Workflow Automation Software

KYC Rules and Their Impact on Real Estate Firms

New Know Your Customer (KYC) regulations for banks mandate that their business customers report the names and addresses of nearly all owners and beneficial owners. These measures, driven by concerns about tax avoidance and potential government sanctions, present significant challenges for commercial real estate (CRE) firms due to their complex, multi-layered ownership structures.

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Can Compliance by made Easy(er)?

via Flickr - Richard Masoner/cyclelicious

Organizations across many industries are tasked with documenting their adherence to various regulatory requirements. From data protection laws like GDPR to industry-specific regulations, the compliance effort can be significant. In this blog post, we highlight some of the challenges and strategies for effectively documenting compliance with regulatory bodies.  Read on…

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Go ahead, take two weeks off

Via Flicker - Bernard Dupont

Banks and other financial institutions have a requirement that all officers must take two consecutive weeks off work.  The reason, which is advocated by the FDIC, is so that the institution has a better chance to uncover fraudulent activity.  If the employee is gone for an extended period, strange correspondence and irregular transactions handled by the backup employee could expose the fraud.

However, irregular and strange don’t only relate to fraud.  That type of activity can be related to current business processes.  Our last post was about how costly exceptions to the standard business process seem to go unnoticed because managing the exception becomes routine for that employee.  Therefore, whenever there is employee turnover or extended PTO, plug in a trusted squeaky wheel and take notes.

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