Financial Services

Moratoriums on foreclosures due to COVID-19 ended this summer, prompting concerns of a shock similar to the 2008 housing crisis. While there are numerous differences between today and the previous recession, financial service providers can stay a step ahead by arming themselves with a few lessons learned.

Increased regulation of cryptocurrencies by the Securities and Exchange Commission (SEC) appears imminent. But details, scope and timing are up in the air. Three crypto experts weigh in with their take.

While they did identify examples of shocking activity, Buzzfeed's and ICIJ's FinCEN Files didn't necessarily expose widespread wrongdoing, as its authors claimed. Instead, the story revealed glaring inefficiencies in anti-money laundering efforts. In September 2020, BuzzFeed and the International Consortium of Investigative Journalists (ICIJ) published information on over 2,100 leaked documents from the U.S. Financial Crimes Enforcement Network (FinCEN). Known...

Low code software development will hasten some builds but hamstring others. Before incorporating these tools into your go-to-market strategy, take an honest look at your team and its capabilities. The right team can use low code software development to involve a broader range of professionals in the design and build process. But for others, it creates logistical nightmares. So what...

Financial institutions can leverage machine learning to make an array of functions faster, more accurate and more efficient. But deployment is just the first step. In the end, machine learning governance makes or breaks the efficacy of any system. In today’s banking and financial services world, we are rebuilding many finance, risk, actuary, forecasting and macroeconomic models using Python, R...

Facing BSA/AML enforcement, a financial institution’s action plan can either ameliorate or aggravate penalties. Professionals from Deloitte’s anti-money laundering and sanctions practice discuss how organizations can get back into regulators’ good graces quickly and effectively.

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...

An overstressed data-gathering process can generate information silos, and the process of proving data-backed valuations can be laborious. Greater data transparency is needed to ultimately facilitate, rather than impede, compliance efforts. While investment firms seem to be doing well handling compliance during the pandemic, some wonder if strong financial markets are actually covering up shortfalls. According to a survey by...

Recent events put market controls imposed following the Great Recession to the test. While turbulence from COVID-19 was brought under control, other happenings have thrown their efficacy into question.

As the pandemic starts to recede, compliance officers face a Channel Explosion: more data streams than ever before, which makes monitoring risk in a diverse IT environment harder than ever. And of course, this challenge comes amid an increasingly complex regulatory environment and at a time when we're all striving to leverage technology more cost effectively.

We're facing a "Channel Explosion" these days, which means we're challenged to monitor more data streams than ever -- and we must do it in the new era of the hybrid workforce.  Technology can play a critical role here. Here's how an AI-driven solution can enhance financial services compliance while improving company culture. The hybrid workforce is here to stay. ...

The Corporate Transparency Act (CTA) passed last year mandates FinCEN to establish a national registry of ultimate beneficial ownership (UBO) for corporations. Complying with this measure will not be straightforward.  The National Defense Authorization Act (NDAA) passed by the U.S. Senate in December 2020 made some remarkable changes to the Bank Secrecy Act (BSA) – 50 years after it was...