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

CFO News Room

JANUARY 18, 2023

financial system, has been used mainly in the past against banks and other financial institutions and in most cases has forced the institution to close. WSJ | Risk and Compliance Journal. Our Morning Risk Report features insights and news on governance, risk and compliance. Concurrent with the U.S.

Treasury 100

Treasury Compliance Financial Systems Finance 100

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

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 87

Compliance Banking Risk Management Currencies 87

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

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 Communication 75

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

Future CFO

JANUARY 22, 2024

Modern accounting software integrates seamlessly with diverse financial systems, automating tasks such as data entry, bank reconciliation, and invoice processing. Real-time Data Insights The advent of cloud-based accounting solutions has turned real-time financial data availability into a reality for businesses of all sizes.

Accounting 52

Accounting Reconciliations Financial Analysis Financial Data 52

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

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

JULY 5, 2019

The Bank of Japan ( BOJ ), Japan’s central bank, has joined in with other regulators and officials around the world in its worry over Facebook’s proposed cryptocurrency Libra , according to reports. . Some lawmakers wrote a letter to Facebook expressing concern about past issues with data and privacy.

Financial Systems 40

Financial Systems Currencies Compliance Banking 40

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

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.

Foreign Exchange 51

Foreign Exchange Profit and Loss Compliance Auditing 51

PYMNTS

SEPTEMBER 11, 2019

Jamal El-Hindi, the deputy director of the Financial Crimes Enforcement Network (FinCEN), spoke at the 2019 Money Transmitter Regulators Association Annual Conference on Wednesday (Sept. 11) about the importance of innovation and the regulation of non-banking financial institutions (NBFI), according to a release.

Compliance 46

Compliance Prioritization Currencies Financial Systems 46

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

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

JUNE 17, 2020

million — “for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017,” Britain’s main bank regulator said in a news release on Wednesday (June 17). Firms should recognize that AML controls are vitally important to the integrity of the UK financial system.”.

Compliance 52

Compliance Financial Systems Banking Numbers 52

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

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

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 Budgeting 65

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

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

JULY 18, 2017

SWIFT is opening up its KYC registry to more banks around the globe. The payments messaging company said Monday (July 17) that its KYC Registry is now open to all supervised financial institutions around the globe. The Registry enables banks and FIs to share and access KYC data and documents. This year, the U.S.

Compliance 40

Compliance Currencies Financial Systems Banking 40

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 Finance 40

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

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 Advertising B2B Finance 96

PYMNTS

MARCH 15, 2019

206, a resolution I have introduced to inform the Congress and the American people about the persistent money laundering loopholes and problems that continue to plague the American financial system,” said Waters, who is the Chairwoman of the House Financial Services Committee. This must stop.

Financial Systems 51

Financial Systems Compliance Finance Banking 51

PYMNTS

JULY 6, 2017

A report released this week by the Financial Stability Board, an international body that makes recommendations on the financial system for G20 nations, has raised concerns over the ongoing decline in interbank relationships. dollar and euro transactions declined even further, by 15 percent.

Compliance 40

Compliance Financial Systems Risk Management Banking 40

PYMNTS

SEPTEMBER 23, 2019

. “Criminals have exploited the rigid infrastructure that underpins our global financial system. ” TJ Horan, FICO’s vice president of fraud and compliance products, said the product is something regulators across the globe have been seeking.

Compliance 52

Compliance Leverage Financial Systems Finance 52

PYMNTS

FEBRUARY 26, 2020

The debate around data privacy is getting a new boost as discussions of open banking get real. The China government is enforcing strict transparency and reporting laws for all financial institutions (FIs) within the country’s borders, as well as foreign entities wishing to access Chinese markets. Machine Learning to the Rescue.

Compliance 52

Compliance eCommerce Financial Systems Banking 52

PYMNTS

JANUARY 5, 2018

4) the fine for violations of the New York Bank Secrecy Act and anti-money laundering laws. An inquiry by the Department of Financial Services found that for longer than 10 years, Western Union failed to create and maintain an anti-money laundering compliance program to deter, detect and report any money laundering via its payment network.

Compliance 46

Compliance Financial Systems Banking Securities 46

PYMNTS

MAY 29, 2019

Reports in Reuters on Tuesday (May 28) said UBS expects its regulatory costs to remain high in the years ahead after a decade of more stringent regulations leading to heavier, more costly burdens on banks. “That has tied up enormous resources.” “Why is this so significant?

Finance 43

Finance Compliance Banking Risk Management 43

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

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

JUNE 20, 2019

Bank of England (BOE) Governor Mark Carney said Facebook’s newly-announced cryptocurrency, Libra, can’t be the same unregulated type of service that Facebook is, according to a report by Reuters. The Bank of England approaches Libra with an open mind but not an open door,” Carney said.

Compliance 46

Compliance Financial Systems Banking Finance 46

Future CFO

SEPTEMBER 10, 2020

trillion dollars in annual losses, said SWIFT and BAE Systems Applied Intelligence which recently released together a report titled Follow the Money. . Activities by cyber attackers and gangs across the world are estimated to result in more than US$1.5 Experience.

Compliance 40

Compliance Advertising Financial Systems Securities 40

PYMNTS

JUNE 4, 2019

The goal is to provide expanding digital identification capabilities to encourage more seamless financial services onboarding and Know Your Customer (KYC) tasks for people and small businesses that might otherwise go without. Banks And Digital ID. She can be treated equally.”.

Compliance 50

Compliance Banking Financial Systems Technology 50