Regulatory bodies update their watch lists quite frequently. Each update adds or removes prohibited parties to the list—and additional risk for businesses that don’t update and rescreen their clients and vendors in a timely manner. Here are the two top challenges your company could face when attempting to keep sanctions screening processes updated and relevant—as well as ways you can rise to meet them.
Cornerstone National Bank and Trust Company in Palatine, Illinois, had a challenge: its IT enterprise was managed by two separate vendors. Check out the video to see how CSI enhanced and simplified managed services for Cornerstone.
The consensus among security experts is the growing inevitability that every organization will experience a cyberattack, and likely sooner rather than later. Limiting the attack’s damage requires immediate action now (before the incident) and later (after the incident).
High profile cybercrimes are dominating the headlines this year: the Equifax breach, WannaCry, Petya, etc. The frightening diversity and sophistication of these immense cyberattacks have left pressing questions on how best to quell them. But where do financial institutions even begin? The best place to start is with one simple question: is your institution’s firewall security up to snuff?
What exactly does it mean for a CRM to be integrated? Here lies the true question—and ultimately, the confusion—surrounding many major CRM providers. Distinguishing “soft” claims of integration from the real deal can be a challenge. So, we’ve provided a list of attributes only truly integrated CRMs possess, which you can literally take to the bank.
To remain competitive in today’s fast-paced economy, organizations face significant challenges, many of which are interconnected. In terms of compliance and risk management, companies must have not only the capacity to accurately identify customers and vendors, but also the ability to quickly process transactions for goods and services while minimizing the risk of running afoul of numerous rules and regulations that sometimes accompany such transactions.
The American Bankers Association recently suggested, and others agree, that it is time to modernize the Bank Secrecy Act in order to more effectively stop money laundering and terrorist financing while reducing the burden this law places on financial institutions.
Millennials continue to perplex a good portion of the American business population; we want to know what attracts and motivates them, and keeps them coming back for more. For the banking industry in particular, it really boils down to one simple question: How do we win this generation?
They used to be the whinny, entitled generation that would not move out of their parents’ basement. But times have changed, and Millennials have evolved; no longer defined by avocado toast and Pokémon Go (though, let’s be honest, that’s still a fair portion of it). Rather, according to Pew Research, they are now the largest employee and consumer force in America.
Moving money digitally is a modern convenience for law-abiding consumers, but it also provides a simple and low-risk way for criminals to move money. This has caused many regulators to question whether current BSA/AML requirements are enough.