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Compliance

Trending in 2019: Financial Compliance Risk Reduction

By Iain Daws

Since the financial crisis in 2008, financial compliance has undergone a significant shift. Regulators and governments have introduced stricter, more comprehensive rules. Complying with regulatory mandates — such as the Dodd-Frank Act in the United States and MiFID II in the European Union — requires effective, reliable and accurate communications capture, as well as ongoing, proactive communication surveillance and infrastructure monitoring.

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BSA/AML Online: Betrayed by the Browser

By John Klassen

The websites of state and federal regulators are among the online destinations most frequently accessed by compliance managers and anti-money laundering/anti-fraud analysts and researchers. While improving productivity, government online resources often suffer from various IT security weaknesses. BSA/AML specialists who access vulnerable sites become a target — because their browser betrays them.

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S.2155 and Community Banks

A much needed reprieve – but with conditions.

By Don Andrews

America is like no other country. Rooting for the underdog is an American pastime, and there is a sensibility that people who are honest and work hard should reap the benefit of their efforts. Even bankruptcy laws were designed with the idea of giving people a second chance rather than sending them to debtor’s prison. Second chance and opportunity permeate our culture and our common law. In S.2155 — the Economic Growth, Regulatory Relief and Consumer Protection Act — community banks were given that second chance.

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What Is GDPR?

How financial institutions are affected by the EU’s General Data Protection Regulation.

By Keith Monson

While community banks specialize in serving their local community, the reach of global regulations can still have a significant impact on a bank’s business plan.

The European Union’s General Data Protection Regulation took effect on May 25, and although it isn’t a U.S.-based regulation, it is important for banks to understand how the scope of GDPR will change usual business functionality. The law will be one of the more significant regulations to hit financial institutions in quite some time, bringing changes for them as well as all other businesses — and their customers.

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A “No Data Entry” Way to Comply with Customer ID Regulations

By Thomas Curley, Sageworks

May 16 — The Customer Identification Program rule, or CIP, implements section 326 of the USA Patriot Act, which requires banks, savings associations, credit unions and certain non-federally regulated banks to have reasonable belief that they know the true identity of each customer. These laws were established with a goal of preventing money-laundering and terrorist activities. On May 11, the Financial Crimes Enforcement Network (FinCEN) reminded financial institutions that the final rule, “Customer Due Diligence Requirements for Financial Institutions” officially became effective. Financial institutions, more than ever, are being watched and held to these higher standards as technology has made illicit activities more common.

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