Financial Services

How can we stem the tide of dirty money flowing through financial institutions? Proposal for New Regulation A Plan to Inhibit Significant Money Laundering Offenses and Improve Enhanced Due Diligence About this whitepaper from Robert Mazur:Take a very close look at the dozens of deferred prosecution agreements and indictments pled to by major banks when they’ve been accused of anti-money...

The asset management industry isn’t exactly known for diversity in its ownership ranks, and neither are the outsourced service providers firms often engage. Katie Twomey of Illumen Capital argues for diversity across the board, even in organizations without traditional supply chains. Diverse-owned firms represent just 1.4% of the $82 trillion in assets under management within the asset management industry. While...

Heightened regulatory scrutiny is pushing compliance spending up at financial services firms, according to a survey by tech provider SteelEye, which reported that 76% of finserv firms elevated compliance expenditures over the past year. The survey, part of SteelEye’s annual report on compliance practices, included responses from more than 300 senior compliance decision-makers in financial services firms in the U.S.,...

After a Covid-related grace period, new contract accounting standards — ASC 606 — are in effect for both public and private companies. Tom Zauli of Softrax, explores what you need to know about meeting accounting standards in an uncertain economy. In 2020, the U.S. economy entered a recession resulting from the global Covid pandemic. This recession was different in length...

With federal investigations pending, the autopsy of Silicon Valley Bank and resulting cascade of bank failures is only just beginning. Experts have suggested a faulty risk model is partially to blame, and while sharing customer data with its peers likely would not have saved the bank, business data analyst Sukirt Singh suggests SVB and other troubled banks could learn a...

(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...

From startups to big banks, the technology and financial services sector have already seen tens of thousands of layoffs in 2023. Not only do these cuts challenge main business functions, but they could lead to serious trouble down the road in the form of insider fraud. Bottomline Technologies’ Chris Gerda talks about new approaches banks and financial institutions should take...

Banks bear the brunt of consequences for financial crimes amid a huge increase in anti-money laundering fines in 2022, making them an easy target when financial crime is suspected. But fighting fincrime isn’t the sole responsibility of banks, argues Samar Pratt of Exiger in London, who says a flawed approach allows financial crime to persist within the global system. Global...

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...

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...

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...

The SEC’s marketing rule came into effect May 4, 2021. Since then, registered investment advisers (RIAs) have had an 18-month transition period — until Nov. 4, 2022 — to fully adhere to its updated regulations. MirrorWeb’s Harriet Christie explores the rule and what steps RIA compliance teams must take by the deadline. The appeal behind the modernization of the existing...