Most firms we have spoken to have a set of basic rules in place that are used to assign a risk rating to an entity. These are usually based on geography of the customer, type of customer, kind of business the customer wants to do with the bank and the appropriateness of that business to […]
“Risk-based approach” is a phrase used in many domains, from pharmaceutical manufacturing practices to auditing, to testing internal controls, to combating money laundering and terrorist financing. The AML regulations are consistent in saying a risk-based approach should be deployed; our best practices that follow explain how some financial institutions get this done.
BSA (Bank Secrecy […]
In Stephen Covey’s “The Seven Habits of Highly Effective People,” Habit Two is “Begin with the end in mind.” Customer Identification is the start of the KYC process. Basically, a thorough customer identification procedure can set the stage for best practices throughout the entire onboarding process. One variable is how much data is the […]
This is the first in a series on best practices for Know Your Customer workflows.
Alacra has been delivering Compliance Workflow solutions to financial institutions since 2005. Our sales and implementation process usually involves many client meetings. As we work out the configuration with the client, the question we are often asked is, […]
At Alacra, we understand the difficult workflow decisions financial firms are facing with multiple jurisdictions, reporting requirements, and KYC initiatives. We work closely with our clients and the industry to help everyone make compliance robust and simpler. As such, we recently brought together several clients for our second FATCA Workshop Evening on February 12. The […]
Earlier this year I posted 10 Forecasts for M&A Activity. Like the past few years, most people willing to forecast thought the outlook for an increase in M&A activity was excellent and gave the same list of reasons:
1) Huge cash piles on acquirers’ balance sheets.
2) Low interest rates which can only move higher.
Many large financial institutions use the regulatory status of a client or counterparty to help determine its risk level and therefore the amount of due diligence required to onboard that entity. The risk level is also used to determine how often that entity must be refreshed from a KYC perspective. An entity that is regulated […]
The Alacra Store is an extreme long-tail ecommerce business. There are close to 100 million business information SKUs – research reports, earnings call transcripts, credit reports, news stories – from about 50 publishers available on the Store. Only rarely does a single report sell more than a dozen times; when it does it’s usually […]
Robust M&A activity can help a lot of businesses in New York and Alacra is one of them. So, at the beginning of every year I make a habit of reading a bunch of projections for the coming year. The past few years have been slow; the forecast for 2013 is mixed. One would think […]