Independent Banker - September 2023 - 18

PORTFOLIO
Queensborough National
Bank & Trust's EVP, COO,
Kimberly Kirk (left) and
information security
officer Laura Nelson,
a daily user of regtech
FOCUS TECHNOLOGY
Let technology lighten
the compliance burden
As compliance obligations mount, community bankers reveal the benefits
regtech brings to their banks and offer tips for finding the right partners.
By Judith Sears
C
ommunity bankers can count on
two things to evolve: regulation
and technology. Regtech, or emerging
technologies that manage regulatorycompliant
business practices,
combines these two realities to offer
practical solutions.
The Anti-Money Laundering (AML)
Act of 2020 essentially endorsed the
use of technology by banks to respond
to new threats and meet compliance
obligations. " That act solidified the
expectations of regulatory authorities
for banks to use AI and regtech, "
says Keith Monson, chief risk officer
for CSI, a technology company
specializing in fintech, regtech and
cybersecurity solutions.
Required data-gathering for know
your customer (KYC), customer
identification program (CIP) and
Bank Secrecy Act (BSA) requirements,
among others, can be handled by
regtech tools, which can swallow
immense amounts of data.
" Regulatory revisions come by
the hundreds every day, " Monson
says. " These solutions aid a financial
institution in saving money,
reducing overall risk, identifying
concentrations and producing
efficient reporting of activity that
threatens the most highly cited
deficiency by regulatory authorities,
which is BSA/AML. "
Frequently, banks have customer
data on multiple platforms: the core
processor, a CRM system, a mobile
app and a lending program, and
each of these platforms may have
compliance controls.
" Solving the problem of visibility
and controls is very, very difficult if
you do it using traditional methods, "
says Anand Naik, cofounder and
CEO of cybersecurity company
Sequretek, which provides enterprise
cybersecurity solutions. " The amount
18 // ICBA Independent Banker // September 2023
Photo: Brent Cline

Independent Banker - September 2023

Table of Contents for the Digital Edition of Independent Banker - September 2023

Contents
Independent Banker - September 2023 - Cover1
Independent Banker - September 2023 - Cover2
Independent Banker - September 2023 - Contents
Independent Banker - September 2023 - 2
Independent Banker - September 2023 - 3
Independent Banker - September 2023 - 4
Independent Banker - September 2023 - 5
Independent Banker - September 2023 - 6
Independent Banker - September 2023 - 7
Independent Banker - September 2023 - 8
Independent Banker - September 2023 - 9
Independent Banker - September 2023 - 10
Independent Banker - September 2023 - 11
Independent Banker - September 2023 - 12
Independent Banker - September 2023 - 13
Independent Banker - September 2023 - 14
Independent Banker - September 2023 - 15
Independent Banker - September 2023 - 16
Independent Banker - September 2023 - 17
Independent Banker - September 2023 - 18
Independent Banker - September 2023 - 19
Independent Banker - September 2023 - 20
Independent Banker - September 2023 - 21
Independent Banker - September 2023 - 22
Independent Banker - September 2023 - 23
Independent Banker - September 2023 - 24
Independent Banker - September 2023 - 25
Independent Banker - September 2023 - 26
Independent Banker - September 2023 - 27
Independent Banker - September 2023 - 28
Independent Banker - September 2023 - 29
Independent Banker - September 2023 - 30
Independent Banker - September 2023 - 31
Independent Banker - September 2023 - 32
Independent Banker - September 2023 - 33
Independent Banker - September 2023 - 34
Independent Banker - September 2023 - 35
Independent Banker - September 2023 - 36
Independent Banker - September 2023 - 37
Independent Banker - September 2023 - 38
Independent Banker - September 2023 - 39
Independent Banker - September 2023 - 40
Independent Banker - September 2023 - 41
Independent Banker - September 2023 - 42
Independent Banker - September 2023 - 43
Independent Banker - September 2023 - 44
Independent Banker - September 2023 - 45
Independent Banker - September 2023 - 46
Independent Banker - September 2023 - 47
Independent Banker - September 2023 - 48
Independent Banker - September 2023 - 49
Independent Banker - September 2023 - 50
Independent Banker - September 2023 - 51
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Independent Banker - September 2023 - 55
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Independent Banker - September 2023 - 65
Independent Banker - September 2023 - 66
Independent Banker - September 2023 - 67
Independent Banker - September 2023 - 68
Independent Banker - September 2023 - 69
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Independent Banker - September 2023 - 73
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Independent Banker - September 2023 - 75
Independent Banker - September 2023 - 76
Independent Banker - September 2023 - Cover3
Independent Banker - September 2023 - Cover4
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