Reported by Babu Sivadasan Deloitte’s recent research reveals that 86% of financial services AI adopters say AI will be very or critically important to their business’s success in the next two years. The research points out that AI can help improve efficiency, enable a growth agenda, boost differentiation, manage risk and regulatory needs and positively influence customer […]
Reported by Vanguard Reports The global market for AI-powered KYC (Know Your Customer) solutions in the banking industry has witnessed remarkable growth in recent years, driven by the increasing adoption of advanced technologies to enhance regulatory compliance, customer onboarding, and fraud detection processes. According to a report by Grand View Research, the global artificial intelligence […]
Reported by Scott H. Moss, Robert A. Johnston Jr., Samantha Sigelakis-Minski, and Angenny M. Rosario Under the Notice of Proposed Rule Making (NPRM), Investment Advisers would be required to implement reasonable procedures to identify and verify the identity of their customers.3 The NPRM would define “account” as “any contractual or other business relationship between a person and an investment […]
Reported by FinTech Global Encompass Corporation‘s recent research has uncovered alarming statistics regarding corporate treasurers’ dissatisfaction with banking applications. According to the study, a staggering 87 per cent of corporate treasurers have abandoned banking applications due to the lengthy and inefficient onboarding processes. Notably, this trend isn’t just affecting banks but also impacting businesses, with […]
Reported by Patrick Wintour Diplomatic editor Nearly 40% of the dirty money in the world is going through the City of London and other crown dependencies, the UK’s deputy foreign secretary has said. Andrew Mitchell added the crown dependencies and overseas territories will face fresh demands from the Foreign Office to comply with UK laws setting up public […]
Reported by Dylan Tokar U.S. regulators took another step on Monday toward bolstering anti-money-laundering safeguards with a proposal to require that certain investment advisers verify identities of their customers. The proposal, which would extend identification requirements that already exist for broker-dealers and mutual funds, was issued jointly by the U.S. Securities and Exchange Commission and […]
Reported by Connor Jones The World-Check database used by businesses to verify the trustworthiness of users has fallen into the hands of cybercriminals. The Register was contacted by a member of the GhostR group on Thursday, claiming responsibility for the theft. The authenticity of the claims was later verified by a spokesperson for the London Stock […]
Reported by Erica Hanichak & Zorka Milin As U.S. Treasury Secretary Janet Yellen said last year, “Unmasking shell corporations is the single most significant thing we can do to make our financial system inhospitable to corrupt actors.” Illicit shell networks span states and continents, threatening American public safety and national security. There is evidence that these networks foster cross-continental fentanyl […]
Reported by Cameron Weil and Dustin W. Lauermann Special Purpose Entities in Commercial Real Estate Transactions Corporate structures in commercial real estate transactions can often be very complex and involve layers of entities. Special purpose entities that are bankruptcy remote (“SPEs”) are frequently used in commercial real estate loans to limit certain risks associated with […]
Reported by Matthew Erskine FinCEN has recently refined the Corporate Transparency Act FAQs, offering much-needed clarity and direction for businesses grappling with the intricacies of the CTA. These revisions play a crucial role in delineating the compliance obligations of both domestic and foreign reporting entities and their beneficial owners, aiming to bolster efforts against financial […]
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