When Reference Data Fails to Meet the Compliance Test

RBS Fine Highlights Critical Role of Reference Data in Compliance

Last week the UK’s Financial Conduct Authority (FCA) fined RBS £5.6MM for “pervasive reporting failures” or, in other words, for having inaccurate reference data.

The FCA Handbook Online states:

“For agency transactions a customer/client identifier is required to identify the client on […]

By |July 31st, 2013|Compliance, Posts, Reference Data|

How to Budget a Compliance Remediation Project

Calculating the Cost of Compliance

Remediation projects seem to be a fixture of the current regulatory environment in KYC.

These projects get kicked off when a firm determines, or a regulator determines, that the process it has used to on-board customers and counterparties in the past is not adequate for the current environment. These relationships […]

By |July 10th, 2013|Compliance, Posts|

Best Practices in KYC for Financial Institutions

We have a new white paper out that summarizes what we see as the best practices in Know-Your-Customer workflow for commercial and investment banks.  Based on meetings with […]

By |November 16th, 2012|Alacra, AML and Compliance, Compliance, Know Your Customer, Posts|

Best Practices in KYC for Financial Institutions

Alacra has announced the release of “Best Practices in KYC for Financial Institutions,” a white paper which answers the question most frequently asked of Alacra during compliance workflow discussions, “What are other banks doing to meet these challenges?” Read more… Download White Paper

By |October 24th, 2012|Alacra, Compliance, Financial Regulations, Know Your Customer, White Papers|

Alacra Compliance

A comprehensive new solution helping financial institutions comply with AML and BSA regulations. Alacra Compliance is a workflow-based application that provides a framework for consistent application of your existing AML procedures and processes. Alacra Compliance helps you streamline the on-boarding process by bringing together all of your research sources within a single application. Download White […]

By |October 24th, 2006|Alacra, Compliance, Know Your Customer, White Papers|