Financial Services Archives - Corporate Compliance Insights

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How to Establish an Effective Data Quality Policy

Posted by Boyke Baboelal - January 17, 2019

Moving Beyond Day-to-Day Data Cleansing In the financial services industry, regulation on due process and fit-for-purpose data has grown increasingly prescriptive, and the risks of failing to implement a data quality policy can be far-reaching. In this article, Boyke Baboelal of Asset Control looks at how organizations can overcome these…

Intelligently Managing Margin Lending Risks

Posted by Subramanian Venkataraman - January 15, 2019

How to Automate Processes with Cognitive Computing Margin lending involves banks accepting credit, market and liquidity risks simultaneously and the risk is primarily dependent on collateral value that is highly dynamic. In the credit life cycle, a number of banks – even large ones – run their complex processes in…

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Best of 2018: Top Banking Regulations & Security Compliance Requirements

Posted by Michael Magrath - December 31, 2018

As 2018 draws to a close, we’re taking a look back at some of the most valuable insights our authors have shared. In case you missed it, this is one of the articles our readers couldn’t get enough of this year. The Developments Impacting Financial Institutions Now It’s hard…

5 Ways AI is Impacting AML and KYC Compliance

Posted by Niall Twomey - December 19, 2018

Revolutionizing the Fight Against Financial Crime Artificial intelligence (AI) has the ability to completely transform how banks perform anti-money laundering (AML) and know-your-customer (KYC) compliance. Additionally, for the purposes of anti-money laundering, artificial intelligence systems can mine huge volumes of data for risk-relevant facts, simplifying the process of identifying high-risk clients.…

AML Compliance: Spotlight on Nordic Banks

Posted by Sujata Dasgupta - December 11, 2018

The Changing Landscape As AML regulations are getting more stringent globally, criminals are focusing on using countries with lowest risk categorizations and intermediary banks with high credibility to launder money. The latest victims of this crime are the Nordic banks, which were until recently among the safest and most stable…

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Boosting SR 14-1 and IFRS 16 Compliance

Posted by Stuart Brock - November 28, 2018

Using AI for Improved Contract Analytics Changing global mandates, particularly SR 14-1 and IFRS 16, mean banks and financial institutions must understand new regulations and implement appropriate changes to avoid penalties, fines or worse. They must also figure out how to comply with new rules and deal with audits without…

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Does the DOD’s MLA Interpretive Rule Really Help Servicemembers?

Posted by Patricia Covington - November 12, 2018

How the Military Lending Act Plagues the Finance Industry The Military Lending Act (MLA), enacted in 2006 and implemented by the Department of Defense (DOD), protects active duty members of the military, their spouses and their dependents from certain lending practices. In December 2017, the DOD issued an amended interpretive rule to clarify whether personal…

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Reinventing Financial Compliance

Posted by Phil Fry - October 31, 2018

Reducing Cost and Complexity, Increasing Accuracy and Reliability As we mark the 10-year anniversary of the 2008 banking crisis – considered by many to be the country’s worst financial crisis since the Great Depression — the issue of financial compliance is trending. In this article, Verint’s VP of Financial Compliance…

Top Banking Regulations & Security Compliance Requirements for 2018

Posted by Michael Magrath - August 28, 2018

The Developments Impacting Financial Institutions Now It’s hard to wrap your head around all the myriad regulations for financial institutions, and these changes can directly impact an organization’s digital transformation initiatives. Many countries are calling for further regulation, while in the U.S. we’re seeing reform and deregulation, as evidenced by the…

Why Cryptocurrency is So Difficult for the IRS to Regulate

Posted by Clark Sells - August 7, 2018

3 Reasons Crypto Eludes Regulators Cryptocurrency is all the rave right now, which is why tax authorities are aching to get their share of the revenue. This may prove to be a tricky proposition, though, as many members of the crypto community are against IRS regulation. Despite the challenges and…

Financial Forecast: Cloudy with a Good Chance of Behavioral Insight

Posted by Chris Wooten - July 30, 2018

A Cloud-First Approach to Managing Financial Communications Data The current regulatory framework, which has grown more complex since the 2008 financial crisis, requires more information to be recorded. Regulators have come to realize that in most cases of misconduct, voices may be the only evidence of bad behavior they can…

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Regulatory Oversight for Cryptocurrency?

Posted by Brandi Reynolds - July 23, 2018

What Crypto Exchangers and Administrators Need to Know U.S. regulators have recently joined with an international coalition of tax enforcement authorities to investigate cryptocurrency-related crimes. Given that there’s been limited regulatory oversight of cryptocurrency in years past, where does this leave businesses whose bread and butter is cryptocurrency? Cryptocurrency markets…