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Oct 22, 2024 | 
resources.fenergo.com | Tracy Moore
Recent enforcement actions against institutions like TD Bank, Solaris SE in Germany, and Starling Bank reveal that the complexity of modern compliance can strain even the best-intentioned organizations. These cases highlight the need for a proactive approach to anti-money laundering (AML) technology, showing how a centralized client management and reporting platform can help banks stay ahead of regulatory expectations while supporting long-term growth.
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Oct 3, 2024 | 
resources.fenergo.com | Tracy Moore
At the recent Datos Financial Crime and Cybersecurity Forum, held annually in Charlotte, NC, I had the honor of participating as a guest speaker for an executive roundtable session titled 'Periodic to Perpetual: Synergizing KYC and TM for Continuous Compliance.' The session sparked a lively and thought-provoking discussion, with several key questions on Know Your Customer (KYC) and transaction monitoring (TM) concerns raised by the audience, underscoring the growing need for financial...
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Sep 13, 2024 | 
cutimes.com | Deedee Myers |Mark Arnold |Pam Cohen |Tracy Moore
As the most important act a board of directors will take, give CEO selection the time and process your members deserve. Credit/Adobe Stock With a continued wave of industry leaders retiring, now is the time to ensure your credit union takes a strategic approach to succession planning. There is a wide range of approaches to this critically important process.
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Sep 11, 2024 | 
cutimes.com | Mark Arnold |Pam Cohen |Tracy Moore |Heman Daswani
Credit/AdobeStock When you think of brands that create a following of obsessed customers, maybe you think of In-N-Out Burger, Apple or Amazon. It's not a coincidence.
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Sep 9, 2024 | 
cutimes.com | Pam Cohen |Tracy Moore |Heman Daswani |Erica Chiang
Affinity FCU shares the details of its strategies, including a comprehensive benefits program. Credit/AdobeStock Attracting and retaining top talent is an ongoing challenge for many organizations, but credit unions face a unique set of obstacles. Unlike larger financial institutions, credit unions often operate with resource constraints and have less brand recognition, which can make it difficult to compete for top-tier talent.
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Sep 6, 2024 | 
cutimes.com | Tracy Moore |Heman Daswani |Erica Chiang |Jane Mason
The pairing is paramount to effectively managing risks, ensuring robust security and paving a road to growth. Credit/AdobeStock Financial institutions are facing a multitude of challenges in today's economic landscape. Inflation and uncertainty are prevalent, compounded by increasing regulatory scrutiny. By the end of 2023, global banks had shed over 60,000 jobs, while credit unions experienced a slowdown in hiring.
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Jun 19, 2024 | 
corporatecomplianceinsights.com | Tracy Moore
In the 15 years since Bernie Madoff’s conviction for running the largest known Ponzi scheme in history, regulatory agencies have sought to tighten their oversight of the financial sector, paying special attention to anti-money laundering (AML) and know your customer (KYC) rules. Tracy Moore, director of thought leadership and regulatory affairs at regtech platform Fenergo, looks back at the Madoff scandal and explores the state of AML and KYC standards today.
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Feb 28, 2024 | 
resources.fenergo.com | Tracy Moore
In the United States, financial institutions (FIs) are preparing to comply with new rule introduced by the Consumer Financial Protection Bureau (CFPB) has introduced a new rule, 12 C.F.R. Part 1002, implementing Section 1071 of the Dodd-Frank Act. On March 30th, 2023, the CFPB issued a final rule under section 1071 of the Dodd-Frank Act. For some context, Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA), requiring FIs to collect data on their small business loans.
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Feb 15, 2024 | 
resources.fenergo.com | Tracy Moore
In early February 2024, US Treasury Secretary, Janet Yellen, noted that the US Treasury Department plans to issue a proposed rule applying requirements for anti-money laundering (AML) on investment advisers. These plans were further backed up by an announcement from FinCEN to combat illicit finance. Why is Treasury Pushing for AML Compliance on Investment Advisors?
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Jan 8, 2024 | 
resources.fenergo.com | Tracy Moore
Staying ahead of new financial regulations is not just a strategic advantage; it's a necessity. The Corporate Transparency Act (CTA) in the US has changed beneficial ownership requirements from January 1, 2024, and it’s vital to know how to respond.
