Results for tag “Best Practices

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

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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Best Practices

The Top Item for Your Anti-Money Laundering List: Clean Data

The Overwhelming Volume of Suspicious Activity Reports Makes One Thing Clear: Get Your Data Ready for RegTech There’s a vast disconnect between the bleeding edge of technology and the financial infrastructure on the ground. Most average Americans would be shocked by how much inefficiency remains in the typical financial organization. Not only are we still waiting for jet packs, we’re still waiting for a lot of basic automation. Fragmented data sources from legacy systems have been hobbling

July 06, 2021

SAR

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AML

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Best Practices

Setting up an AML Compliance Program Part V: Filing SARs

Filing SARs Doesn’t Have to Hurt! RegTech Can Automate Tedious Tasks, Reduce Costs, and Maybe Even Help Stop Crime Slight possibility you could help identify a crime ring? Okay, that does make regulatory compliance kind of exciting. Filing out long, complicated forms? Ah, not so much. We’ve been going fairly light in this series on explaining how Hummingbird’s anti-money laundering RegTech tools can help, but Suspicious Activity Report (SAR) filing has such a glaring need for automation that

June 16, 2021

AML

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Best Practices

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Compliance

Setting Up an AML Compliance Program Part II: Know Your Customer

We started this series by providing a framework for assessing the risks of money laundering that your financial institution faces. We recommend reading through that framework if you haven’t already. Once you have assessed your unique risks, you’ll want to work through each of the five pillars of a strong AML program: 1. Assess Risk 2. Know-Your-Customer (KYC) 3. Monitoring 4. Investigations 5. Reports This post focuses on the second: the Know Your Customer practice area. Thanks to

May 05, 2021

AML

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Best Practices

Setting Up an Anti-Money Laundering Compliance Program? Part I: Start Here

Part I of Setting Up an AML Compliance Program. There’s a moment of reckoning when a company determines—even though it may not be a bank—that it needs to put an anti-money laundering (AML) compliance program into place. This situation arises when fintech startups and other non-bank financial institutions offer products and services that fall under Bank Secrecy Act / Anti-Money Laundering (BSA/AML) regulation. Or, often the case, when a regulated bank requires an AML compliance program from

April 08, 2021