What is Enhanced Due Diligence (EDD) in Banking?
Enhanced Due Diligence (EDD) is a risk-based approach to KYC procedures. It was developed in response to the increasingly complex financial crime environment. Banks have always been required to know their customers before providing them with banking services, but...
In-House vs. Outsourced Internal Audit: Which Is Better for Financial Institutions?
Internal audit departments have been a core component of financial institutions for decades. However, with the rise of regulatory scrutiny and the complex risk landscape of financial institutions, having an in-house team is not always feasible. In today’s...
7 Steps For Completing BSA/AML Risk Assessment for Financial Institutions
Doing a BSA/AML risk assessment is a significant step in complying with anti-money laundering regulations. In this post, we’ll give you an overview of the risk assessment process for FIs. You’ll also understand the steps in completing a comprehensive...
How Financial Institutions can Manage Regulatory Change
Regulatory change is an ongoing part of financial institutions (FIs) life. For one, the industry is one of the most highly regulated in the world. According to a 2020 report by Thomson Reuters Regulatory Intelligence, a typical financial services organization is...