In the early 1900s, New York City was rapidly expanding and the need for an efficient public transportation system became urgent, leading to the construction of the very first underground subway. The first line, known as the “IRT” (Interborough Rapid Transit), opened in 1904 and was a major step forward for mass urban transit. Despite… Read more »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »
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 »