Global Risk Regulator - Firms turning to automation to keep pace with anti-money laundering rules

Since 2009, US and European authorities have levied $342bn in fines on banks for various regulatory infringements that include violations of anti-money laundering rules. This total amount is expected to exceed a staggering $400bn by the year 2020. By Kelvin Dickenson, president at Opus Read more…
  • June 7, 2019
  • Kelvin Dickenson
  • A shifting regulatory landscape, MRBs and the CDD Final rule – looking back at ACAMS New York

    The following are my most compelling notes and observations from this year’s recent ACAMS NY AML Conference. After recently taking my CAMS certification exam, I felt I had a much greater understanding of the subject matter and session topics and so felt comfortable summing up my thoughts for you below.   Managing Sanctions Risks in […]

    • July 12, 2019
    • Barbara Delaney
  • Case studies – Cleaning and maintaining vendor reference data

    In this blog we will share two cases where Opus’s unique data capabilities are driving significant value at firms who previously had significant data management problems concerning vendor entity data accuracy, completeness and duplication involving hundreds of thousands of records. In addition, due to internal systems and processes, vendor entity data needed to be continuously maintained for accuracy and monitored for […]

    • May 8, 2019
    • Kelvin Dickenson
  • So how was the show? A recap of this years ACAMS Annual Conference

    I’m just settling back in after a recent road trip that included a stop in lovely Charlotte NC, my first visit to the beautiful Florida Keys, and that culminated at the ACAMS Annual Conference in sunny Hollywood, Florida.  When checking in  and speaking to my fellow participants, I found we all had the same burning […]

    • May 7, 2019
    • Anne Witkowski
  • How Businesses Can Stay Safe as M&As Move Risk Around with Increasing Frequency

    2018 was a year that broke records for its rate of corporate consolidations. In the first 9 months of 2018, mergers and acquisitions announced in the United States alone were worth more than $1.3 trillion. By December, deals were made worldwide worth $3.3 trillion, the highest number in the nearly forty years that records have […]

    • April 30, 2019
    • Kelvin Dickenson
  • Key Changes Under the 5th Money Laundering Directive and How to Prepare

    In direct response to the now infamous Panama Papers and shocking terrorist attacks in Europe, regulators moved to draft new rules for preventing the funding of criminal and terrorist activities through the financial system. On 14 May 2018, EU member states adopted the 5th Money Laundering Directive (5MLD),featuring several key updates to the requirements set out by […]

    • April 12, 2019
    • Kelvin Dickenson
  • How Banks Can Improve Data Management as Financial Regulations Expand

    Following the financial crisis of 2007-2008, regulators sought to improve transparency into financial markets by introducing new requirements for customer reporting. At the core of compliance with expanding regulations, from MiFID II to Basel III, is reliable and accurate data. But though years have gone by, data quality is still lacking, posing ongoing challenges for […]

    • April 1, 2019
    • Kelvin Dickenson
  • Explore the Opus Alacra Authority File

    Whether for Basel II or MiFID II compliance, having access to high-quality, accurate legal entity data is essential for satisfying regulatory reporting demands. In recent years, data sources and client reference data records have expanded rapidly. In the lead up to MiFID II, for example, financial institutions saw a huge upswing in LEI registrations. Since […]

    • March 11, 2019
    • Kelvin Dickenson
  • The Challenges of Cleaning, De-Duping and Cross-Referencing Legal Entity Databases

    Doing business in today’s world requires working with legal entity data from multiple sources, including data vendors, exchanges, regulators, rating agencies and LOUs. As a result, companies are finding it difficult to keep a golden record of information to support their compliance and risk management needs. High-quality data is the foundation of good business, but […]

    • March 4, 2019
    • Kelvin Dickenson
  • The Future of KYC: How Banks Are Adapting to Regulatory Complexity

    Know Your Customer (KYC) regulations are a critical cornerstone of the world’s financial system, protecting it from being abused to conceal the proceeds of crime and corruption or the funding of terrorist activity. But as any compliance and risk team will attest to, KYC requirements are complex, with significant geographical differences, and evolve far too […]

    • February 8, 2019
    • Kelvin Dickenson
  • Periodic Table of Bank Regulations and Finance

    Financial regulations continue to morph and grow in complexity across the US, UK, EU and Asia. If you have trouble keeping up, you’re not alone. In the Periodic Table of Bank Regulation and Compliance from Opus, we catalog and summarize the key AML/KYC rules from around the world. The interactive table features key facts, who […]

    • January 28, 2019
  • 5 AML Risk Lessons from 2018’s Major Financial Crime Scandals

    Financial services institutions have three main concerns for the year ahead: the costs of compliance, potential reputational damage and regulatory fines. Rapidly changing Know Your Customer (KYC) regulations, from the Fifth Money Laundering Directive (5MLD) to FinCEN’s CDD Final Rule, have placed more stringent requirements on global banks. Meanwhile, associated data choices – from external […]

    • January 21, 2019
    • Kelvin Dickenson
  • FinCEN is Here- Are You Ready?

    Know who you are doing business with: a simple concept that should be easy in an age when there is so much information at our fingertips. But the Panama Papers and the more recent Paradise Papers showed us this is far from true. These two data leaks exposed a world of shell companies, offshore accounts, […]

    • May 9, 2018
    • Kelvin Dickenson

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