Financial Services

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The Controversy Surrounding the Corporate Transparency Act

Gavin/Solmonese’s Anne Eberhardt explores the opposition to the Corporate Transparency Act of 2019, stemming in part from privacy concerns and worry over the potential compromise of preserving market competitive forces. On October 22, 2019, the House voted to pass the Corporate Transparency Act of 2019, a bill to require disclosure of the “ultimate beneficial owners,” or UBO, of U.S. companies....

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Adapting Model Governance to AI/ML Systems for Financial Institutions

Firms need not throw away long-established governance principles to adapt to AI/ML. Rather, as Mayer Brown’s Reginald Goeke, Stephanie Monaco and Leslie Cruz share, companies can modify their existing model risk management systems to address issues raised by AI/ML tools. As the financial services industry increasingly turns to the use of artificial intelligence (AI) and machine learning (ML) for a...

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Can Stringent Stress Tests Help Banks Combat Pandemic Risk?

The global economy is facing an unprecedented threat; though we are just a few months into the pandemic, it has already disrupted markets far and wide. In the financial markets, the impact is clearly visible across the financial value chain. Ajay Katara considers how stress testing can minimize these risks. The 2008 financial crisis caught the financial system unaware and...

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Will the Dutch AML Utility be a Game Changer for Shared FinCrime Compliance?

Sujata Dasgupta provides an analysis of the upcoming Dutch AML utility – currently under feasibility study – and how it can open up a new world of possibilities in unified transaction monitoring. In the wake of rapidly rising financial crimes, regulators across the globe have toughened their stance on compliance violations and are scrutinizing banks more closely. Penalties on banks...

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Critical Considerations for Managing Regulatory Disclosures

The environment for regulatory disclosure management has become increasingly complex in the financial services industry. Messagepoint’s Patrick Kehoe discusses the compliance issues institutions of all sizes face, along with best practices for meeting those challenges. Each time a financial services company offers a customer a product, it must disclose everything from fees and interest rates to purchase options and minimum...

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How Regulatory Changes Will Affect Financial Services in 2020: 3 Predictions

What’s next for corporate compliance officers as they navigate balancing regulatory changes, technological advancement, digital fraud and higher customer experience expectations? OneSpan’s Michael Magrath shares his top corporate compliance predictions for the financial services industry in 2020. The regulatory landscape is always changing. In perhaps no industry is that more evident than in financial services. Every new year brings a...

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AI-Based Narrative Generation for Risk & Compliance Reporting

Many global banks and financial institutions would have been delighted if the adage “the numbers speak for themselves” held true to its meaning; it’d save them from deciphering the numbers they generate constantly for various internal and regulatory reporting activities. Ajay Katara explains how some smart automation can help. If we were to take a high-level view of the reporting...

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Automating KYC Compliance with Smart ID&V

As customers increasingly prefer to do their banking via smart devices, it’s time for banks to modernize their approach to customer due diligence. Financial crimes compliance expert Sujata Dasgupta provides a deep dive on smart ID&V solutions for KYC compliance. Know your customer (KYC) forms one of the strongest pillars of financial crimes compliance, from customer identification and acceptance to...

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FINRA Reveals Top Areas of Interest: Supervision and Digital Communications Compliance Programs

The Financial Industry Regulatory Authority (FINRA) has issued its latest report, and the findings could be significant for financial services firms. Theta Lake’s Marc Gilman discusses what organizations need to know. The publication of FINRA’s Report on Examination Findings and Observations is now in its third year. In 2019, the title and framing have changed slightly: “Recommendations” have been recast...

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Overcoming the Pitfalls of Disparate AML Compliance Systems

A compliance officer’s job can be complicated enough, but some financial institutions impose hardship by having too many disparate solutions working on the same problem. CaseWare RCM’s Eric Hansen explains why working in these compliance silos can make it more difficult for compliance pros to do their job. A day in the life of a compliance officer is becoming more...

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Managing the Impact of AML Compliance: Technology vs. Human Capital

As compliance regulations grow in complexity, organizations will need to both protect their reputation and avoid costly enforcement actions. LexisNexis Risk Solutions’ Leslie Bailey discusses how best to manage the challenge. Anti-money laundering (AML) compliance costs have continued to increase at a dramatic pace. Our recent study projected that the cost of compliance for U.S. and Canadian financial services firms...

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How Emerging Technologies Are Disrupting the Banking Compliance Landscape

Cutting-edge technologies create footprints in all aspects of life, and banking compliance is no exception. Financial crimes compliance expert Sujata Dasgupta looks at the daily impact these technologies have on banks and financial institutions. Financial crimes across the globe have steadily risen in the last two decades – not just in volume, but also in terms of complexity and sophistication....

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