OCC Issues Cease-and-Desist Order Against Bank of America for Compliance Deficiencies
The Office of the Comptroller of the Currency (OCC) has issued a cease-and-desist order against Bank of America, N.A., citing significant deficiencies in the bank’s Bank Secrecy Act (BSA) and sanctions compliance programs. The enforcement action highlights violations and unsafe practices, including delays in filing suspicious activity reports and unresolved issues in the bank’s Customer Due Diligence processes.
What Trump’s Win Could Mean for GRC in IT
The recent re-election of Donald Trump to the U.S. presidency has sparked numerous discussions about the direction of government policy and its impact across various sectors.
BIS Project Mandala Advances Cross-Border Payment Compliance
The Bank for International Settlements (BIS), in collaboration with central banks from Australia, Korea, Malaysia, and Singapore, has successfully demonstrated how regulatory compliance can be embedded into cross-border financial transactions.
Central Banks Drive Compliance Automation in Cross-Border Payments
One of the central challenges in cross-border payments is navigating the complex and varied policy and regulatory frameworks imposed by different jurisdictions. These differences increase the regulatory compliance burden across the payment chain, slow down transaction times, and create uncertainties for stakeholders. In response, central banks are taking proactive steps to address these issues through Project Mandala, a proof-of-concept initiative led by the BIS Innovation Hub.
Global Relay connects with ChatGPT Enterprise Compliance API
Source: Global Relay
Global Relay, the leading provider of communications compliance solutions for regulated industries, announces its integration between OpenAI’s ChatGPT Enterprise Compliance API and Global Relay’s financial compliance platform.
Samana Developers appoints Complyfin to implement AML/CFT compliance
Source: Samana Developers
In a proactive move to bolster transparency and security within its operations, Samana Developers, a leading real estate company, has appointed Complyfin, a Dow Jones-affiliated solution provider which assists businesses in managing their regulatory compliance obligations, including on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance measures.
Socure and trustly combine for compliant pay by bank services
Source: Trustly
Socure, the leading provider of artificial intelligence for digital identity verification, sanction screening and fraud prevention, and Trustly, a leading global Open Banking payments provider, today announced an industry-first partnership to offer merchants and fintechs a streamlined onboarding and guaranteed Pay by Bank solution.
NICE Actimize launches solution for compliance
Source: NICE Actimize
NICE Actimize, a NICE (NASDAQ: NICE) business, today announced the launch of ARCHIVE-X, a cloud-based, all communications-in-one archiving and records management solution for financial services firms.
