INFORMATION

Site Map - Banking/Financial Services

DHS

- GAO examined progress made by the financial markets in improving disaster preparedness. Improvements included greater protection of networks from hackers, geographically removed backup facilities, creation of a private network for routing data between broker-dealers and various markets, and the issuance of business continuity guidelines.

Adapting to Automated Fraud

- Fraudsters are using technology to automate the fraud process, and financial institutions must prepare for these challenges.

Money laundering

- The Office of the Comptroller of the Currency (OCC) has issued guidance to financial institutions about when OCC will cite banks for violations or take other enforcement actions against them to prevent money laundering. @ The guidance is available through SM Online.

Quick Bytes: ID theft

- With identity theft costing Americans billions of dollars each year, financial institutions are under pressure to make account information more secure. The Federal Deposit Insurance Corporation (FDIC) has issued a study of ID theft and account hijacking in which it outlines technological tools and other recommendations designed to mitigate this threat. @ Putting an End to Account-Hijacking Identity Theft is available via SM Online.

Quick Bytes: Business continuity partnership

- The financial services industry in Chicago is collaborating with city, state, and federal officials to create a regional group that will work together on disaster recovery plans. The initiative, which others can use as a model, is described in a new report by the U.S. Department of Treasury: Improving Business Continuity in the Financial Services Sector: A Model for Starting Regional Coalitions. @ Visit SM Online or the full report.

ID theft

- With identity theft costing Americans billions of dollars each year, financial institutions are under pressure to make account information more secure. The Federal Deposit Insurance Corporation (FDIC) has issued a study of ID theft and account hijacking in which it outlines technological tools and other recommendations designed to mitigate this threat. @ Putting an End to Account-Hijacking Identity Theft .

Business continuity partnerships

- The financial services industry in Chicago is collaborating with city, state, and federal officials to create a regional group that will work together on disaster recovery plans. The initiative, which others can use as a model, is described in a new report by the U.S. Department of Treasury: Improving Business Continuity in the Financial Services Sector: A Model for Starting Regional Coalitions. @ Visit SM Online for the full report.

Worth a Look

- The art of phishing has become not only widespread but increasingly sophisticated as well. These scams can bring unwary surfers to identical versions of their online banks that at a casual glance are impossible to tell from the real thing. @ Find out how to get the Netcraft Toolbar at SM Online.

Worth a Look

- The art of phishing has become not only widespread but increasingly sophisticated as well. These scams can bring unwary surfers to identical versions of their online banks that at a casual glance are impossible to tell from the real thing. @ Find out how to get the Netcraft Toolbar at SM Online.

The Cost of Complying with Sarbanes-Oxley

- Sarbanes-Oxley may help the public reclaim its confidence in Corporate America, but it’s costing corporations plenty, according to a survey of chief financial officers (CFOs) by Financial Executives International (FEI), a professional organization of CFOs and other senior financial executives. Costs for complying were estimated at $4.36 million, 39 percent more than the $3.14 million they expected to pay (based on a July 2004 estimate from a previous FEI survey).

The Cost of Complying with Sarbanes-Oxley

- Sarbanes-Oxley may help the public reclaim its confidence in Corporate America, but it’s costing corporations plenty, according to a survey of chief financial officers (CFOs) by Financial Executives International (FEI), a professional organization of CFOs and other senior financial executives. Costs for complying were estimated at $4.36 million, 39 percent more than the $3.14 million they expected to pay (based on a July 2004 estimate from a previous FEI survey). The 217 public companies surveyed estimated internal costs of $1.34 million, $1.72 million for external costs and $1.34 million for auditor fees. The majority of respondents felt that giving investors more confidence in a company’s financial reports was a benefit of Sarbanes-Oxley, but 94 percent thought the costs of compliance would exceed the benefits, a position echoed in a survey conducted by Broadgate Consultants in which 83 percent of the 105 institutional analysts and portfolio managers surveyed felt that Sarbanes-Oxley should be modified to make compliance more cost effective. Similar concerns were voiced at a recent roundtable before the SEC. @ SM Online has highlights from FEI’s Sarbanes-Oxley Section 404 Implementation Survey as well as testimony from the SEC roundtab

Money laundering

- Like banks, U.S. money-services businesses are required to implement anti-money-laundering measures, such as reporting suspicious activity and currency transactions. Money-services businesses range from hotels that exchange currency, to check-cashing storefronts, to Fortune 500 companies. The Financial Crimes Enforcement Network (FinCEN), along with various other federal agencies, recently issued two sets of guidance. The first reminds money-services businesses of their obligations under the Bank Secrecy Act and notifies them of the type of information they may be expected to produce to banks with which they have a relationship. The second sets forth minimum steps that banks should take when their customers are money-services businesses.

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