Compliance

A zoom background is distorted, indicating fatigue and issues.

The continued reliance on digital chat platforms is causing small and local governments to struggle to fulfill basic functions of open government. Marc Gilman provides a rundown of the situation and potential solutions. The reliance on videoconferencing platforms to conduct routine business continues to bottleneck the work of small and local governments (SALGs). Besides adding complexity, the communications on these...

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Toast pops out of a toaster.

With data analytics in compliance, you don't need to boil the ocean. A concentrated program can deliver most of the outcomes of a large automated system but is significantly more affordable. As organizations maintain more data than ever before, it is no secret that the business can benefit from using data analytics to inform decision-making and support strategy initiatives in...

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Wall Street in New York

Between COVID-19 disruptions, KYC challenges, paused account onboarding and altered due diligence practices, 2020 saw financial crime compliance costs increase by roughly one-third. It remains unclear to what extent those trends will continue this year. There’s no doubt 2020 has brought many unforeseen hurdles to financial institutions (FIs) like banks and investment, asset management and insurance firms. With those challenges...

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The european parliament building in Brussels

The European Commission proposed a new set of regulations to both make AI trustworthy and spur its development. While rules still need to be ratified, they have the potential to affect any business leveraging or developing AI in the EU. A proposed set of regulations from the European Commission for a sweeping regulatory framework governing artificial intelligence is under consideration...

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The moneygram sign outside of a retail location

OFAC's recent enforcement action against MoneyGram underscores organizations' need for robust screening to ensure AML compliance and prevent sanctions violations. MoneyGram, a global payments service, has settled with OFAC for $34,329 for 359 sanctions programs violations. According to OFAC, the transactions totaled $105,627 in value and were processed on behalf of approximately 40 individuals on OFAC’s Specially Designated Nationals List...

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Horses and riders in a horse race round a corner on the track

The Fundamental Review of the Trading Book (FRTB) affects capital calculations and substantially impacts one's risk monitoring framework. Richard Moss encourages readers to avoid betting on the long shot. Financial institutions may be facing higher capital requirements based on the Basel Committee on Banking Supervision (BCBS) changes to FRTB. The deadline for implementing the new market-risk FRTB reporting requirements is...

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