Often we turn to history for answers to questions arising from crisis, but with the COVID-19 pandemic, there are few models to which to refer. From an economic standpoint, there are more uncertainties than certainties, especially regarding the duration and what life will look like in the post-crisis “normal”. One thing is sure: recession has spread to every corner of the earth, and it is likely to be without precedent.
An Updated Bank Secrecy Act/Anti-Money Laundering Examination Manual and the Implications for Your Financial Institution: Additional Guidance, or New Areas of Regulatory Risk?
The COVID-19 pandemic has not released financial institutions from their obligations to deal with money-laundering and terrorist-financing risks within their operations. In mid-April, the US FFIEC released its updated BSA/AML Examination Manual, geared for examiners who are assessing a bank’s compliance. Even though the Manual was not written directly for them, banks would be wise to familiarize themselves with its standards and requirements to ensure they are up to speed.
If there was ever a time for banks to rise to a challenge, it is now, as COVID-19 ravages the physical and financial health of millions. The Great Recession, created largely by banking malpractice, prompted positive changes in banking but revealed serious shortfalls in customer service. This time around, can banks stand behind all of their customers, provide crucial aid wherever needed and offer much-needed hope for a better future?
For many businesses, including banks, the office has moved into employees’ homes as a result of the COVID-19 lockdown, unleashing a slew of new, concerning security risks. How can banks, which need to safeguard their confidential documents perhaps more securely than any other firm, shore up their cyber-shields? An IT expert from a leading UK cloud-based challenger business bank provides several indispensable suggestions to stay safe while working from home.
Customers aren’t easy to please, as financial-services firms discover when they attempt to balance their clients’ needs for convenience and security. Are the two goals mutually exclusive? Fortunately, they are not in today’s age of digital solutions. Fraud prevention can work in tandem with customer-experience enhancement if a company’s teams work together. What actions can firms take to guarantee their delivery of products and services is both satisfying and safe?
The COVID-19 pandemic has effectively put the brakes on a number of promising economic trends, including that of the US construction industry, which had been thriving before the country switched into lockdown mode in March. Although construction was slower to feel the crisis’s punch than some sectors, as contractors now look ahead toward recovery, the projections are uncertain, with the return to “normal” possibly measured more in years than months.
The ongoing COVID-19 pandemic may have delayed the rollout of the controversial Basel IV by at least one year, but that doesn’t mean that banks shouldn’t continue preparing for the inevitable. While the delay provides much-needed capacity for banks to address pressing challenges in the here and now, there is still work to be done to ensure the latest iteration of the guidelines can be applied smoothly across different jurisdictions when the time comes. So what are the remaining challenges that need to be addressed before the new implementation date?
Europe, like every other continent on the planet, is looking guardedly toward recovering from the deleterious effects of COVID-19 and the lockdown that has paralyzed economies, leading to severe recession. Governments and banks do have roles to play but cannot be expected to shoulder the entire burden of supporting especially affected businesses. How can capital markets contribute to navigating what is guaranteed to be a bumpy road back to “normal”
The global payments system is undergoing a pivotal change as ISO 20022, the new ISO standard for electronic-data interchange, becomes a reality for financial institutions across the globe. The immediate challenges to carry it out are as great as the ultimate rewards, and some banks are better prepared than others. With deadlines drawing closer, what do financial firms need to consider and have in place in order to be ISO 20022 ready?
Artificial intelligence, once the subject of science-fiction novels, is today regarded by financial institutions as a must-have. But the AI uptake can be challenging. How can banks turn this trendy buzz-term into a vital component of their day-to-day operations? The embarkation point is to begin the five steps toward making AI innovation a reality. From data to teams, the necessary resources are there to propel a bank into AI actualization.