Regulatory & Compliance

Transforming Banking Compliance: Open AI's Impact on Risk Management
Regulatory & Compliance Transforming Banking Compliance: Open AI's Impact on Risk Management

Open AI has the potential to significantly transform the financial sector, particularly in compliance and risk management. Kinil Doshi, with two decades of experience in banking compliance and risk management, offers insightful perspectives on how Open AI technologies can revolutionize these

Citigroup Fined $136 Million for Persistent Risk Management Failures
Regulatory & Compliance Citigroup Fined $136 Million for Persistent Risk Management Failures

Citigroup Inc. and its subsidiary Citibank, N.A. have faced significant financial penalties from U.S. federal banking regulators due to recurring failings in risk management, internal controls, and data governance. The fines, imposed by the Federal Reserve and the Office of the Comptroller of the

How Are Malaysian Banks Addressing Online Banking Fraud Risks?
Regulatory & Compliance How Are Malaysian Banks Addressing Online Banking Fraud Risks?

Online banking fraud is a growing concern globally, and Malaysia is no exception. As the digital landscape continues to expand, so do the risks associated with financial transactions conducted online. In response, Bank Negara Malaysia (BNM) and financial institutions have implemented several

How Will EU's Directive 2024/1654 Enhance Cross-Border Bank Data Access?
Regulatory & Compliance How Will EU's Directive 2024/1654 Enhance Cross-Border Bank Data Access?

Directive (EU) 2024/1654, recently adopted by the European Union, marks a significant step in enhancing cross-border law enforcement access to centralized bank account registries. By amending Directive (EU) 2019/1153, it aims to streamline the process of investigating illicit financial activities

Is Citigroup Failing in the Fight Against Drug Money Laundering?
Regulatory & Compliance Is Citigroup Failing in the Fight Against Drug Money Laundering?

The fight against drug money laundering is a critical challenge facing financial institutions worldwide. Among these, Citigroup has recently come under scrutiny for its alleged role in facilitating drug money laundering activities. This article explores the intricacies of this case, examining the

Data Governance Key to Successful AI Integration in Banking Industry
Regulatory & Compliance Data Governance Key to Successful AI Integration in Banking Industry

Integrating Artificial Intelligence (AI) into the banking industry has become a strategic imperative for enhancing operational efficiency and boosting customer experience. This transformative wave aims to streamline processes, improve decision-making, and provide personalized services to customers.

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