Seven Reasons Why Spreadsheets Aren't Great for Compliance

We want to make one thing clear: at Hummingbird, we love spreadsheets. The spreadsheet is an amazingly useful tool, capable of cataloguing, organizing, and analyzing large amounts of data in a user-friendly format. Frankly, it’s hard to imagine the modern business world without it. For compliance work, however, spreadsheets aren’t a perfect fit. True, there’s a significant amount of data collection and analysis involved, but certain other aspects of the compliance professional’s workflow make

January 11, 2022

Payments Journal: What Good Design Means for Compliance

By Joe Robinson, Hummingbird CEO and Co-founder Many financial compliance professionals know there’s something that needs to change with the burdensome processes. They might not realize how much difference thoughtful design can make. Prioritizing high utility User Experience (UX) design has been one of the most important decisions in creating a platform for financial crime investigators. Showing the patterns in volumes of data, assisting research, and automating away paperwork are massive oppo

December 15, 2021

ABA: Fighting The Rise in Ransomware Attacks: The Value of Breaking Through Silos

The shift to remote work has had many positive effects on the lives of people around the world. Unfortunately, this is also true for the creators of ransomware. Global ransomware attacks for the first half of 2021 surged 47 percent over 2020, which was already a banner year for these types of attack. Read more. [https://bankingjournal.aba.com/2021/12/fighting-the-rise-in-ransomware-attacks-the-value-of-breaking-through-silos/]

December 15, 2021

New Fraud and Money Laundering Patterns Emerge as Fraudsters Exploit the Pandemic

The global struggle against the coronavirus pandemic has led to a boom period for fraud. The movement of a large segment of the population to remote work, the approval of massive stimulus packages, and the general unpredictability of events on a day-to-day basis have led to an explosion in scams and other fraudulent activity. The increased volume of known fraud typologies is a challenge in and of itself, but we now need to be aware of and detect these new approaches, which have been specificall

December 02, 2021

Compliance

Using Design to Fight Financial Crime

Joe Robinson, CEO of Hummingbird "Financial regulatory compliance" doesn't exactly scream, "sexy industry just waiting for top-notch design work,"  does it? Well buckle in, folks, because we're about to make the case that it's exactly that. To start, what exactly is financial regulatory compliance? Answer:  Regulations are the legal requirements intended to keep our financial system secure – free of crime and safe for people to use. Compliance is the act of following these regulations, which

November 09, 2021

AML

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Best Practices

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Compliance

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Transaction Monitoring

6 Reasons to Own Transaction Monitoring

Thinking about outsourcing your fraud and AML transaction monitoring to a vendor? Doing so can be a good short-term strategy, if you need to set up a monitoring program quickly, or stop the bleeding from high fraud rates. Over time, transaction monitoring is a practice area you won't want to outsource – it is core to being a financial institution and scaling your business successfully. These are some of the reasons you should own your transaction monitoring strategy. 1. Plugging Your Un

October 05, 2021

Best Practices

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Compliance

How to Launch a Regulated Product - Pt. 3

Compliance for Fintechs: Build Your Compliance Team In Part I [https://hummingbird.co/blog/how-to-launch-a-regulated-product/] of this series, we went through the main differences between working with a bank and being regulated yourself. In Part II [https://hummingbird.co/blog/how-to-launch-a-regulated-product-pt-2/], we outlined how to meet examiners’ expectations. To conclude this series, we’ll talk about building a compliance team. Knowing what types of personnel you need and where to fin

September 21, 2021

Best Practices

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Compliance

How to Launch a Regulated Product - Pt. 2

Compliance for Fintechs: Know What Examiners Expect In Part I [https://hummingbird.co/blog/how-to-launch-a-regulated-product/] of this series, we went through the main differences between working with a bank and being regulated yourself. Regardless of which route you decide to take, preparing what examiners expect of you beforehand will save you from a lot of future headaches. What you’ll need includes documentation, a risk assessment, good auditability, solid timelines, training, testing, and

August 31, 2021

Best Practices

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Compliance

How to Launch a Regulated Product - Pt. 1

Compliance for Fintechs: Getting Started So you’re building a product that will be regulated, and you need to develop a compliance plan. Good news—we’ve worked with dozens of companies in your position, and we’ve compiled our best advice here on how to get started. There are three basic considerations when establishing a regulated financial product or business: 1. Decide whether you want to work with a bank or be regulated yourself. 2. Familiarize yourself with what examiners will expect of

August 18, 2021

In the News

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Compliance

GRC Red Flag Interview: Matt Van Buskirk on Our Work with the ING Orchestrate Project

Interview with Matt Van Buskirk, Co-CEO and CoFounder, Hummingbird Learn about Hummingbird’s partnership with ING’s GRC Orchestrate, an entity that offers a RegTech platform similar to an App Store to both find and consume pre-validated RegTech solutions. Matt Van Buskirk: We’re big believers in modularity and interoperability – it’s one of the primary reasons why we focus on case management as an interface layer that can sit on top of a collection of transaction monitoring, KYC, or any other

August 04, 2021

AML

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Best Practices

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Compliance

Acing Your Compliance Risk Assessment

Design a Robust Compliance Program That Satisfies Regulatory Requirements When setting up the compliance program for your financial institution, the fundamentals are to: 1. Understand the unique financial crime and compliance risks that you are exposed to. 2. Design the controls, processes, and staffing needs that will help you mitigate those risks (collectively called your compliance “program”). 3. Conduct ongoing assessments of your program to ensure that it is effective. For mor

August 03, 2021

AML

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In the News

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Digital Currency

PaymentsJournal: Cryptocurrency is Better for Anti-Money Laundering than You Might Think

Author: Matt Van Buskirk, Co-CEO and CoFounder, Hummingbird Learn how technology can benefit AML compliance pros in their fight against financial crime in this article from the PaymentsJournal: Cryptocurrencies are a haven for fraud, money laundering, and all sorts of criminal activity —this has been a truism since the first days that cryptocurrencies became a topic of conversation in regulatory circles. This perceived risk carried through to compliance functions in banks across the country, w

July 20, 2021