Financial Services

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. Fenergo's CTO, Niall Twomey, discusses. AI is particularly valuable when...

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 banks in the world. In this article, Sujata Dasgupta explores...

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 adding too much cost and disruption to the organization. Application...

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 property and auto finance purchase money credit transactions were eligible...

Steps Companies Can Take to Improve Compliance and Reduce Risk Every year, billions of laundered dollars are moving through financial institutions without detection. Current detection systems aren’t keeping pace with criminals’ ability to outmaneuver them. Financial crime is a complex issue for financial institutions to tackle but AI is offering a clear and effective way forward. The topics of money laundering...

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 repeal of the Dodd-Frank Act. Global regulation and standards expert...

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 discrepancies, however, the IRS clearly sees crypto as a lucrative...

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 have grown significantly in the past decade. Today, there are...

Compliance Challenges in Financial Services The financial services sector faces numerous obstacles – especially the constant change in regulations. Michael Powell, Solutions Consultant at ZL Technologies, shares insights around the four biggest compliance challenges facing the industry today and how data management can play a role in overcoming them. With a unique set of compliance standards, the financial services industry faces...

Opportunities Revolutionize The Current Financial and Commerce System While virtual currencies offer many opportunities to revolutionize the current financial and commerce system, equally great risks exist relating to money laundering, sanctions compliance, and terrorist financing. Banks and virtual currency operators that can achieve robust levels of anti-money laundering (AML) and sanctions compliance and overcome the various compliance challenges will likely...

Fintech Collaborations on the Rise Fintech-bank partnerships result in growth opportunities. In this article, Krista Morgan examines the risk-reward relationship in this growing trend. The strength of our banking system is that we trust it. That trust comes from knowing that banks follow rules designed to protect us. As consumers, we want to know that our money will be safe,...

Broker-Dealers Navigate New Logistics On the heels of the DOL Fiduciary Rule’s defeat by the Fifth Circuit Court, the SEC proposed its own series of rule-makings and interpretations intended to address investor confusion about the duties owed to them by their financial professionals. As regulators debate the proposal, Cordium's Darren Mooney breaks down what it entails, and what firms should be...