In today’s dynamic digital space, Know Your Customer (KYC) protocols are the backbone of an organization’s risk assessment. And at the core of KYC practices, politically exposed person (PEP) screening emerges as an essential element.
The Consumer Financial Protection Bureau’s (CFPB) recently published Consumer Protection Principles on consumer-authorized financial data sharing and aggregation represent ideal conditions for consumers, but making these conditions a reality will require significant coordination from all involved parties.
To some, a debit card is a perfectly ordinary piece of rectangular plastic. To others, however, there is something unequivocally exciting about holding a brand new debit card; it provides a sense of freedom and empowerment. This one moment, though brief, has the potential to change a customer’s outlook on their financial institution forever—if it can provide it to them.
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.
Are you ready to comply with FinCEN's final rule by May 11, 2018? Attend this free webinar to learn about adjustments you should make to your customer due diligence and risk-rating practices.