Guidelines for Bank SecrecY Act / Anti-Money Laundering (BSA/AML)Compliance Program 2023

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.

Audit Procedures for Financial Institutions

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

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...

HMDA Reporting: What You Need To Know

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...

What is Enhanced Due Diligence (EDD) in Banking?

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-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.

8 Common Pitfalls That Sabotage Fintech-Financial Institutions Relationships

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.

The Unique Challenges of Banking and Cannabis

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

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

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...