Financial Services

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AML & KYC: Addressing Key Challenges for 2023 and Beyond

(Sponsored) In today’s world, financial criminals are often a step ahead of regulators and financial institutions who struggle to effectively guard against the threat of money laundering and financial crime. It was once estimated by the International Monetary Fund (IMF) that money laundered throughout the world on an annual basis can be up to 2% - 5% of the global...

esg small banks

How Small Financial Institutions Need to Handle ESG — Today and Tomorrow

Facing a potential recession and anti-ESG headwinds may have smaller financial institutions thinking about budget cuts aimed at sustainability efforts. FTI Consulting’s Evelyn Basham and Enrique Ubarri explore what small and mid-sized banks and other financial institutions need to know about ESG in 2023 and beyond. Financial institutions of all sizes are in the midst of an ESG revolution despite...

russia sanctions

Why Russian Sanctions Require Compliance Teams to Take a Fresh Look at KYC Procedures

The Russian invasion of Ukraine continues with no signs of a resolution, and along with the protracted conflict, the U.S. has continued to issue fresh sanctions against Russian interests. For firms and organizations, compliance could mean embracing perpetual KYC procedures, writes Fenergo’s Rory Doyle. Since unforeseen and devastating events last February, the West has responded by waging a war of...

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WhatsApp, FinServ? Feds Seem Done With Grace Period on Messaging Apps

A flurry of settlements with investment banks over use of unauthorized messaging apps makes one thing clear: The feds aren’t fooling around. As MirrorWeb’s Harriet Christie discusses, while recent actions have targeted the big guys, the entire finserv industry is on notice. In September 2022, the SEC and Commodity Futures Trading Commission (CTFC) reached settlements totaling around $1.8 billion with...

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Dark Clouds: Capital One Proves Financial Institutions Can’t Rely on Providers for Security

Going by the online handle “erratic,” a former Amazon software engineer conducted an extensive hacking scheme that gave her access to the personal information of tens of millions of Capital One customers, a Seattle jury determined this spring. She’s set to be sentenced this month, and compliance expert Michael Volkov explores the regulatory consequences of her case. Paige Thompson, a...

boats stuck at low tide

Lifting All Boats in the Investment Banking Ecosystem Means Scaling the Trust Layer

The U.S. government places extensive regulations on investment banking and related activities, including the use of technology. And while this means operating in the space is far from a simple proposition, Finalis CEO Federico Baradello explores the need to build an infrastructure of trust. "Investment banking services are more difficult to unbundle given significant regulatory restrictions for the industry."  —...

reimagining compliance at banks and fis

Reimagining Compliance in Banks and FIs: The Role of Regtech

Making the compliance case for relying on regtech to keep pace with digital transformation at banks and financial institutions. Keep up With the Digital Revolution Reimagining Compliance in Banks and FIs: The Role of Regtech What's in this whitepaper by TCS adviser Sunil Kumar:Digital transformation is reshaping virtually all industries, and banking and financial services is no different. Few functions...

sox legislation

Does Your Company Have a Comprehensive Compliance Program? You Can Probably Thank SOX for That.

Though it was created as a counterbalance to a series of early-aughts corporate accounting scandals, many of today’s most important corporate compliance themes are deeply rooted in the seminal Sarbanes-Oxley Act (SOX). Indeed, as McDermott Will & Emery partner Michael W. Peregrine explores, the law, which turned 20 years old in July, gave birth to the modern corporate responsibility movement...

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...

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