U.S. Treasury Prepares For USA PATRIOT Action
Excerpts from a speech given by Jimmy Gurule, U.S. Treasury Under Secretary for Enforcement, at the March 11th Executive Technology Forum, sponsored by Bank Systems & Technology, BAFT and BITS.
Catherine Graham named executive vice president and chief financial officer for Online Resources Corp.; Richard D. Fairbank elected chairman of the U.S. Region Board for MasterCard International; Ron Braco named senior vice president of E-Business Solutions for ALLTEL Information Services; Ralph A. Dangelmaier appointed president of Politzer & HANEY Inc.
Bank of Cyprus licenses an Internet-powered trade finance solution from Surecomp; Barclays Global Investors launches trade settlement tracking and relative ranking system from JPMorgan; Banco BBA Creditanstalt S.A. and Ascent Financial Technologies complete the first customization of value-at-risk technology for the Brazilian financial markets.
North America Bytes
Coast Bank of Florida chooses Raymond James Financial Services to provide investment services for subsidiary; Bank One Corporation selects a middle market credit process platform from Automated Financial Systems; Twelve Alabama banks tap into CONNECTIONS, a marketing and sales software solution from Marketing Solutions Inc.
John A. McKinley, Jr., of Merrill Lynch to speak at the TowerGroup 2002 conference; The Financial Services Technology Consortium to launch a next-generation account aggregation framework pilot; NACHA allows checks delivered to remittance and lockbox locations to be converted into e-checks using the ACH Network.
Marcela Pino appointed client services manager in the J.P. Morgan Chase Mexico City office; Craig Hoffman, J.D., LL.M for SunGard Corbel, to serve as a delegate for the 2002 National Summit on Retirement Savings; Amy Schultz named chief financial officer for e-Bank.
ABF Capital Management selects a comprehensive array of fund services from BISYS; IKB Deutsche Industriebank installs Finance KIT version 5.1 from Trema; The Bank of Scotland to use ALLTEL's Advanced Commercial Banking System.
North America Bytes
Sovereign Bancorp has installed Return Items Control System (RICS) Image from Fiserv; Sterling Financial Corporation and U of C Federal Credit Union convert to Corillian Voyager Special Edition; GMAC-RFC has approved eValu, a hybrid property valuation product.
NACHA's annual conference on electronic payments and e-business will be held in April in Dallas; The Risk Management Association unveils Web-based comprehensive knowledge management tool for bankers.
Provident Bank's new branch platform utilizes AI technology to smooth the transaction process.
Financial services industry take another look at peer-to-peer computing for a wide variety of applications.
Bank Inks Aps Deal
New York-based Amalgamated Bank signs a seven-year outsourcing agreement with Alltel Information Services to provide an integrated end-to-end banking application.
Farm Lender Grows ASP Solution
When its ISP announces that it discontinues its home banking product, Northwest Farm Credit Services has to scramble to find a new solution that could support not only its own customers, but those of Farm Credit System.
NatCity Buys Argo Tools
National City Corp. contracts with Argo Data Resource Corp. for enterprise retail delivery solutions for National City's call centers and 1,200 branches.
CIBC Kicks Off Business Site
Canadian Imperial Bank of Commerce launches Canada's first business banking site that provides cash management services on a single, Internet-based platform.
Citibank deploys Flexcube, a wholesale back-office system from i-flex, in 11 countries.
Bad Data Plagues ERP
While the subject of data quality gets more attention as companies look to deploy CRM or data warehouse systems, the enterprise resource planning, or ERP, world still has a long way to go.
Community Credit Union uses customer self-service software to power its network of self-service banking kiosks; First of Omaha Merchant Processing licenses Enterprise Payment System; FleetBoston selects DemandMoreLeads to boost cross-selling capabilities.
Going For The Bronze
The most shocking occurrence during these games (2002 Olympics) was the Bank of America ads touting their Internet banking and online services.
The USA Patriot Act: Can Your Money Laundering Detection Software Keep Pace?
When Congress passed the USA Patriot Act in October 2001, it came with a host of new anti-laundering provisions with which financial institutions (FIs) must now comply. But that's not all it included. Within the fine print are new definitions of what types of businesses are considered FIs, and increases in the responsibility for transactions with correspondent banks.
Treasury Proposes New Information-Sharing Regs
The USA PATRIOT Act gave financial institutions and government agencies unprecedented leeway to share information. Following up with the details, the Treasury published its proposed regulations for information-sharing in the Federal Register on Feb. 26th, which marks the start of a 30-day comment period before the groundbreaking regulations take effect.
Terrorist Financing: Cleaning Up a Dirty Business
A contributed article by Ernst & Young Banking organizations operating in the U.S. already have AML compliance programs in place, as required by prior regulations implementing the Bank Secrecy Act of 1970 and related legislation. However, in light of the passage of the Patriot Act, these programs will need to be revisited, and in most cases updated and strengthened. The need to develop AML programs