The hottest Compliance Substack posts right now

And their main takeaways
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Top Business Topics

Issue #79: Visa Gets In On Stablecoin Summer, Monzo Takes On Scam Callers, And ThetaRay Secures $57M To Fight Money Laundering

Fintech Radar • 4 implied HN points • 11 Sep 23
💰 Finance Compliance
  1. Visa expands stablecoin settlement capabilities by partnering with merchant acquirers, facilitating instant payment authorizations.
  2. Temenos introduces a generative AI tool to automatically classify customer banking transactions, potentially revolutionizing banking processes.
  3. ThetaRay raises $57M for AI tools to fight money laundering, showcasing the increasing importance of compliance-focused startups in fintech.

Breaking: Lineage Hit With FDIC Consent Order

Fintech Business Weekly • 2 HN points • 23 Feb 24
💰 Finance Compliance
  1. Lineage Bank faced regulatory issues with the FDIC due to oversight failures in its banking-as-a-service partnerships.
  2. The consent order from the FDIC requires Lineage Bank to make significant changes in its management, risk assessment, and operational practices.
  3. The impact of Lineage Bank's BaaS wind down and the FDIC order on Synapse, Synctera, and their fintech clients is not yet clear.

When asset management employees spill the beans

Fund Marketer • 1 implied HN point • 21 Feb 24
💼 Business Compliance
  1. More employees in asset management are speaking up about their workplace issues. This change is happening because of struggles within the industry and the willingness to share grievances online.
  2. Companies like Jupiter and Citigroup are facing internal conflicts that are spilling into the public eye. Instead of just keeping things quiet, these issues are being reported, highlighting struggles between management and their internal teams.
  3. There may be some benefits to this openness, as leaks about misconduct could lead to improvements in industry practices. By exposing problems, employees hope to push for better working conditions and accountability.
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Everybody Hates Gary

Malt Liquidity • 1 implied HN point • 12 Sep 23
💰 Finance Compliance
  1. Defining a fair market is complex and involves intricate operations and risk mitigation strategies.
  2. The SEC's role encompasses protecting investors, maintaining market fairness, and facilitating capital formation.
  3. Increased SEC regulations may unintentionally benefit large players, making it crucial to close loopholes accessible only to wealthy investors.

Compliance and Transparency of Immutable Functions in Diamonds

EIP-2535 Diamonds • 1 implied HN point • 07 Apr 23
🕹 Technology Compliance
  1. The EIP-2535 Diamond standard emphasizes the importance of emitting and returning immutable functions for transparency.
  2. Transparency is crucial to prevent confusion and incorrect data about immutable functions in diamonds.
  3. Ensuring compliance with EIP-2535 Diamond standards avoids situations where functions are unintentionally duplicated or incorrectly referenced.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/001/007

RegAlert • 0 implied HN points • 17 Aug 23
💰 Finance Compliance
  1. The Central Bank of Nigeria has introduced new operational mechanisms for Bureau de Change (BDC) operations to enhance the efficiency of the foreign exchange market.
  2. BDC operators are mandated to maintain a spread on buying and selling within a specific range of -2.5% to +2.5% of the previous day's weighted average rate.
  3. Operators are required to submit periodic reports on the upgraded Financial Institution Forex Rendition System (FIFX); failure to comply may lead to sanctions or license withdrawal.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/007/075

RegAlert • 0 implied HN points • 23 Jun 23
💰 Finance Compliance
  1. Financial institutions must establish measures to mitigate risks from high-risk customers, including Politically Exposed Persons (PEPs)
  2. The Central Bank of Nigeria has issued a guidance note to help with assessing and mitigating these risks
  3. Immediate compliance is expected from all financial institutions regarding the guidance note on Politically Exposed Persons (PEPs)

Alert: Central Bank of Nigeria Circular BSD/DIR/GEN/LAB/09/048

RegAlert • 0 implied HN points • 14 Jun 23
💰 Finance Compliance
  1. Financial institutions in Nigeria must follow liquidity coverage ratio guidelines to ensure they have enough liquid assets for a 30-day stress scenario.
  2. These institutions need to maintain a level of high-quality liquid assets and report their liquidity coverage ratio to the regulatory body quarterly.
  3. The Circular BSD/DIR/GEN/LAB/09/048 outlines the Exposure Draft of Guidelines on Liquidity Coverage Ratio for Non-Interest Banks in Nigeria.

Alert: Central Bank of Nigeria Circular BKS/DIR/CIR/GEN/001/001

RegAlert • 0 implied HN points • 09 Jun 23
💰 Finance Compliance
  1. Financial institutions in Nigeria must stop using old cheques and follow the new Nigeria Cheque Standards 2.0 by December 31, 2023, or face penalties.
  2. The change is due to the Revised Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) 2.0 to ensure compliance and uniformity.
  3. Instructions are provided for financial institutions to download and implement Circular BKS/DIR/CIR/GEN/001/001 from the Central Bank of Nigeria website.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/069

RegAlert • 0 implied HN points • 07 Feb 23
💰 Finance Compliance
  1. Financial institutions must screen their customer database for any association with individuals linked to ISIL or Al-Qaida.
  2. Financial institutions need to update their sanctions screening lists according to recent changes in the United Nations Security Council Consolidated Lists.
  3. Immediate compliance is required from all financial institutions with the new regulations.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/01/064

RegAlert • 0 implied HN points • 13 Jan 23
💰 Finance Compliance
  1. Financial institutions must identify and disclose beneficial owners of legal persons and arrangements to comply with anti-money laundering and counter-terrorism financing laws.
  2. The Central Bank of Nigeria has issued guidance on ultimate beneficial ownership to help financial institutions implement these measures.
  3. All financial institutions supervised by the Central Bank are required to adhere to the guidance on ultimate beneficial ownership.

Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/004

RegAlert • 0 implied HN points • 14 Dec 22
💰 Finance Compliance
  1. Central Bank of Nigeria warns against illegal activities by Money Transfer Operators (MTOs) in Nigeria, emphasizing the need to make payments in US Dollars as per regulations.
  2. Banks found supporting unlicensed MTOs in terminating payments in Naira instead of US Dollars will face sanctions, as per the circular TED/FEM/PUB/FPC/01/004.
  3. Reminder for banks and MTOs to pay out diaspora remittance proceeds only in US Dollars and follow the guidelines for International Money Transfer Operations.

Alert: Central Bank of Nigeria Circular OFI/DOA/CON/ACT/004/155

RegAlert • 0 implied HN points • 29 Jun 22
💰 Finance Compliance
  1. The Central Bank of Nigeria issued a circular requiring other financial institutions in Nigeria to enhance their cybersecurity defenses and adhere to the provided Risk-Based Cybersecurity Framework and Guidelines by January 1, 2023.
  2. This circular emphasizes the importance of strengthening cyber defenses in financial institutions to mitigate risks and ensure a more secure environment against cyber threats.
  3. Compliance with the Risk-Based Cybersecurity Framework and Guidelines is crucial for OFIs in Nigeria to safeguard their systems and data from cyber vulnerabilities.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/049

RegAlert • 0 implied HN points • 24 May 22
💰 Finance Compliance
  1. Financial institutions must comply with the Regulatory Guidelines for the Redesigned Credit Risk Management System.
  2. Enforcement of the 'submit before disbursement' requirement begins on August 1, 2022.
  3. Customer accounts must be in the 10-digit Nigeria Uniform Bank Account Number format by June 20, 2022 to be enrolled onto the CRMS.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/031

RegAlert • 0 implied HN points • 31 Dec 21
💰 Finance Compliance
  1. Financial institutions in Nigeria must conduct thorough due diligence on customers before opening accounts and monitor transactions for suspicious activities.
  2. These institutions are required to keep transaction records for at least five years and report any suspicious transactions to the appropriate authorities.
  3. Clients are mandated to provide valid identification and comply with all specified regulations and guidelines when dealing with financial institutions in Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/035

RegAlert • 0 implied HN points • 31 Dec 21
💰 Finance Compliance
  1. Financial institutions in Nigeria must ensure they collect required documentation and identification data from customers to comply with regulations.
  2. All banks should establish and maintain internal control systems to promote compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
  3. Institutions need to have trained staff and technological systems in place to effectively comply with regulatory requirements.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/001/029

RegAlert • 0 implied HN points • 30 Sep 21
💰 Finance Compliance
  1. The Central Bank of Nigeria issued a circular listing primary mortgage banks as of September 30, 2021, for financial institutions to comply with the stated requirements.
  2. The list includes various mortgage banks located in different states across Nigeria.
  3. Financial institutions are advised to review the circular and ensure they are in compliance with the regulations.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/14/063

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Compliance
  1. The Central Bank of Nigeria issued new leverage ratio guidelines in September 2021 to ensure financial institutions maintain adequate capital in relation to their risk exposure and activities.
  2. Financial institutions are expected to comply with the outlined principles in the guidelines.
  3. In addition to compliance, timely submission of required reports is crucial for financial institutions.

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/14/063

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Compliance
  1. Financial institutions must comply with guidelines on large exposures for financial stability
  2. Guidelines address concentration risk, monitor exposures, and implement risk management systems
  3. Circular provides detailed instructions on reporting requirements, exposure limits, and risk measurement methodologies

Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/14/063

RegAlert • 0 implied HN points • 02 Sep 21
💰 Finance Compliance
  1. The Central Bank of Nigeria issued Circular BSD/DIR/PUB/14/063 regarding Guidelines on Liquidity Coverage Ratio (LCR)
  2. Financial institutions must comply with the LCR guidelines, maintain adequate liquidity buffers, and meet minimum LCR requirements
  3. Institutions are responsible for submitting monthly LCR reports to the Central Bank

Alert: Central Bank of Nigeria Circular FPRD/DIR/PUB/CIR/01/020

RegAlert • 0 implied HN points • 19 Aug 21
💰 Finance Compliance
  1. Microfinance Banks in Nigeria are required to adhere to strict guidelines outlined by the Central Bank, including focusing on providing financial services to retail and micro-clients, rather than engaging in foreign exchange transactions.
  2. At least 80% of the total loan portfolios for Microfinance Banks should be allocated to micro credit facilities, as per the Revised Regulatory and Supervisory Guidelines.
  3. The Circular FPRD/DIR/PUB/CIR/01/020 issued by the Central Bank of Nigeria emphasizes the cessation of non-permissible activities for Microfinance Banks.

Alert: Central Bank of Nigeria Circular FPR/DIR/CIR/GEN/01/018

RegAlert • 0 implied HN points • 30 Jun 21
💰 Finance Compliance
  1. The post discusses a circular from the Central Bank of Nigeria regarding a list of Deposit Money Banks as of June 30, 2021, classified based on their licensing authorization and head office addresses.
  2. Financial institutions are required to adhere to the specific list of deposit money banks mentioned in the circular, categorized by their licensing authorization types (international, national, regional) and the locations of their head offices.
  3. The circular emphasizes the inclusion of institutions with commercial banking licenses and international, national, or regional authorizations, providing clarity on the types of institutions covered and their distinctions.

Alert: Central Bank of Nigeria Circular FPR/LAD/CON/BDC/006/100

RegAlert • 0 implied HN points • 23 Jun 21
💰 Finance Compliance
  1. Financial institutions in Nigeria must pay their Annual Licence Renewal Fees by 31st March each year from their operating accounts in the names of the institutions to avoid sanctions.
  2. Payments must be made within the regulatory deadline to be considered for processing by the Central Bank of Nigeria.
  3. Non-compliance with the payment of Annual Licensing Renewal Fees may lead to necessary sanctions being imposed by the Central Bank of Nigeria.

Alert: Central Bank of Nigeria Circular FPR/DIR/GEN/CIR/01/007

RegAlert • 0 implied HN points • 31 Mar 21
💰 Finance Compliance
  1. The Central Bank of Nigeria issued Circular FPR/DIR/GEN/CIR/01/007 regarding a list of finance companies licensed as of March 31, 2021. Financial institutions are required to review the list and ensure compliance with regulations.
  2. The circular provides a reference for financial institutions to follow with regards to the licensed finance companies in Nigeria.
  3. The document linked in the post contains the specific list of finance companies that financial institutions need to be aware of and comply with.

Safe events

Joshua Gans' Newsletter • 0 implied HN points • 30 Aug 21
🏥 Health & Wellness Compliance
  1. Rapid antigen tests can help make events safer by reducing the risk of someone infectious attending, but they are not foolproof. Testing before an event and daily can help manage the risk of potential spread.
  2. The use of rapid tests can potentially lead to a sense of complacency regarding social distancing and mask-wearing, so it's important to have a clear plan in place in case someone tests positive at the event.
  3. In the end, having everyone vaccinated is crucial, with testing serving as an additional layer of protection especially in high-prevalence situations. However, there are no guarantees, so decisions should be made based on the specific circumstances.

Generative AI and cybersecurity: governance, risk, compliance and management

Solresol • 0 implied HN points • 08 Jun 24
🕹 Technology Compliance
  1. Generative AI models are becoming more complex and powerful, with potential risk implications as the number of free parameters increases significantly.
  2. There is a divide in the AI community between those who believe in scaling up existing AI technology for superhuman intelligence and those who believe in the need for fundamental breakthroughs before achieving human-level AI.
  3. The use of large language models like ChatGPT has the potential to revolutionize industries by offering cutting-edge research capabilities and automation tools at an affordable price, but also raises concerns about cybersecurity and the need for responsible AI governance.

Miss This Report, and Your Company Can Be "Canceled"

The Founder Memo • 0 implied HN points • 15 Feb 24
💼 Business Compliance
  1. Always file your Delaware Annual Franchise Tax report by March 1. If you miss it twice, your company can be canceled.
  2. Don't panic if you see a high tax amount on the Delaware website. Use the correct method to potentially lower it significantly.
  3. If you have many authorized shares, you might face high taxes. Consider your issued shares and gross assets for a better tax calculation.

Flexures and Compliant Mechanisms

Barn Lab • 0 implied HN points • 05 Mar 23
🔬 Science Compliance
  1. Flexures and compliant mechanisms are designed to provide flexibility and compliance in systems.
  2. Compliant mechanisms can transmit forces without introducing errors if kept under control.
  3. Flexures are used in various applications like robotics, MEMS, and optical systems for improved precision and durability.

Sort Achieves SOC 2 Type 2 Certification! 🎉

Database Engineering by Sort • 0 implied HN points • 21 Jan 25
🕹 Technology Compliance
  1. Sort has earned SOC 2 Type 2 certification, showing they take data security seriously. This means your data is protected and trustworthy.
  2. The certification ensures that Sort meets high standards for security and privacy. This helps businesses feel secure knowing their data is safe from breaches.
  3. With this certification, Sort simplifies compliance for businesses in regulated industries. It makes it easier to manage important data without extra worries.

Your licence to operate personal data

Privacy by Design: The Practitioner's Handbook • 0 implied HN points • 23 Mar 23
🕹 Technology Compliance
  1. Privacy is essential for protecting personal information, ensuring autonomy, and upholding fundamental rights and freedoms.
  2. Safeguarding privacy is the responsibility of every organization, involving legal obligations, ethical considerations, and the need to maintain trust with customers and partners.
  3. Implementing privacy by design principles, starting with a clear and comprehensive privacy policy, is crucial for organizations to maintain trust, accountability, and long-term success.

Daily AI Snapshot: US AI Regulations: A Patchwork Emerges

The AI Observer • 0 implied HN points • 12 Feb 24
🕹 Technology Compliance
  1. In 2023, AI encountered significant innovation alongside heightened legislative scrutiny in the US, leading to a complex landscape of 190 state bills and 14 laws along with federal actions.
  2. The increasing regulation indicates a shift towards more controlled AI development at both state and federal levels that may impact how organizations utilize AI technologies.
  3. US AI regulations pose challenges but also present opportunities for safer and more responsible AI development, pushing companies to innovate within a legal framework.

Alert: Central Bank of Nigeria Circular CPD/MCD/INT/CCD/020/140

RegAlert • 0 implied HN points • 08 Feb 24
💰 Finance Compliance
  1. The circular from the Central Bank of Nigeria highlights the importance of compliance with consumer protection regulations for financial institutions.
  2. Financial institutions are required to establish effective internal complaint handling procedures and provide timely resolutions to consumer complaints.
  3. Regular reviews should be conducted by institutions to identify and rectify any deficiencies in their consumer protection practices.

Alert: Central Bank of Nigeria Circular TED/FEM/FPC/GEN/001/002

RegAlert • 0 implied HN points • 01 Feb 24
💰 Finance Compliance
  1. Central Bank of Nigeria has issued revised guidelines for International Money Transfer Services, aiming to enhance transparency, promote diaspora remittances, and improve the ease of doing business for IMTOs and money transfer recipients.
  2. Authorized dealers, IMTOs, and the general public are expected to adhere to the updated guidelines provided by the Central Bank of Nigeria.
  3. The revised guidelines are crucial for boosting the foreign exchange market and ensuring compliance among stakeholders in the money transfer sector.

Alert: Central Bank of Nigeria Circular FPR/DIR/PUB/CIR/002/002

RegAlert • 0 implied HN points • 08 Dec 23
💰 Finance Compliance
  1. Financial institutions in Nigeria need to collect evidence of registration with SCUML from Non-Profit Organizations before starting a business relationship.
  2. Banks and financial institutions must update their customer account information according to the new requirement.
  3. The Circular FPR/DIR/PUB/CIR/002/002 outlines the additional Know Your Customer requirement for NPOs in Nigeria.

Alert: Central Bank of Nigeria Circular FPR/PRD/CIR/INT/001/003

RegAlert • 0 implied HN points • 07 Dec 23
💰 Finance Compliance
  1. Financial institutions in Nigeria must display their corporate names prominently on their websites and online platforms, along with the statement 'Licensed by the Central Bank of Nigeria'.
  2. Compliance with the requirement to display corporate names must be met by January 31, 2024.
  3. The circular FPR/PRD/CIR/INT/001/003 issued by the Central Bank of Nigeria outlines the specific requirements for displaying corporate names online.

Alert: Central Bank of Nigeria Circular BKS/DIR/CIR/GEN/001/003

RegAlert • 0 implied HN points • 17 Oct 23
💰 Finance Compliance
  1. Financial institutions in Nigeria must validate MICR codeline details based on Nigerian Cheque Standards and ensure proper calibration of in-house cheque processing equipment.
  2. Supervision of cheque processing equipment is essential to prevent image and data distortion during the cheque truncation process.
  3. Non-compliance with the circular may lead to penalties for financial institutions.