We just won an Engagement with a Delaware Based Fintech Company
Exciting news! We are thrilled to announce our latest engagement with a Fintech company based in Delaware. RADD LLC has been engaged to perform their BSA/AML review, helping them ensure compliance and mitigate risks. Does your financial institution need assistance...
Raddllc Signed an Engagement with a California Credit Union with an Asset Size of 4.5 billion
Exciting news! We are thrilled to announce that we just signed an engagement with a California Credit Union with an asset size of 4.5 billion. We will conduct their BSA/AML and OFAC audit and perform a gap analysis of their BSA Program.
What Silicon Valley Bank’s Collapse Teaches Us About the Importance of Strong Risk Management Programs
Despite being a major lender in the tech industry for decades, Silicon Valley Bank's (SVB) risky investments and lack of proper risk management protocols led to its downfall. Yes, government policies were not favorable to banks as the Federal Reserve raised the...
Our team of highly-experienced experts are proud to be providing a BSA Model Validation Audit for a popular Southern California-based Bank
This project is a big deal for us and we are ready to tackle it head-on! With our experienced BSA Model Validation Audit team, this process will be painless. We promise to provide comprehensive analysis, clear recommendations, and timely results - all while making...
Guidelines for Bank SecrecY Act / Anti-Money Laundering (BSA/AML)Compliance Program 2023
A BSA/AML compliance program aims at bringing about greater transparency, inclusiveness, and accountability in financial systems. Given the increased regulatory scrutiny and enforcement actions, financial institutions must prioritize BSA/AML compliance and ensure their policies, procedures, and controls are up-to-date.
In this article, we explore some of the fundamentals of BSA/AML regulations (BSA 101), including BSA/AML compliance meaning and examples, the pillars of BSA/AML, the entities subject to BSA/AML compliance, and important steps taken by financial institutions to stay compliant.
Fintech Compliance Risks and Regulatory Landscape 2023
The risks and regulatory landscape for fintech companies are complex and constantly evolving. To survive, you must navigate a patchwork of federal and state regulations. These include the US Patriot Act, the Bank Secrecy Act, the Fair Credit Reporting Act, and...
Audit Procedures for Financial Institutions
the audit procedure is a standardized process set up by banks to assess their level of compliance with relevant rules and regulations. Also known as the technique of auditing, an audit procedure is carried out by an internal or external auditor and may be conducted on a continuous or periodic basis.
Top 10 Risk and Compliance Trends for 2023
With the rapidly growing digital revolution, financial institutions have undergone a significant technological change to meet demands from increasingly sophisticated customers and global competition. Hence, it is crucial to know what should be your risk and compliance...
RADD Just Won an Engagement with a Technology Firm in Canada
RADD just won an engagement with a technology firm in Canada with an asset value of $2 billion to develop their compliance policies and procedures for Regulation B - The Equal Credit Opportunity Act (ECOA). We're thrilled to help this client improve their operations,...
We’re so excited to Announce that we’ve just Won a Deal with a Credit Union out of Michigan!
We're so excited to announce that we've just won a deal with a credit union out of Michigan! We will be providing them with a validation of their cannabis compliance software. We can't wait to start working with them on their compliance software. Congrats to our team...
We’re Excited to Announce our New Engagement with one of the Oldest Banks in Montana
We're excited to announce our new engagement with one of the oldest banks in Montana. They contracted RADD LLC to perform an audit of their Cannabis Banking Program, perform a validation of the Cannabis Banking Software and provide ongoing compliance support. We are...
We’re Excited to Announce that we’ve Signed on with a $350M Southern California Community Bank
We're excited to announce that we've signed on with a $350M Southern California community bank. The bank needed our help with fractional BSA Analyst support, which will assist them in EDD File Review. If your financial institution needs help with BSA Analyst support...
RADD LLC Engaged with a New International Fintech Company that will be Offering its Solution to the United States
It's so exciting to announce that we've been engaged by a new international Fintech company that will be offering its solution to the United States. This is the first time they've entered the market, and they need our help to perform an assessment of the software and...
We’re Excited to Announce Our New Engagement with a Texas-Based Fintech Company
We're excited to announce our new engagement with a Texas-based Fintech company that hired RADD LLC to perform its regulatory assessment and BAAS platform testing. This is just the first step in a long-term relationship where we will be helping them meet their...
RADD LLC Won an Engagement with a Southern California Credit Union with an Asset Size of 2 Billion
We are so excited to announce that we've just won an engagement with a Southern California Credit Union with an asset size of 2 Billion. RADD LLC will perform an MRB Risk Assessment and develop and implement the MRB Depository Program for the Credit Union. We're...
We’re Excited to announce that we have been Hired by a California-based Money Service Business
We're excited to announce that we have been hired by a California-based money service business to assist with program development and expansion of their MSB services in various states. We're looking forward to helping them take their business to the next level—if you...
RADDLLC Announces its New Engagement with a $82M Southern California Bank
We're thrilled to announce our new engagement with an $82M Southern California Bank, which just hired RADD LLC to provide BSA fractional support and perform BSA program Audit and Model Validation audit. We're looking forward to helping them stay compliant as they...
FDICIA Compliance Readiness: Is Your Financial Institution Prepared?
FDICIA stands for the Federal Deposit Insurance Corporation Improvement Act. It is a law enacted in the United States in 1991 as a response to the savings and loan crisis of the 1980s. Enforced by the Federal Deposit Insurance Corporation (FDIC), the FDICIA as we...
HMDA Reporting: What You Need To Know
The Home Mortgage Disclosure Act (HMDA) is a federal law that requires lenders to report certain information about their mortgage loan applications to appropriate authorities. This regulation applies to banks, savings associations, credit unions, or other institutions...
Building An Effective Compliance Culture in Financial Institutions
Compliance culture is an organization's set of policies, practices, and behaviors that allows it to 'play safe' in its operation. Compliance culture in the financial service industry is how an organization implements and executes its compliance program to meet...
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 financial crime risk has increased substantially since 9/11 and other related events. As a result, banks are under pressure from regulators and governments worldwide to adopt stricter customer identification and due diligence standards. EDD, thus, was born of necessity.
In-House vs. Outsourced Internal Audit: Which Is Better for Financial Institutions?
In today’s fast-paced business operations, outsourcing has become a popular approach to reduce costs and improve efficiency. It’s also a great way to access expertise and skills that might be lacking in-house. But before we explore why outsourcing might be a better solution to internal audits in the financial service industry, let’s look at internal auditing and how in-house internal audits differ from outsourcing.
7 Steps For Completing BSA/AML Risk Assessment for Financial Institutions
BSA/AML Risk Assessment is a compliance tool that helps FIs identify, assess and reduce risks associated with money laundering, terrorist financing, or regulatory noncompliance. It also helps them determine if they should adopt new policies or processes to protect themselves from losses related to identified risks.
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...
8 Common Pitfalls That Sabotage Fintech-Financial Institutions Relationships
As the financial services industry evolves, financial institutions (FIs) increasingly turn to fintech to meet their needs. For one thing, fintech offers innovative solutions that help FIs deliver new capabilities, respond to changing customer expectations, increase revenue streams, and improve operational efficiency.
However, FIs who have explored or implemented collaboration with fintech have encountered challenges that have derailed their efforts or resulted in less-than-desired outcomes. As a result, FIs must be careful not to fall into common pitfalls that could lead to failure when partnering with fintech companies.
How Banks Can Implement The 5 Pillars of BSA/AML Compliance Program
Find out how to effectively implement the 5 pillars of the BSA/AML compliance program for your bank here. Don’t undermine your BSA/AML program efforts.
The 5 Biggest Compliance Threats for Financial Institutions and How to Avoid them
Have you ever faced a compliance threat and wished you could see into the future? Fortunately, there are several ways to help you achieve this. Take a look.
The Unique Challenges of Banking and Cannabis
For most businesses in America, banking is a straightforward affair. Not many industries can operate without banks and the banks, for their part, benefit from large corporate accounts. However, when it comes to cannabis-related businesses, banking can be a real...
The Best Types of Fintech Companies to Partner With: How Financial Institutions Can Succeed in the Digital Age
Financial institutions are under pressure to succeed in the digital age. They need to partner with the best fintech companies out there to keep up. Currently, nearly 90% of financial institutions consider fintech partnerships crucial to success. But with so many different options, how can financial institutions be sure which ones are right for them?
This blog post will discuss the best types of fintech companies to partner with and explain why each one is a good fit for financial institutions!
CYBERSECURITY AND VENDOR MANAGEMENT
To have an effective regulatory compliance strategy, institutions need to use internal audits and risk assessments. Part of which is cybersecurity and vendor management , the focus of this blog. The most effective internal audit teams want to go beyond the...