops of an oncoming storm.”

Compliance 82

Compliance Currencies Financial Systems Leverage 82

PYMNTS

JUNE 25, 2020

The Jacksonville-based FIS said in a press release that its new AML system will draw upon “machine learning and artificial intelligence (AI)” to detect suspicious transactions, alert financial institutions (FIs) and arm “bank investigators with detailed, transparent intelligence.”. Department of the Treasury.

Compliance 58

Compliance Treasury Financial Systems Numbers 58

PYMNTS

APRIL 3, 2020

The agency, whose mission is to safeguard the financial system, said compliance with the Bank Secrecy Act (BSA) is the key to keeping the nation safe by fighting money laundering and related crimes, including terrorism and its financing. Bank, a subsidiary of U.S. FinCEN said the former executive at U.S.

Compliance 56

Compliance Treasury Financial Systems Banking 56

PYMNTS

OCTOBER 10, 2016

Whether it’s getting paid by corporate buyers with the sluggish paper check or facing the stamp of rejection on a bank loan application, SMEs aren’t in the easiest of spots to invest in new technology and human capital as the final quarter of 2016 commences.

Investments 74

Investments B2C B2B Banking 74

PYMNTS

AUGUST 14, 2019

More broadly, however, Blanco’s theme was the interconnectedness of the financial system – and how diligence and transparency is the key to combating money laundering and other financial crimes in the U.S. FinCen, he noted, has offered various forms of guidance to casinos for meeting their expanding compliance obligations.

Compliance 65

Compliance Currencies Financial Systems Securities 65

PYMNTS

JANUARY 30, 2019

The investigation found that Standard Chartered’s traders used illegal tactics to maximize profits or minimize losses at the expense of the bank’s customers, or customers at other financial institutions (FIs). The bank also agreed to provide the DFS with ongoing progress reports to prove that it is meeting the objectives.

Profit and Loss 51

Profit and Loss Foreign Exchange Compliance Auditing 51

PYMNTS

NOVEMBER 30, 2020

WatchDOG AML is a “holistic” anti-money laundering ( AML ) solution that works to prevent financial crime by “identifying suspicious activity in real time with an enterprise transaction monitoring system,” the companies said in a statement on Monday (Nov.

Risk Management 63

Risk Management Compliance Financial Systems Leverage 63

PYMNTS

DECEMBER 3, 2020

Kofax's solutions, the release stated, help to boost the speed and ease of processing financial documents and data, including automation of time-consuming manual work and easy ways to connect financial systems. The new solutions will go further toward transforming AP processes with automation.

Accounts Payable 69

Accounts Payable Accounting Invoicing Compliance 69

PYMNTS

SEPTEMBER 25, 2018

. “Across our business, we strive to facilitate greater financial inclusion in emerging markets, and identity is a central component,” said EmTech’s Chief Commercial Officer Mitch Davis. “Over one billion people worldwide cannot officially prove their identity.

Technology 66

Technology Investments Compliance Financial Systems 66

PYMNTS

SEPTEMBER 24, 2019

These are attempts, and, often because of diligent work by bank compliance officers, do not represent actual losses. financial system have had some information about themselves … compromised at some point.”. Criminals will get this info through hacking or by social engineering and phishing.

Compliance 71

Compliance Financial Systems Accounting Securities 71

PYMNTS

MARCH 20, 2018

Australia has just rolled out the New Payments Platform (NPP), a system to facilitate faster payments in the country, but a recent speech by Michele Bullock, assistant financial system governor of the Reserve Bank of Australia (RBA), suggests there is more to be done to address fraud risks. Customers’ Role.

Banking 46

Banking Education Compliance Financial Systems 46

PYMNTS

MAY 13, 2016

The nuclear deal that is in place between Iran and a number of other nations does not have the teeth it might otherwise have to help – and key to that stymied effort is the fact that Iran remains largely isolated from interacting with the global financial system. One key issue: banks have been balking at funding projects.

Banking 40

Banking Economics Compliance Financial Systems 40

PYMNTS

DECEMBER 28, 2020

Published reports indicate that China’s central bank and banking, securities and foreign-exchange regulators summoned Ant Group executives this past weekend to discuss official concerns about the firm. Reuters quoted central bank Vice Gov. Read More On Big Tech: Five Ways The Connected Economy And Big Tech Helped U.S.

Restructuring 67

Restructuring Foreign Exchange Compliance Financial Systems 67

PYMNTS

FEBRUARY 24, 2020

billion-strong, high-spending consumers and their willingness to adapt to new technologies, trends and products may represent the economy of the future for many banks and businesses, but it is notoriously difficult for firms to enter and compete in this market. Confronting the Chinese Privacy Myth . he remarked.

Compliance 64

Compliance Banking Securities Financial Data 64

CFO News

JUNE 28, 2024

RBI's financial stability report underscores the importance of governance, Basel III norms compliance, and maintaining high CET1 ratios for banks. Monitoring GNPA ratios of public, private, and foreign banks essential for financial system stability and resilience.

Compliance 40

Compliance Financial Systems Banking 40

CFO News

JUNE 28, 2024

RBI's financial stability report underscores the importance of governance, Basel III norms compliance, and maintaining high CET1 ratios for banks. Monitoring GNPA ratios of public, private, and foreign banks essential for financial system stability and resilience.

Compliance 40

Compliance Financial Systems Banking 40