Financial Services

racial bias in hiring

Diverse Hiring in Financial Services: Don’t Blame Your Pipeline; Blame Your Bias.

Racial and gender diversity in the asset management industry lags notoriously behind broader workforce statistics, especially when it comes to individuals in investment positions. Illumen Capital’s Katie Twomey breaks down the issue and offers concrete recommendations for financial services organizations. We know that diverse-owned firms represent just 1.3% of the $69.1 trillion in assets under management within the asset management...

unpacking crypto eo

Unpacking Biden’s Crypto Executive Order

Rather than an exhaustive dossier of rules and regulations providing next steps for crypto firms, President Joe Biden’s March 9 crypto executive order was more akin to “a plan to make a plan.” Timelines for feedback have been established, along with the administration’s intention to protect consumers. MirrorWeb's Harriet Christie explores what it all means for consumers and the industry....

farm silo leaning over

Big Benefits of Advanced Tech for FinCrime Compliance Don’t Kick in Until Silos Are Toppled

Companies increasingly have the advanced tools to combat financial crime, but as industry specialist Sujata Dasgupta explains, the fragmented nature of financial compliance programs often means the biggest benefits remain unrealized. Financial crime is steadily rising around the globe, not just in volume but in complexity, scale and sophistication, so it’s no surprise that the cost of compliance is expected...

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Q&A: For Effective Financial Crime Prevention, Build a Better Mix of Machines and Humans

To police financial crime, more businesses are incorporating artificial intelligence — machine learning, in particular — into monitoring, prevention and compliance programs. CCI interviewed Leslie Bailey, vice president of financial crime compliance strategy at LexisNexis Risk Solutions, who insists the most effective programs are built on a foundation of advanced analytics driven by humans. Bill Millar (CCI): What are the...

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Q&A: The SEC Would Love to Regulate Cryptocurrencies, But So Far, Their Efforts Are Hobbled. What’s the Current and Future State for Investment Managers?

President Joe Biden signed an executive order March 9 intended to instill consumer protection and financial stability, prevent illicit uses and in general establish a founding for the development of digital assets. While the action signals the rise of new regulations for cryptocurrencies, the SEC still faces legal headwinds. To gather deeper insight, CCI spoke with Mike Seery, Senior Principal...

Sign on the building of Financial Industry Regulatory Authority

Are Broker-Dealers Acting in the Best Interests of Their Customers? ‘Not Yet,’ Says FINRA.

During its first-ever review of compliance with Regulation Best Interest (Reg BI), the Financial Industry Regulatory Authority (FINRA) found significant numbers of broker dealers failing to achieve full compliance. By reporting the most common deficiencies, the agency presents a guide to help industry members focus their due diligence. RumbergerKirk partner Pete Tepley walks us through it. 

a mountain peaks out of the mist

To Ensure Anti-Ransomware Compliance in Crypto Transactions, Financial Institutions Have a Mountain to Climb

With increased scrutiny from a litany of regulators, cryptocurrency exchanges and financial institutions are now required to monitor, flag and report suspected ransomware payments. Doing so calls for a range of technological capabilities and a sophisticated approach to identifying suspicious patterns in transactions. But compliance teams and the businesses that employ them face stiff consequences if they fail.  As ransomware...

ladders are mismatched to reach certain clouds

Five Things to Consider For Non-Bank AML Policies

Many AML frameworks are designed specifically for banks. If your non-bank organization is required to conduct AML compliance, but follows a bank-tailored policy, it can lead to numerous missteps and potential regulator scrutiny.  For many years, the US Financial Crimes Enforcement Network (FinCEN) has imposed anti-money laundering compliance obligations on certain financial institutions. For these purposes, covered financial institutions include...

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