Compliance Challenges for Financial Institutions in the ‘New Normal’ The ‘new normal’ in the financial framework The effects of COVID-19 in the financial world reflected themselves in the operational as well as the regulatory side. As the limitations in the on-location business and travel restrictions appeared in the face of the pandemic, it has [...]
Better Customer Experience and Compliance via Digital Onboarding What is digital onboarding? Digital onboarding, also called as remote or online onboarding, is a process of acquiring new customers via digital tools so that they can access the services and products provided by the financial institutions in a more user-friendly, simpler and faster way. Since [...]
TARGET Consolidation Project of the Eurosystem: Benefits and Challenges TARGET consolidation project was prepared and launched by the Eurosystem and scheduled to November 2021 with an aim to consolidate the real-time gross settlement (RTGS) systems of TARGET2 and T2S (each of which will be explained in detail below) by improving them technically and functionally [...]
These Trends Are Changing the Payments Industry in UAE Transition to a cashless economy The United Arab Emirates (UAE) has one of the most dynamic, innovative and liberal economies in the Middle East and in the world too through its large amounts of investments in the infrastructural and technological developments. The UAE is also [...]
Compliance Challenges for FinTechs: An Effective and Affordable Solution In quickly changing digital environment of the financial world, regulatory requirements are one of the most challenging factors that enforce banks to look for the new ways to meet compliance although they seem to be advantageous in terms of their established clientele, capital and expertise [...]
5 reasons that AI technology drives value for Compliance Artificial intelligence is a system of technologies that aims to improve the way we identify different patterns, foresee upcoming happenings, design rules, make decisions and finally interact with others thanks to its adaptable prognostic ability and autonomous learning (to some degree). The reflection of these [...]
SWIFT Standard Changes 2020 In recognition of the operational stresses that the Covid-19 pandemic is putting on the global financial community, and especially on smaller institutions therein, SWIFT has decided to prioritize for 22 November 2020 only the MT Category 5 (Securities Markets) messages, which are required to enable compliance with forthcoming European regulations, [...]
ISO 20022 – Secure Payments to Transaction Management ISO 20022 vs. the Current System ISO 15022 The ISO 20022 is a financial standard that aims to provide a universal, open and ample dictionary for financial data transmissions among systems and financial institutions. It serves as a globally accepted prescription to create new financial messages [...]
How is Coronavirus affecting the financial payments industry and compliance? As the COVID-19 outbreak affect many business areas and their way of operation, the financial ecosystem has had its share in this transformation towards a more digitalized and zero-touch environment. As one of the natural results of the pandemic, people tend to increase the [...]
Why KYC matters in compliance? What is KYC? It is one of the most important responsibilities of the banks to make sure that the identity of their customers is genuine, namely they are who they claim to be. So, KYC (Know Your Customer) is a compulsory process for the banks when opening a new [...]
