Results for tag “Compliance

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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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

In the News

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Compliance

The Fintech Times: Why Modern RegTech is the Key to a Successful Fintech

Author: Matt Van Buskirk, Co-CEO and CoFounder, Hummingbird Learn more about RegTech for fintechs in this article from The Fintech Times: Creating a new fintech from scratch is an incredibly complex process. Founders need to define the concept, build the product, grow the team, attain approval from a bank partner, and get customers to try it out. From the founders’ perspective, all of these steps are necessary and require attention, but some could argue that compliance and regulation are some

April 08, 2021