Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
In this article how risk management in banks is an important concept, what type of risks banks faces and how they curb it through risk management model is described
In this article how risk management in banks is an important concept, what type of risks banks faces and how they curb it through risk management model is described
Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
This presentation provides complete study ofcredit risk management,how it was performed in yester years ,how it is taken care nowadays and what is the road ahead in future
By 1st December 2015, BCBS-IOSCO rules mean that all eligible financial and non-financial counterparties must be able to exchange bilateral Variation Margin (VM) and Initial Margin (IM) with their OTC derivatives counterparties. The consequences of this extend far beyond methodology, requiring a re-evaluation of the whole end to end workflow.
Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
This presentation provides complete study ofcredit risk management,how it was performed in yester years ,how it is taken care nowadays and what is the road ahead in future
By 1st December 2015, BCBS-IOSCO rules mean that all eligible financial and non-financial counterparties must be able to exchange bilateral Variation Margin (VM) and Initial Margin (IM) with their OTC derivatives counterparties. The consequences of this extend far beyond methodology, requiring a re-evaluation of the whole end to end workflow.
High regulatory costs for small and mid sized banksHEXANIKA
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The credit crisis, and the regulatory response it spawned have fundamentally reshaped financial markets for buy-side firms. But while the changes have brought about challenges, they have also ushered in opportunities. The key to success will be the speed with which firms are able to understand the changing marketplace and adapt their business models to align with the changes.
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We see four distinct models emerging, centred around: (1) global universal banking, (2) global investment banking & wealth management, (3) a blend of electronic and high margin business, and (4) regional universal banking.
Whichever strategy is adopted, efficient client coverage, tech & ops excellence and clarity of strategy will be key for success.
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Send an interactive Slack channel message (using buttons)
Have the message received by managers and peers along with a test email for review
But there’s more:
In a second workflow supporting the same use case, you’ll see:
Your campaign sent to target colleagues for approval
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But—if the “Reject” button is pushed, colleagues will be alerted via Slack message
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Charlie Greenberg, Host
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https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
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💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
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👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
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The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
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Axis of attacks – Europe
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1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
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Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
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Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Assuring Contact Center Experiences for Your Customers With ThousandEyes
Regulatory compliance and banks
1. Regulatory Compliance and Banks:
Key Challenges and Effective Solutions
W H I T E P A P E R
Written by Tathagata Kandar, Lead, Strategic Marketing, SunTec Business Solutions
2. Introduction
Compliance is big business. The approximate amount of relief to customers
from the Customer Finance Protection Bureau, enforcing customer
protection laws, is a staggering $10.1 billion (2011-2014). This includes $2.6
billion in restitution to consumers; and$7.5 billion in principal reductions,
cancelled debt, and other consumer relief.
This is money that could have found a place in banks' bottom line.
Regulations are integral to the banking industry, and the extent to which
the bank complies with such regulations not just maintains its bottom line
in terms of avoiding hefty fines, but also has a big bearing on credibility and
integrity.
So how do banks comply with all that is required, and save themselves
from the ill-effects of non-compliance?
The following four broad steps is the way to go:
lUnderstand all regulations
lIncorporate compliance into core business processes
lEnsure compliance does not shut shop. In other words, make sure
implementation of regulations does not impede regular business
operations
lEnsure that compliance does not come at the cost of customer
satisfaction
W H I T E P A P E RRegulatory Compliance and Banks: Key Challenges and Effective Solutions
02
3. Compliance is not a smooth and
straightforward affair, as the sheer
number of non-compliance cases
show. Here are the top challenges
bankers face when trying to comply
with regulations:
The 2007-08 financial crisis brought
in new regulations, mostly intended
to infuse transparency in financial
systems, and ensure that banks
maintain adequate capital.
However, ironically, the weight of
these requirements itself causes a
strain on the banks.
Not all regulations apply to
everybody though. While some
regulations pertaining to Know Your
Customer (KYC) and anti-money
laundering (AML) are applicable
across the board, many regulations
relate to capital markets, some
legislations aim at protecting
customers from rapacious charges,
and some others focus on creating a
conducive environment for banking.
Some of the major regulatory
requirements for banks include:
Huge Volume of
Regulations
It is estimated that by 2020, all
the regulations passed since
the 2009 Pittsburg meet of G20
countries would be equal to a
pile of papers three times the
size of Eiffel Towers, and that it
would take a dedicated reader
650+ years to simply read
through all of these
regulations
Key Challenges
W H I T E P A P E R
03
l
Area (SEPA) makes it binding on
banks to offer customers the
same uniform basic conditions,
rights and obligations when they
make payments anywhere in the
Eurozone, regardless of their
location. For instance, a credit
card holder in Germany could
make payments in Spain, just as
he would do in Germany. While
this offers a world of
convenience to customers, it
denies banks an opportunity to
collect additional fees and
charges for international
transfers, a stable source of
income, and standard business
practice across the world. At the
time of implementation, the
payment revenue(account for as
high as 15% of the bank’s profits)
estimated to be foregone across
all banks, stood at $108 billion.
lThe Directive on Payment
Services (PSD) establishes the
legal groundwork to create a
European Union wide single
market for payments. It lays
down a comprehensive set of
rules, applicable to all payment
services in the European Union,
making cross-border payments at
par with 'national' payments.
Again, while customers benefit
greatly, the challenge for banks is
to overhaul their systems and
procedures to comply with these
directives.
Both these regulations force banks
to change their business
procedures, impacting operations.
For instance, one of PSD’s aims is to
open up payment markets to new
entrants, making competition more
cut-throat. Overall, SEPA and PSD
don’t just put pressure on margins,
they also pose a further challenge
SEPA: The Single Euro Payments on the sustainability of a bank’s
bottom line.
Even as banks grapple with an ever-
increasing number of regulatory
requirements, the problem of
inconsistent standards compounds
the difficulty.
Banks mostly hit this roadblock
when they try to globalise.
Complying with different regulations
in different regions adds to the cost
of banking, and as banks pass on
these costs to customers, the
impact is felt across the eco-system.
Though there is a move to bring in
level playing fields in terms of
capital, liquidity, and leverage across
the board, there will always remain
considerable differences in
requirements, especially with regard
to scope of application, and timing
of implementation from one
jurisdiction to another.
Inconsistent
Standards
Regulations like the International
Financial Reporting Standards (IFRS)
aims to standardise and improve
safety and transparency in business
and financial dealings across
international boundaries. The goal is
to increase the quality of
information provided, and to reduce
the complexity involved.
While it may take time before all
financial institutions get on board
with the same set of accounting
standards (the US is still holding out
on adopting this), technology can
help increase the adoption rate,
while ensuring safety and
transparency.
Regulatory Compliance and Banks: Key Challenges and Effective Solutions
4. Knowing What to
Comply With and
How
Clash with Business
Goals
Compliance regulations fall into
three broad categories:
lPolicies already announced and
at implementation stage, such as
Basel III requirements
lPolicies taking shape and which
will be implemented in the near
future. Banks need to get their
systems and procedures ready,
in time
lPolicies at an early stage of
development, at national and
international levels, with
uncertainty over their final
shape. Banks may want to start
complying with the spirit of such
legislation, without going into
specifics
At another level, banks also need to
be aware of when a specific
legislation or regulation would apply
to them.
Statutory compliance, especially the
latest ones legislated in the wake of
the 2007-08 financial crisis, are
intended to strengthen the industry.
However, at times, such compliance
directly comes in the way of the
bank’s ability to do business, and
impedes competitiveness. A case in
point is the Basel III regulations
relating to capital requirements and
requirements for increased liquidity.
Such requirements undoubtedly
make banks more resilient, and less
likely to fail, but it also means
less leverage.
W H I T E P A P E R
04
Regulations also stand in the way of
innovation. The more time and
money the bank has to spend on
compliance, the less resources it has
to innovate, and further their
business model. Banking is a zero-
sum game, and resources and effort
in one area come at the cost of
another area.
Banks generally use their
discretionary spend to attain cost
reduction, improved efficiency,
customer service enhancements,
new market entry, and product
launches. The increase in
regulations leave many banks with
less money on such discretionary
spend. On an average, 57% of the
banks’ budgets was
spent on mandatory projects in
2013, and in 2014, this figure
remained more or less
consistent, at 54%.
discretionary
Data Overload
In today’s age of big data, data is
always in excess, and banks are no
exception. Unless there is a proper
mechanism in place to cull relevant
data from the mass, data overload
can subvert the bank’s systems.
Banks need data to get a 360 degree
view of their customer. However,
most banks, with their legacy
architecture, use dated batch-driven
data, which is not in real time. The
data on hand is reactive as well,
based on what customers did in the
past,and this is of little use to
predict customers’ changing
behavioural patterns. Moreover,
customer data lies fragmented
across myriad systems, channels,
geographies, and other dimensions,
creating problems in collating and
consolidating data on specific
customers. It leads to an ironical
situation, where banks have the
maximum information on their
customers, but minimal
actionable data.
Regulatory Compliance and Banks: Key Challenges and Effective Solutions
5. W H I T E P A P E R
05
Better Controls
Better control equates to observing
proper standards of market
conduct. Bankers could implement
controls at three levels:
1. Business line management
2. Adding a risk management and
compliance layer to the process
3. Internal audit
The easiest and least-disruptive
layer is at the business line
management. Here, banks need to:
lImplement the required controls
at the operational layers, and
test operating procedures to
ensure that they work as they
should.
lProtect the integrity of their own
systems from hackers and other
cyber criminals looking to steal
data
lImprove adherance to anti-
money laundering (AML) and
“know your customer” (KYC) rules
in operational procedures
Automated workflows could ensure
compliance, and make it easy to
identify potential fraudulent
patterns. Extensive, automated,
built-in approval mechanisms also
help banks function in a more agile
but safe manner. All these would be
in tune with the prevailing
So how do banks
tackle these
challenges, and
remain competitive?
.
transparency laws that make it
imperative for banks to maintain
logs for all transaction related
entities.
Banks need to improve their asset
efficiency. Compliance
requirements such as minimal
capital requirements and contra-
capital force banks to become more
responsible with their assets, which
they need to use optimally to
remain competitive. Improving
asset quality invariably involves
enhancing data quality, so that silos
are broken down, data becomes
accessible, and full transparency
sets in. This, in fact, clears the path
for big data analytics, offering
banks an opportunity to tackle
shortcomings in management and
technology, reduce costs for
collecting and reconciling data, and
improve risk management.
Banks need to derive insights from
their usage data, and when doing
so, focus on understanding exactly
what is required for the customers.
One way of going about it is by
instituting a business architecture
layer that delineates the customer
facing layer from the underlying
operational systems, and offers
real-time, high volume data
Improving Asset
Quality
Regulatory Compliance and Banks: Key Challenges and Effective Solutions
6. W H I T E P A P E R
analytics that enables decision
making, even as it orchestrates
transactions and services
simultaneously. This will make the
current legacy core architecture
irrelevant in delivering customer
experience.
Banks, like any other business, focus
on the customer, but instead of a
purely “customer centric” model,
they should promote a “customer
compliance business model” that
rewards the customer for
compliance with the systems in
place. The system still remains
flexible, as long as all regulatory
requirements are met.
Banks could devise solutions
existing systems, to capture
compliance requirements inside the
core processes itself, rather than go
for an overhaul every time
regulations change. Digitalization,
with a focus on flexibility, and role
based portals that offer data in a
contextual manner helps banks in
this regard. Banks could create
innovative offers that come with in-
built compliance from the
customers’ side. The bank could
reward such compliance with loyalty
points that motivate customers to
use this option.
An incidental benefit of having
all customer data in real-time
is that it will enable banks to
become more agile in their
reactions to the changing
regulatory needs. Banks can
report on customers or
segments in a more
transparent and easy way.
Developing a
Customer
Compliance
Business Model
on top
of
Regulatory Compliance and Banks: Key Challenges and Effective Solutions
06
7. W H I T E P A P E R
Conclusion
With regulators determined to enhance enforcement, increasing punishments for violations, and making senior
managers personally accountable, banks are turning to technology to supply them with tools that will help them
co-opt the requirements into their internal business processes.
07
Regulatory Compliance and Banks: Key Challenges and Effective Solutions
8. About SunTec
SunTec Business Solutions is the leading provider of revenue management and business assurance solutions to financial services and
digital and communications services industries. With deployments in 58 countries, an end-to-end revenue management solution and an
award-winning product suite, SunTec is a trusted partner of the world’s leading service providers like HSBC, ING, Mashreq, Cable One,
Bakrie Telecom and Arval. SunTec has its headquarters in India and offices in USA, UK, Germany, UAE and Singapore.
SunTec’s highly functional and technology-agnostic product suite Xelerate™ empowers the clients to create real-time personalised
offerings to improve profitability and customer experience while optimising customer lifetime value. The product suite enables service
providers to develop, launch and monetise innovative offerings quickly. Xelerate has helped create products and services for over 300
million end-customers today.
Could we help your organisation?
For more information about how SunTec could help bring sizeable benefits to your organisation, contact your nearest office:
Germany-Tel: +49(0)69505060590 | India–Tel:+914712539600 | Singapore–Tel:+6568292139 | UAE–Tel:+97165576030 |
UK–Tel:+442072203030 | US–Tel:+17247495699
contact@suntecgroup.com
www.suntecgroup.com
/SunTecGroup /SunTec-Business Solutions /SunTec Business Solutions /SunTecGroup