Financial Services

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...

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...

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...

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...

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....

As the cannabis industry continues to grow, so does its demand for banking services. Brandi Reynolds champions an enhanced due diligence (EDD) program specifically for these customers. A quick read through recent regulatory enforcement actions against financial institutions will show...

The COVID-19 pandemic has led to more interest in cashless payments in the gaming industry, but casinos need to consider Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program implications prior to introducing this new payment option. Deloitte’s Matt...

Known for its “America First” policy, the Trump administration led a push to roll back financial regulatory measures. As Acuity Knowledge Partners’ Bijaya Das and Nishanth Neeli explain, the Biden administration will usher in another wave of change, seeking to...

In the financial services sector, compliance processes are often reactive, rather than proactive. But new technology use cases are changing that. Northern Trust’s Dan Houlihan discusses how the compliance field will evolve thanks to AI, blockchain and better data management...

Software can make compliance simpler and easier for as long as the pandemic lasts (and beyond), from doing the heavy lifting when it comes to pre-clearing trades to being able to delegate review authority with the click of a mouse....