1 02, 2021

6 Key Lessons We Learned at the AML & FinCrime Tech Forum

2021-08-04T12:43:17-04:00

Last week, Vital 4 exhibited at the AML & FinCrime Tech Forum and had the opportunity to speak with different stakeholders across the industry. We discussed technology, platforms, data, and process, with many disparate experts, and here are some of our key takeaways. Many major data platforms are not updating their source data regularly. Up-to-date data is key. Outdated data is not just inconvenient, it’s not compliant. False positives or false negatives due to outdated data [...]

6 Key Lessons We Learned at the AML & FinCrime Tech Forum2021-08-04T12:43:17-04:00
26 01, 2021

4 Key AML/KYC Trends for 2021

2021-08-04T12:43:25-04:00

In 2020, we saw a drastically heightened need for fraud protection as more things switched to digital, accelerated by the COVID-19 pandemic. As we enter the new year, the fight against financial crimes and the need for AML/KYC compliance will continue to be a top priority. Here are a few key AML/KYC trends we’ve identified for 2021.  Customization is critical  AML/KYC workflows were complicated in the past, but technology has begun to simplify workflow management. With [...]

4 Key AML/KYC Trends for 20212021-08-04T12:43:25-04:00
5 01, 2021

Global Watchlist and Sanctions Screening – Mitigate Remediation Risk and Optimize Your Process

2021-08-04T12:42:40-04:00

What is a government watch list? Watchlists are databases that include lists of persons convicted of fraud, suspected of terrorism, or other types of corruption and criminal offenses. These can be local, national, or global. Global watchlist and sanctions databases include information from domestic and international databases that store data on people and organizations who are sanctioned, on a criminal list or prohibited in certain industries, such as finance or healthcare. International sanctions are political and [...]

Global Watchlist and Sanctions Screening – Mitigate Remediation Risk and Optimize Your Process2021-08-04T12:42:40-04:00
18 12, 2020

How Businesses Can Prepare for the Upcoming EU 6AMLD

2021-08-04T13:38:09-04:00

In December 2020, the EU's Sixth Anti-Money Laundering Directive (6AMLD) will come into effect, resulting in even more stringent AML regulations for businesses operating within the EU. The 6AMLD will be transposed into national laws in December, and those outside the EU will have until June 2021 to establish their processes. Now is the time to understand what 6AMLD means for your organization and be proactive about the new regulations.   What Exactly is 6AMLD? The new [...]

How Businesses Can Prepare for the Upcoming EU 6AMLD2021-08-04T13:38:09-04:00
17 12, 2020

Vital4 receives 2020 GLOBE Award and is named Exporter of the Year

2020-12-17T11:22:59-05:00

Vital4 is proud to once again be awarded a GLOBE Award from the Georgia Department of Economic Development (GDEcD). Since the program’s inception in 2014, the GLOBE Awards have sought to highlight Georgia companies that have successfully entered new international markets during the previous year, boosting the state’s economic growth through global trade.  From the official press release:  “The 2020 GLOBE Award winners represent nearly every corner of the state, and are predominantly small businesses. This [...]

Vital4 receives 2020 GLOBE Award and is named Exporter of the Year2020-12-17T11:22:59-05:00
10 12, 2020

AGG/Vital4 – Top 5 Lessons from 2020 in Background Screening + Planning for 2021

2021-08-04T13:38:27-04:00

Top 5 Lessons from 2020: Regulators offered limited flexibility to address COVID-19 realities, what can the background industry learn from this? Have a solid business continuity plan. Stay abreast of changing guidance from regulators, courts and COVID safety. Internal processes to document changes that occurred which may be different than how they were handled pre and post-COVID. Investing and leveraging technology to your advantage. COVID-19 led companies to focus on their IT infrastructure to allow employees [...]

AGG/Vital4 – Top 5 Lessons from 2020 in Background Screening + Planning for 20212021-08-04T13:38:27-04:00
4 12, 2020

Vital4 Awarded SOC 2® Certification with the AICPA

2021-08-04T13:38:39-04:00

We are excited to announce that Vital4 is officially a registered SOC for Service Organization with the AICPA. SOC 2® compliance ensures that service providers securely manage data based on five fundamental principles: security, availability, processing integrity, confidentiality, and privacy.  According to the AICPA, SOC 2® reports can play an essential role in various things, including oversight of the organization, vendor management programs, internal corporate governance, and risk management processes, and regulatory oversight.  "There are two [...]

Vital4 Awarded SOC 2® Certification with the AICPA2021-08-04T13:38:39-04:00
2 12, 2020

Vital4 Named Part of 2021 RegTech 100

2021-08-04T13:38:52-04:00

Vital4 is proud to be named part of the 2021 REGTECH100. The REGTECH100 is an annual list of 100 of the world’s most innovative RegTech companies selected by a panel of industry experts and analysts. These are the companies every financial institution needs to know about as they consider and develop their mission-critical RegTech and digital transformation strategies. Vital4 provides the most accurate and innovative data solutions on the market, we don’t just check compliance boxes, [...]

Vital4 Named Part of 2021 RegTech 1002021-08-04T13:38:52-04:00
11 11, 2020

Banks Beware: Don’t Get Fined for Weak Anti-Money Laundering (AML) Oversight

2021-08-04T13:39:05-04:00

Earlier this year, former Risk Officer at U.S Bank Michael LaFontaine was fined $450,000 for a "failure to prevent violations of the Bank Secrecy Act," according to The Wall Street Journal. U.S. Bank had already been fined $613 million in 2018 for weak anti-money laundering controls, with enforcement action specific to LaFontaine. Before and during LaFontaine's tenure, U.S. Bank used a transaction-monitoring software that placed a cap on the number of alerts generated, preventing the bank [...]

Banks Beware: Don’t Get Fined for Weak Anti-Money Laundering (AML) Oversight2021-08-04T13:39:05-04:00
26 10, 2020

Vital4’s Guy Underwood featured in Corporate Compliance Insights

2020-11-11T16:11:16-05:00

In the past, a Chief Risk Officer’s (CRO) position was limited to ensuring that organizations met regulatory and compliance obligations, acting as a sort of failsafe to protect the business in the event of adverse scenarios. However, over time, CROs have acquired more influence across their organizations.  Corporate Compliance Insights recently featured an article from Vital4’s Chief Risk Officer, Guy Underwood, where he discusses the changes in a CRO’s duties and responsibilities that he has seen [...]

Vital4’s Guy Underwood featured in Corporate Compliance Insights2020-11-11T16:11:16-05:00

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