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Elevate Compliance: How KYC Portal CLM Enhances Oversight with Real-Time Field-Level Audit Trails
The KYC Portal CLM has launched the Field-Level Audit Trail, a feature designed to enhance compliance teams’ oversight of client data. This tool allows organizations to track real-time changes in onboarding and company forms, providing detailed audit logs that include timestamps, previous values, and the identity of the person making updates. With an easy-access icon for each form field, teams can view a chronological breakdown of changes, fostering transparency and accountability. This feature strengthens internal controls, supports compliance with regulations like GDPR and AML rules, and facilitates risk mitigation by quickly identifying errors, thus improving efficiency in compliance processes.
Visa and Emirates NBD Unite to Revolutionize Digital Remittances in the UAE
Emirates NBD has partnered with Visa to launch Visa+ in the UAE, making it the first bank in the country to offer this innovative solution aimed at enhancing digital payments and simplifying money transfers. Visa+ allows users to send money to Visa cardholders in GCC countries using just an alias, eliminating the need for traditional bank account details and reducing hidden fees. This service will initially support cross-border transfers for Emirates NBD customers and expand to other banks in the region. With growing demand for digital remittances in the UAE, Visa+ aims to revolutionize the remittance landscape, enhancing privacy and transaction simplicity.
Corlytics Joins FCA’s AI Spotlight Initiative: Pioneering the Future of Financial Compliance
Corlytics has joined the Financial Conduct Authority’s (FCA) AI Spotlight initiative, aimed at promoting innovative AI solutions in financial services. As a leader in regulatory risk intelligence, Corlytics is committed to leveraging AI to improve compliance and risk management. The company integrates advanced AI technologies with traditional methods for greater accuracy and efficiency in managing regulatory obligations. OisÃn Boydell, Chief Data Officer, emphasized the importance of aligning AI innovation with regulatory standards. The FCA’s initiative will launch a dedicated website showcasing businesses like Corlytics that are shaping the future of AI in enhancing compliance and regulatory frameworks.
Moody’s Unveils Russian Connections in European Transactions: Key Insights and Implications
The European Commission has implemented new reporting requirements for EU credit and financial institutions concerning transactions linked to Russian ownership, effective July 2024. Any transfer exceeding €100,000 from a Russian-owned entity to a non-EU country must be reported, aiming to enhance financial transparency amid ongoing sanctions due to the Ukraine conflict. The definition of “funds” is broad, covering various financial assets. Moody’s analysis has identified over 46,000 companies in Europe that are at least 40% Russian-owned, with significant concentrations in the Czech Republic and Bulgaria. Institutions must comply with these regulations to avoid sanction violations, with reporting every six months.