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.
Though it once seemed a distant obligation, the effective date for the Home Mortgage Disclosure Act’s (HMDA) Final Rule is now less than five months away: Jan. 1, 2018. Are you ready?
Imagine the convenience of paying for gas with your vehicle the second you are done filling up, or the instant you order fast food from a drive thru. Tokenization is reshaping the foundation of the digital payments landscape.
Today, health insurers run an enormous risk if they are not regularly screening against OFAC and other sanctions lists and complying with know your customer (KYC) rules. Further, they suffer the additional scrutiny of Medicare and Medicaid lists that vary with each state, creating a uniquely complex regulatory environment.
By now, most banks have dipped their toes into the social media waters. In fact, 90 percent of banks are using Facebook, and more than half use at least one other platform. Unfortunately, many banks view “getting social” as simply another channel for corporate communications—not as a collaborative medium—which limits the effectiveness of social media.
Consolidation has become a common theme in the American banking industry, and for good reason. Take a look at this simple list of Dos and Don’ts before seriously considering a merger deal.