Effective July 11, 2016, the Financial Crimes Enforcement Network (FinCEN) issued a final rule clarifying Customer Due Diligence (CDD) requirements. Covered financial institutions must be in compliance with the final rule by May 11, 2018. However, there is uncertainty as to whether the benefits of greater emphasis on CDD will outweigh the costs of implementing… Read more »
Posts Categorized: Client Resources
What Will the Fourth European Directive Change in AML?
By June 26, 2017, all EU member states must be compliant with the European Union Fourth Anti-Money Laundering Directive (AMLD). The Directive aims to improve the effectiveness of combating money laundering from criminal activities and countering the financing of terrorist activities by increasing transparency of who truly owns companies and trusts. Here are a few… Read more »
3 Real Ways to Relate to Your Employees
Although you hire the best financial compliance candidates, they may not be collaborating as well as they could be. As a result, your company may not be moving in the direction you’d like. Follow these tips for authentically relating to your employees and helping them work together to increase production. Know Your Company Environment Talk… Read more »
Explain the Importance of a Suspicious Report to Your Entire Compliance Staff
Organized crime relies on money transferred among people in various countries. Funds are often used to promote further criminal activity such as terrorist acts, drug use or human trafficking. However, compliance officers in financial organizations are on the frontline to help stop these criminal behaviors. Find out how to explain the importance of a suspicious… Read more »
How Can You Increase Constructive Discussion Internally?
When you encourage open communication in your company, you benefit from the knowledge, talent and insight each of your employees brings to your organization. Your workers feel like valued team members, perform at higher levels and help move your company forward. Here are some tips for increasing constructive discussion within your business. Interview for Independent… Read more »
Report: Culture More Important Than Checklists in Financial Compliance
With additional financial compliance regulations being enforced, it’s increasingly important that employees at all levels adhere to a company’s ethics and compliance program. However, it’s no longer enough simply having those programs in place. Find out how corporate culture plays a vital role in enforcing an ethics and compliance program within an organization. Compliance Programs… Read more »
What Could Be the Real Impact of a Dodd-Frank Repeal?
As a means of weakening, pushing back or replacing financial regulations potentially seen as burdens to commerce and growth, President Donald Trump recently signed an executive order aiming to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. As a result, many Americans are concerned about having the benefits of Dodd-Frank become… Read more »
When Is It Time to Let Go of the Stubborn Employee?
Stubborn employees bring down your company’s morale and production levels. However, those employees may also provide expertise you may have difficulty finding elsewhere. Follow these guidelines for determining when it’s time to let go of a stubborn employee. They Never Accept Blame A stubborn employee rarely owns up to their part in projects not being… Read more »
Is Your Financial Institution Ready for Artificial Intelligence in Compliance?
In an earlier post, “Can You Handle Big Data in Financial Compliance?” we discussed ways that using big data overwhelms and complicates compliance requirements for companies. Building on that content, we will explore how artificial intelligence (AI) helps companies remain compliant with laws and regulations. Increased Efficiency Although financial institutions have been adding tens of… Read more »
Can You Handle the Big Data in Financial Compliance?
Although using big data to streamline business operations is becoming more common, it’s also creating new compliance issues. Sorting through massive amounts of information to determine what is useful and organizing it in the most beneficial manner poses new risks for keeping the information protected. Here are some reasons why. Big Data Is Overwhelming Although… Read more »