Financial Services

Common fidelity bonds often don’t cover modern risks

Some requirements take effect immediately, and if they hold up in court, compliance will require extensive planning

Feel safe in the knowledge that you’re covered by KYC checks? Are you sure about that? An arms race of sorts is brewing between financial institutions and cybercriminals to see whose sophisticated measures will win out. Tamas Kadar of SEON looks at how to defeat advanced techniques like voice phishing and deepfakes.

The Biden Administration’s pending crackdown on U.S. investment in certain Chinese technologies, part of an increasingly aggressive posture against foreign actors like China and Russia, may be wider in scope than many corporate leaders currently understand. A trio of national security experts from Lowenstein Sandler weigh in on the broader implications for investment firms.

The Federal Reserve’s instant payment system FedNow went live in late July, and dozens of banks and credit unions have already signed up. Nick Botha of AutoRek explores FedNow’s impact on corporate users of U.S. payment services.

Financial institutions have been hit with billions of dollars’ worth of fines in the past couple of years for failing to preserve business text messages, and Reuters recently reported that the SEC had expanded its probe into Wall Street's use of tools like WhatsApp and Signal. Whether they’re from the SEC, FINRA or CFTC, federal investigators will dig deep when...

“Dumb Money,” which opens in theaters later this month, tells the story of how retail investors turned GameStop, a struggling shopping mall staple, into the world’s hottest company; SteelEye’s Matt Smith tells the story of how federal watchdogs still haven’t learned how to deal with modern market manipulation.

UK regulators are set to embark on a review of banks’ so-called PEP lists, rosters of people who, because of their political profile, are potential money-laundering risks. The agency’s review caps off a summer of scandal in UK banking as Brexit leader Nigel Farage claimed his bank dropped him over his political views, eventually leading to the ouster of the...

The fast-paced startup world, fueled by venture capital, isn’t for the faint of heart. In just a few short years, innovation can propel a tiny company to a successful IPO. But, as LRN’s Ty Francis explores, startups that overlook the importance of building a culture of ethics do so at their own risk. Historically, many startups overlook traditional ethics and...

Financial institutions have increasingly embraced the practice of de-risking as part of their AML strategies. This approach involves reducing or severing business relationships and services with entities deemed high risk. While de-risking may seem like a sound strategy in theory, it is crucial to examine its impact on the very customers these financial systems aim to serve. Banking compliance officer...

Global financial regulators levied 97 fines in the first half of 2023, totaling more than $189 million, representing a huge decline from the same period in 2022, according to a new analysis. The second halves of calendar years typically see an increase in enforcement actions, but the findings by Fenergo confirm a multi-year trend of decreasing fines, which peaked in...

Federal regulators’ attention on the use of mobile devices in the financial services industry has companies adopting new technology and revamping their policies. And, as MirrorWeb’s Harriet Christie explores, everyone in the organization plays a role in keeping compliance center-stage. The SEC’s primary function is to protect investors, by drafting and enforcing regulations which hold firms accountable for their actions....