FICO

OCTOBER 26, 2017

This article is from Michael Blicker , a senior consultant in FICO's compliance solutions group. You would think one system would be enough to manage foreign tax compliance. Now, with CRS** (Common Reporting Standard), some financial institutions are starting to think they need two systems. Here’s where the trouble started.

Compliance 53

Compliance IRS Agreements Audit 53

The Fintech Times

FEBRUARY 12, 2024

The actions taken by the FSRA address failures (to the extent applicable in each case) to: follow due diligence procedures as required by the Regulations; keep records of the performance of due diligence; report required information in a complete and accurate manner; and/or submit the required annual information return.

Distributed Ledger Technology (DLT) 57

Distributed Ledger Technology (DLT) Due Diligence Innovation Procedures 57

The Payments Association

OCTOBER 11, 2024

The reforms aim to address weaknesses in safeguarding practices, reduce consumer fund risks, and enhance regulatory compliance, particularly in preventing fund shortfalls. However, there are numerous issues due to poor compliance. What’s next?

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Nanonets

MAY 7, 2024

This process is essential for maintaining financial accuracy, compliance with regulations, and preventing fraud or errors. Compliance and Regulation : Expense reconciliation is crucial for compliance with financial regulations and standards.

Reconciliation 52

Reconciliation Best Practices Compliance Credit Cards 52

Nanonets

FEBRUARY 9, 2024

Still, effective implementation depends on a nuanced understanding of controls and the ecosystem surrounding ICFR – which this guide looks at as an orientation and an initial jumping-off point to long-term financial compliance.   Ultimately, remember that ICFR is more than compliance. Definition: What is ICFR?

Audit 52

Audit Risk Assessment Assessments Procedures 52

Nanonets

SEPTEMBER 21, 2023

From  technology  adoption to  compliance  with  regulations , we will delve into various strategies that can help businesses overcome  accounting  hurdles and achieve financial success. Non-compliance with Regulations Compliance with accounting regulations is essential to avoid legal issues and penalties.

Accounts 52

Accounts Audit Payroll Compliance 52

PYMNTS

JANUARY 30, 2019

Then the first money laundering directives came out, which started to mandate more and more in the realm of customer due diligence, so the company added a compliance check. That procedure can be described as a two-by-two check, and is geared toward verifying individuals on two sides of a transaction.

Due Diligence 74

Due Diligence Verification Money Laundering FinTech 74

PYMNTS

DECEMBER 3, 2019

Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp. Financial institutions should follow standard SAR procedures and submit a report only if there is questionable behavior. Department of Agriculture’s (USDA) interim final rule on hemp production.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

Nanonets

NOVEMBER 29, 2023

These processes, which encompass the review, modification, and finalization of documents, are critical in ensuring that business operations run smoothly and adhere to necessary compliance standards. These processes impact everything from internal communications and contract negotiations to financial reporting and project management.

Automation 52

Automation Compliance Legal Process 52

Nanonets

SEPTEMBER 23, 2023

Encumbrance Accounting in Different Sectors Encumbrance accounting is utilized differently in government, public sector, and non-profit organizations, with unique requirements and regulations to ensure transparent financial management. These organizations often receive grants and donations that come with specific spending restrictions.

Accounts 52

Accounts Governance Government Fraud Prevention 52

PYMNTS

SEPTEMBER 28, 2020

They also need to collect and verify vendors’ details to comply with anti-crime regulations, adhere to tax reporting requirements and deliver convenient digital payments to these suppliers. The continued use of manual-heavy procedures causes friction, however. Some firms employed digital approaches for part of this process; 72.1

Enrollments 66

Enrollments Crime B2B Money Laundering 66

The Finance Weekly

OCTOBER 31, 2021

Many of the same financial issues that profit-seeking enterprises face, such as increasing revenue, managing audits, and dealing with compliance, encounter non-profit organizations (NPOs). Financial planning for NPOs can be difficult, as certain issues will present unique challenges to you, such as specific reporting requirements.

Audit 52

Audit Accounts Finance Compliance 52

PYMNTS

MAY 22, 2018

“Tom Hoenig, who stepped down last month as FDIC vice chairman, (said) that the Volcker rule should remain in place but, rather than requiring banks to comply with tedious reporting requirements, allow bank examiners to check compliance with policies and procedures as part of the regular inspection process,” the report added.

Regulations 40

Regulations Credit Union Community Banks FDIC 40

FICO

JANUARY 5, 2023

BNPL is certainly here to stay and, even in the absence of specific regulatory requirements in 2023, providing consumer protections and disclosures will soon become table stakes in the next phase of the industry’s maturation. For Public Companies, Cybersecurity Compliance with New SEC Rules will be a Top Priority.

BNPL 52

BNPL CFPB Consumer Financial Protection Bureau (CFPB) Privacy 52