by Radhika Lipton | Nov 23, 2022 | RADD BUZZ
Jump to section Toggle Elements of an Effective Compliance CultureKey Five Areas of Compliance Culture that Revolve around ‘People and Processes. 1. Commitment from Senior Leaders2. Open and inclusive communication3. Compliance culture monitoring systems 4....
by Radhika Lipton | Nov 10, 2022 | RADD BUZZ
Jump to section Toggle Difference Between Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)When is EDD Needed?Importance of EDD in BankingHow to Perform EDD Enhanced Due Diligence (EDD) is a risk-based approach to KYC procedures. It was developed in...
by Radhika Lipton | Oct 17, 2022 | RADD BUZZ
Jump to section Toggle What is internal auditing?In-House vs outsourced internal audit, what is the difference?Why outsourcing may be the best approach for internal auditing in financial institutions1. Independence and Objectivity2. Specialised expertise plus a fresh...
by Radhika Lipton | Oct 4, 2022 | RADD BUZZ
Jump to section Toggle What is BSA/AML Risk Assessment?Step 1: Identify Your Risk Categoriesa. Customer risk factorsb. Product, services and transaction risk factorsc. Delivery channel risk factorsd. Geographical risk factorsStep 2: Analyze The Information Collected...
by Radhika Lipton | Sep 23, 2022 | RADD BUZZ
Jump to section Toggle 1. Define your areas of regulatory risk exposure 2. Expand the scope of your compliance program3. Centralize regulatory compliance4. Review your business processes5. Manage risk by identifying regulatory gaps6. Implement strong regulatory change...
by Radhika Lipton | Sep 14, 2022 | RADD BUZZ
Jump to section Toggle 1. Management and Cultural Differences2. Non-compliance with Regulations3. Cybersecurity Breaches4. Bank Secrecy Act/ Anti-money laundering (BSA/AML)5. Violation of Intellectual Property Rights (IPR)6. Insufficient Information Security...
by Radhika Lipton | Aug 28, 2022 | RADD BUZZ
Jump to section Toggle Pillar 1: Internal ControlsPillar 2: AML OfficerPillar 3: TrainingPillar 4: Independent ReviewPillar 5: Customer Due DiligenceFinal Thoughts All over the world, there are stringent laws that require banks to implement measures against money...
by Radhika Lipton | Aug 15, 2022 | RADD BUZZ
Jump to section Toggle 1. Cybersecurity2. Third-party relationships3. Payment Fraud4. Misuse of confidential information by employees5. Time and resource shortagesConclusion In the financial industry, regulations are a big deal. You have to comply with them to stay in...
by Radhika Lipton | Aug 2, 2022 | RADD BUZZ
Jump to section Toggle Bank Secrecy Act & Anti-Money Laundering ComplianceState Level Fixes: PennsylvaniaHow would SAFE Banking Change Cannabis Banking?Rescheduling Cannabis is the Only Permanent Fix For most businesses in America, banking is a straightforward...
by Radhika Lipton | Jun 11, 2022 | RADD BUZZ
Jump to section Toggle Best Types of Fintech Companies to Partner With1. Digital Account Onboarding2. Transaction Processing3. Data Analytics4. Artificial Intelligence5. Faster Payments6. Digital Loans7. Cybersecurity8. Honorable MentionsAligning an...