Tag Archives: Fintech

You are here:

Overview Of SAR (Suspicious Activity Reporting)

16820130136_39d093fe20_o

Suspicious Activity Reporting (SAR) forms the cornerstone of the Bank Secrecy Act (BSA) and provides critical financial information to combat terrorist financing, money laundering, and other financial crimes. To comply with this requirement, it is essential for financial institutions to have in place sophisticated monitoring and reporting processes capable of identifying and monitoring transactions and…

Why shift from ETL to ELT?

binary-208216_640

The process of data warehousing is undergoing rapid transformation, giving rise to various new terminologies, especially due to the shift from the traditional ETL to the new ELT. For someone new to the process, these additional terminologies and abbreviations might seem overwhelming, some may even ask, “Why does it matter if the L comes before…

Blockchain ’s Disruptive Technology

14861107819_c1fcd6691b_z

Ownership of Asset and transfers made between businesses can be costly, time consuming and inefficient with a high vulnerability of manipulation. There are high chances of dissimilarities with the ledgers of the parties. But there is one way to resolve these issues: Blockchain. What is Blockchain? Blockchain can be defined as a public ledger, openly…

FATCA: Overview, Challenges and Implications for Banks

patriotism

Overview On the outset, let’s first understand what exactly FATCA (Foreign Account Tax Compliance Act) is in its simplest sense. “The Foreign Account Tax Compliance Act (FATCA) is a United States federal law whose intent is to enforce the requirement for United States persons (including those living outside the U.S.) to file yearly reports on…

A Review of BCBS 239: Helping banks stay compliant

money-1090816_640

The Basel Committee of Banking Supervision’s (BCBS) guiding principles, titled BCBS 239: Principles for Effective Risk Data Aggregation and Risk Reporting came into being in the aftermath of the 2008 Financial Crisis. The global financial crisis brought to the fore how banks’ information technology (IT) and data architectures were inadequate to deal with the management…

How can Banks keep up with changes in Regulatory Reporting?

man-551258_640

It’s a vicious cycle. The economic crisis caused by the financial downturn led to regulators coming up with new reporting requirements and changes in regulatory reporting formats. Financial institutions as well as banks are now finding it harder to cope with the different regulations. Why are banks struggling? Reporting and collating a constant stream of…